Updated:
- Sales are strong: about 27,000 properties worth $2.4–2.5 billion in Tbilisi in January–July 2026 (+24–27%), 7,838 apartments in Batumi in the first half. Prices grow 4–5% a year per TBC Capital and Geostat, faster per Colliers: the series are not comparable.
- The foreign share depends on the source: in Tbilisi 12% of deals (Colliers, July) or about a quarter of new-builds (Galt & Taggart); in Batumi 45–52% per Colliers and about 63% in the developer survey.
- Batumi has roughly 12,400–13,000 unsold apartments in projects, and 80% of the 58,000 planned apartments target short-term rental (Galt & Taggart). Rustavi and Kutaisi have no official price statistics.
Georgia real estate market 2026: the macro picture
The economy is growing fast: real GDP rose 6.9% year on year in Q2 2026 (Geostat preliminary data, 18 September 2026) and about 9% in Q1, while construction shrank 4.8%. Inflation was 5.6% in August against the National Bank target of 3% (Geostat). The refinancing rate is 8.25%, held on 9 September; the next meeting is 21 October.
The lari strengthened: ₾2.5987 per $1 on 16 October 2026, while our guides convert Geostat's Q4 2025 data at ₾2.6988. Mortgages are growing: almost 40,000 loans worth ₾4.1 billion in January–August 2026 (+22% by number, +47% by value, SOVA); the average new lari mortgage rate was 11.88% in March 2026, 1.45 points lower than a year earlier.
How much is sold: transactions in Tbilisi, Batumi and nationwide
According to the Public Registry (NAPR) as processed by TBC Capital, 78,500 apartments were sold nationwide in 2025 (+5.94%). Tbilisi and Batumi account for about three quarters (our rough estimate from series of different organisations); the other 18–19 thousand are spread across all other towns.
The Georgian Real Estate Association (GREA) says deals for 30–50 apartments at once in projects under construction have become common (Logos Press, 28 July 2026): apartments sold are not buyers.
| Period | Tbilisi | Batumi |
|---|---|---|
| 2025 | 42,388, +4.3% (Galt & Taggart); 42,267, +3%, $3.3 billion (Colliers) | 17,478, +15% (Galt & Taggart); 17,052, +17% (Colliers) |
| Q1 2026 | 10,723 (TBC Capital); 10,550 (Colliers) | 3,758 (Colliers); 4,049 (registry, as reported) |
| January–July 2026 | 26,772 properties, $2.37 billion, +24% (TBC Capital); 27,274, $2.5 billion, +27.3% (Galt & Taggart) | H1: 7,838, +11.4%, $507 million (Colliers) |
| July 2026 | 4,409 (TBC Capital); 4,475 (Galt & Taggart); 4,486 (Colliers) | 1,378, −11.8% (Colliers) |
Who buys: foreign buyers' share, Israelis and Russians
Figures come in two kinds: Galt & Taggart developer surveys (primary market only; in Batumi 30+ projects, about 40% of primary sales) and Colliers reviews of all registered deals. They measure different things and cannot be compared directly.
Israel: about 11% of Tbilisi new-build buyers and 10% in Batumi in 2026; in Batumi the share fell from 13% in 2025.
Russia: 3–4% in Tbilisi; Batumi has no separate line, Russia is grouped with Ukraine and Belarus.
We found no public registry breakdown of buyers by citizenship. Colliers shares for Batumi do not add up to 100%, and the remainder is unexplained.
| Market and source | Georgian citizens | Foreigners | Countries |
|---|---|---|---|
| Tbilisi, new-builds, Galt & Taggart, 2026 | 74–76% (about 85% in 2023) | remainder, 24–26% | Israel 11%, Russia 3–4%, others about 10–11% |
| Tbilisi, all deals, Colliers | about 88–90% (Q1) | 12% in July | countries not named |
| Batumi, Galt & Taggart, 2025 | not stated | 52% | EU 13%, Israel 13%, Ukraine, Russia and Belarus together 11% |
| Batumi, Galt & Taggart, 2026 | 37% | remainder, 63% | Europe 18%, Ukraine, Russia and Belarus 16%, Israel 10%, Arab countries 3% |
| Batumi, Colliers, 2026 | 50% (H1) | 45% (H1), 48% (July), 52% (August) | countries not named |
%
Galt & Taggart (Trend, 3 Aug 2026; Investor.ge); Colliers (International Investment, 3 Sep 2026)
Some values are 100% minus the share of Georgian citizens. Do not add up series from different bases.
