Volumes up 18.7%, market value up 33.2% — and roughly 90% of buyers are Georgian citizens. What that means for an investor.
Tbilisi entered 2026 with the strongest half-year on record, and the shape of the growth matters more than the headline. The figures below come from Colliers Georgia (published via Recov.ge) and TBC Capital for January–June 2026.
Volumes and market value
- 22,400 apartments were sold in Tbilisi in the first half of 2026, up 18.7% year on year.
- Total market value reached $1.8 billion, up 33.2% year on year.
Value grew faster than transaction count. That gap is the interesting part: buyers are moving toward better, newer and more expensive stock, and the price per square metre is rising underneath the volume.
Price growth by segment
Growth appeared across the board rather than in one corner of the market:
- New builds: sales up 21.8%, average city price up 11.7%.
- Resale: transactions up 22.1%, prices up 9.5%.
June 2026 set local records — transactions up 34.7% and market value up 53.9% year on year, reaching $387 million in a single month.
Who is actually buying
Roughly 90% of transactions in Tbilisi are made by Georgian citizens. For a foreign investor this is the most useful number in the report, and it cuts three ways:
- The market rests on domestic demand rather than tourist or expat inflows, so it is less exposed to a sudden stop in foreign arrivals.
- Local buyers purchase to live in, to house growing families or to run a local rental business — demand that does not evaporate with sentiment.
- On exit, your likely buyer is a local resident. You are not searching for a rare foreign purchaser to get out.
What this does not tell you about yield
Price growth and rental yield are separate things, and a rising market can compress yield rather than lift it. Gross rental figures quoted for Tbilisi typically ignore vacancy, management, service charges and tax; net yield after those costs usually lands 3–5 percentage points below the advertised number. Model both before deciding — capital growth and cash flow are different investment cases.
Where in the city
Vake carries the highest rents and the highest entry price. Saburtalo offers the steadiest long-term rental demand thanks to universities and metro access. Krtsanisi suits premium, low-density and diplomatic tenancy. Isani and Samgori give the lowest entry point with the most price upside left. Our Tbilisi city page breaks each of these down.
Risks worth naming
- These are historical figures. Momentum is not a forecast, and a record half-year raises the base for the next comparison.
- Currency: you earn in GEL from local tenants while measuring returns in dollars.
- New supply in specific districts can outpace demand even while the city average rises.
FAQ
Is it too late to enter? The data shows growth, not a peak call — that judgment depends on your horizon and price. Is Tbilisi safer than resort markets? Its demand base is domestic and year-round, unlike seasonal coastal markets. Do these numbers guarantee returns? No.
How we help
We analyse locations against your goal — rental income or resale — handle full legal support including remote purchase, and model net returns rather than headline yields. Informational only; figures are indicative, sourced as noted and change over time.