Real estate market trends in Tbilisi, Georgia, 2026: prices and districts
TBC Capital: average sale price in January–July 2026 was $1,348 per m², +4% year on year. Galt & Taggart: primary $1,398 and secondary $1,304 in February, about $1,417 on the primary market in June. The Geostat index (new-builds, asking prices): +0.9% on the quarter and +4.9% year on year in Q2, 63.8% above the 2020 level. Colliers shows faster growth: new projects (primary sales) +11.7% for the half-year, old stock +12.9%. With inflation at 5.6%, Geostat and TBC growth is near zero in real terms.
District data from open sources (more in our district prices guide):
| District | New-builds | Secondary |
|---|---|---|
| Mtatsminda | 2,689 | 2,171 |
| Vake | 2,321 | 2,276 |
| Saburtalo | 1,706 | 1,574 |
| Isani | 1,548 | 1,214 |
| Gldani | 1,470 | 1,151 |
| Samgori | 1,404 | 1,065 |
| Didi Dighomi | no row | 1,127 |
Batumi property prices 2026: New Boulevard, Colliers and Galt & Taggart
Real estate research on Batumi rests on two sources with different price levels. Galt & Taggart (March 2026, turnkey primary): $1,893 per m², +8.7%, secondary $1,479; Old Batumi $3,146, Alley of Heroes $2,081, New Boulevard $1,819 (+8.4%). Colliers (registered deals, weighted average for new projects): $1,360 for the half-year (+14.2%), $1,386 in August (+1.2%). The reviews do not explain the gap; probably sales mix and finish level (our assumption).
Colliers: July sales were 1,378 (−11.8%), August 1,235 (−4.3%; primary −6.3%, secondary +31.4%); it ties the primary decline to a large registration in August 2025. New Boulevard is the busiest district: over 6,800 deals in 2025, 1,671 in Q1 2026 (+22.3%).
In the reviews we read, Colliers reports registered deals and prices but not unsold stock; the oversupply warnings come from Galt & Taggart. These do not contradict each other: deals include resales, while stock is counted in developer projects.
| Indicator | Value |
|---|---|
| Unsold apartments in projects | about 12,400 at end-2025 (+14%); about 13,000 in 2026 |
| Developer sales per month | 1,044 (September 2025), 705 (January 2026), 306 (March 2026); survey of 30+ projects |
| Pipeline 2025–2029 | about 58,000 apartments, 80% for short-term rental; 93–96% in New Boulevard and Alley of Heroes projects |
| Gross rental yield | 10% (2023), 8.8% (2024), 7.4% (2025) |
Apartments for sale in Rustavi and Kutaisi: what is known about prices
There is no official price index for Rustavi or Kutaisi: Geostat covers only Tbilisi new-builds, and the TBC Capital, Colliers and Galt & Taggart reviews cover Tbilisi and Batumi. We found no separate deal data for these towns. Outside the two largest markets about 18–19 thousand sales a year remain (our estimate): the market exists but is not publicly measured.
Compare listings for a specific building, ask a lawyer for deal prices next door and verify the property with a NAPR extract (verification guide). Our Rustavi page calls it a functional market near Tbilisi, not a resort; no yield data.
| Town | What is published | Reliability |
|---|---|---|
| Rustavi (132,047 residents, Geostat 2024 census; about 25 km from Tbilisi) | $700–1,200 per m², a range shared with Kutaisi (PB Services, 15 September 2026; no method stated) | low: broker estimate |
| Kutaisi | the same $700–1,200 range; other agencies say $500–800 or “from $700”; no deal index | low: estimates differ 1.5–2 times |
| Kobuleti | $1,805 in the Galt & Taggart survey (March 2026); $1,221 in our guide (Q2 2024) | series and dates differ |
Rents and yields: gross and net
Rent in Tbilisi is about $10 per m² a month, but the direction is disputed: TBC Capital gives $10.1 in March 2026, 5% lower year on year; a Georgia Today review of 17 August 2026 gives an asking rent of $10.0 in April, +5.2% year on year, without a clear primary source. By district (Galt & Taggart, new-builds of 50–60 m², February 2026): Vake $13.8, Mtatsminda and Saburtalo $11.7, Samgori and Gldani $8.4.
The table below shows gross yield: before vacancy, the 5% rental tax and costs. The typical gap to net is 1.5–2 points (Global Property Guide); for Batumi Galt & Taggart cited net yield of 2–4%.
In our illustrative calculation ($80,000 apartment) long-term rental gives 6.0% net on 7.5% gross, short-term 1.8–5.3% (assumptions: net rental yield guide).
Prices rise faster than rents, so yields compress: in Batumi from 10% (2023) to 7.4% (2025).
| Source | Tbilisi | Batumi |
|---|---|---|
| Global Property Guide, Q3 2026 | 7.23% | 7.28% |
| Galt & Taggart | 8.4% (May 2026) | 7.4% (2025); 8.8% (2024) |
| TBC Capital, Q1 2026 | 8.1% before upkeep, about −1 point year on year | no data |
Financing in 2026: National Bank limits, rates and instalments
The National Bank caps loan to value (LTV) at 90% in lari and 70% in foreign currency when income is in another currency. The payment-to-income cap (PTI) is 25% for net income below ₾1,500 and 50% above; the 25% band widens to incomes below ₾2,000 from 1 February 2027 and below ₾2,500 from 1 September 2027. Since 1 July 2026 loans up to ₾1 million are issued in lari, with exceptions (one for non-citizens is not confirmed from the order text). For income earned abroad, the 26 February 2025 decision adds 10 points to LTV (up to 80%): ask the bank.
A developer instalment plan is not a mortgage: in the Galt & Taggart survey (November 2025) most primary sales in Tbilisi use them, and PTI limits and rate disclosure do not apply (SOVA, 8 October 2026).
Nobody publishes the shares of mortgage, instalments and cash in deals, foreigners included.
| Bank | Lari | Dollar | Euro |
|---|---|---|---|
| Liberty | from 11.8% | from 8% | from 7.5% |
| Credo | from 14.65% | from 8.50% | from 8.00% |
| Terabank | from 14.95% | from 10.35% | from 9.75% |
New-build or secondary: what the deals show
Monthly data jump around. Tbilisi, March 2026: secondary 3,467 deals (+40%), new-builds 564 (−3%), new-build share 14% (TBC Capital); July: new-builds +29.8%, old stock +1.6% (Colliers). Batumi: Q1 primary +21.1%, secondary +10.1%; July primary −32.8%, secondary +19.1%. The leader changes and one large registration shifts a month, so one month shows no trend.
Prices: secondary is cheaper than primary, in Tbilisi $1,304 vs $1,398 (February), in Batumi $1,479 vs $1,893 (March). Supply is large: per Colliers about 87,000 apartments are under construction in Tbilisi (+84% vs 2021), and permits for January–July 2026 cover about 711,000 m² (+1%, TBC Capital). A new-build buyer's protection rests on the contract: we found no shared-construction law or mandatory escrow (see the off-plan guide).
Risks and what we do not know
- Deal prices and payment mix: the gap between asking and deal prices by district, and the shares of mortgage, instalments and cash, are not published.
- Macro: inflation at 5.6% is above target with a rate of 8.25%; a strong lari raises dollar prices, and a reversal would change the picture.
- Middle East: TBC Capital scenarios (17 March 2026) ranged from a quick end to the conflict (80,100 sales, +2%) to a prolonged one with lower volumes and prices; a March assessment, not a current forecast.
- Rules change: the residency threshold is $150,000 by appraisal since 1 March 2026; the ₾100,000 income threshold for property tax was adopted on 30 September 2026 (procedure for non-residents unclear); an amendment banning agricultural-land sales to foreigners was announced on 13 February 2026, text unconfirmed.
Data quality: asking vs deal prices, and why sources disagree
Geostat measures asking prices of Tbilisi new-builds in lari; TBC Capital, Colliers and Galt & Taggart describe deals and developer surveys with different samples and weights. Dollar conversion depends on the exchange rate: with a strengthening lari, dollar growth exceeds lari growth.
Batumi: $1,360–1,386 per m² (Colliers) vs $1,865–1,893 (Galt & Taggart): different bases.
July sales in Tbilisi: 4,409, 4,475 and 4,486; methods undisclosed.
One retelling of Galt & Taggart puts inflation near 3.2%, Geostat gives 5.5–5.6%; we use Geostat.
Before concluding, ask: asking or deal price, which buildings are sampled, how it is weighted, in what currency, and whether one large registration distorts the month.
| Source | What it measures | Year-on-year growth |
|---|---|---|
| TBC Capital | average sale price, January–July | +4% |
| Geostat | asking prices, new-builds, Q2 | +4.9% |
| Galt & Taggart | primary market, May | +6.1% |
| Colliers | weighted price of new projects (primary), H1 | +11.7% (old +12.9%) |
How to read the next statistics release
Nearest dates: the National Bank meeting on 21 October; the Geostat Q3 index is expected at the end of October by the earlier schedule (24 April, 23 July), so check geostat.ge; TBC Capital, Colliers and Galt & Taggart publish monthly at the start of each month.
- Identify what was measured: listings (Geostat), deals (NAPR, TBC Capital, Colliers) or a developer survey (Galt & Taggart).
- Compare with the same series a year earlier; look for one-off registrations.
- Read lari and dollars separately and check against inflation.
- Read the deal count with the share of new-builds and secondary.
- In Batumi watch unsold stock and short-term listings, not only sales.
- Do not add up series from different organisations.
Scenarios instead of forecasts
We do not forecast prices. Published estimates are cautious: Galt & Taggart expects 5–7% a year in Tbilisi and 4–6% in Batumi, TBC Capital about 3.2% in 2026. The scenarios help read the data and are not probabilities.
| Scenario | What the data would show | What to watch |
|---|---|---|
| Steady growth | sales hold, prices rise within published estimates | Geostat and TBC Capital releases |
| Pause | inflation and the rate stay high, mortgages slow after the 2027 PTI steps | National Bank rate, mortgage issuance |
| Segment overheating | in Batumi unsold stock grows and rents weaken | Galt & Taggart survey, occupancy |
| External shock | a prolonged Middle East conflict lowers demand (TBC scenario, March) | Israeli share, lari rate |
Frequently Asked Questions
What is happening in the Georgia real estate market in 2026?
More sales than a year ago: Tbilisi +24–27% by value in January–July, Batumi +11.4% by number in H1. Prices grow 4–5% per TBC Capital and Geostat, faster per Colliers. Batumi carries oversupply risk.
How much does a square metre cost in Tbilisi and Batumi in 2026?
Tbilisi: $1,348 on average for January–July (TBC Capital). Batumi: $1,893 on the primary market in March (Galt & Taggart) or $1,360–1,386 per Colliers. The series are not comparable.
Are property prices rising in Georgia?
Moderately: +4.9% per Geostat (Tbilisi new-builds, Q2) and +4% per TBC Capital, with inflation at 5.6%; Colliers shows +10–14%. Methods differ, so there is no single figure.
What share of property buyers in Georgia are foreigners?
Tbilisi: 12% of deals (Colliers, July) or 24–26% of new-builds (Galt & Taggart). Batumi: 45–52% per Colliers, 63% in the developer survey. Israel 10–11%, Russia 3–4% in Tbilisi.
Is there really an oversupply of apartments in Batumi?
Galt & Taggart warns of it: about 12,400 unsold apartments in projects, 58,000 planned, 80% for short-term rental. Colliers reports sales, not stock.
How much do apartments for sale in Rustavi and Kutaisi cost?
There are no official prices. Brokers give $700–1,200 per m² (PB Services, 15 September 2026) with no method; for Kutaisi $500–800 also appears.
Why do Vake prices differ between sources?
Geostat gives $2,321 (new-builds, Q3 2026), TBC Capital $2,276 (secondary, March 2026); PB Services, with no method stated, says “at least $2,525”. The earlier figure of about $3,150 on our Vake page is unconfirmed and was removed; use about $2,300.
What is the New Boulevard in Batumi and why is there so much data on it?
The southern seafront and the busiest district: over 6,800 deals in 2025, $1,819 per m² (March 2026); 93–96% of apartments planned there target short-term rental.
Can EU citizens, including Romanians, buy property in Georgia (georgia imobiliare)?
Yes, a foreigner buys an apartment on the same basis as a citizen; agricultural land is closed. Europe gave 18% of Batumi new-build buyers in Q1 2026; no data for Romanians.
Sources: Geostat: Residential Property Price Index, Q2 2026 · Geostat: Residential Property Price Index, Q3 2026 (PDF) · TBC Capital: Tbilisi residential market monthly watch, March 2026 (PDF) · Trend: Geostat, new-builds +4.9% in Q2 2026 · Geostat: price index methodology (23 April 2026) · Geostat via The Star: Q2 2026 GDP (19 September 2026) · 1TV: Geostat, inflation in August 2026 · Interfax: National Bank holds 8.25% (9 September 2026) · National Bank of Georgia: PTI and LTV requirements · SOVA: TBC Capital, Tbilisi, January–July 2026 (7 September 2026) · SOVA: mortgages, instalments, buyers (8 October 2026) · Trend: Galt & Taggart on demand and buyers (3 August 2026) · Investor.ge: Galt & Taggart, Batumi housing (20 April 2026) · International Investment: Batumi market and oversupply risks (1 June 2026) · International Investment: Galt & Taggart, Batumi project structure (3 November 2025) · International Investment: Colliers, Tbilisi and Batumi, July 2026 (3 September 2026) · International Investment: TBC Capital, Tbilisi, Q1 2026 (27 April 2026) · CBW: Colliers Georgia, 87,000 apartments under construction in Tbilisi · Logos Press: deals of 30–50 apartments, GREA, Colliers (28 July 2026) · Georgia Today: TBC Capital, market scenarios (17 March 2026) · Georgia Today: renting in Tbilisi (17 August 2026) · Georgia Today: mortgages in Q1 2026 (27 April 2026) · Georgia Today: Galt & Taggart, Tbilisi, February 2026 · GBC: TBC Capital, Tbilisi prices by district, October 2025 · PB Services: apartment prices in the regions (15 September 2026) · Global Property Guide: gross rental yields in Georgia · BuyGeorgia: weekly digest, Colliers Batumi data for August (19 October 2026)