Galt & Taggart reported that Tbilisi residential real estate market began 2026 with great demand, driving sales and supporting accelerated price growth across both primary and secondary markets.
In February 2026, the total number of apartments sold in Tbilisi reached 3,822 units, reflecting a continuation of the active market trends seen in the second half of 2025.
- Secondary market: Sales increased 19.2% year-on-year to 1,864 units, representing an 8.6% rise for the first two months of 2026.
- Primary market: Sales rose 11.2% year-on-year to 1,958 units, up 7.8% for 2M26, though data are impacted by delayed registrations.
Galt & Taggart’s real-time survey of developers indicates a stronger trend on the primary market, showing a 26.6% year-on-year increase in February. Cumulatively, primary market sales were up 24.1% year-on-year in the first two months of 2026. The total number of transactions in Tbilisi for 2026 reached 6,786, with a combined residential market value of USD 595 million, up 16.7% compared to the same period in 2025. Analysts note that part of the increase reflects a low base effect due to domestic political instability in Tbilisi last year.
On the supply side, construction permits continue to decline, signaling a stabilization of previously elevated levels. In February, permits were issued for 10 residential projects, totaling 60,283 sq.m of living area—a 44.7% year-on-year decrease. This marks the fifth consecutive month of contracting permit volumes. For 2026, the total living area of issued permits fell 50.7% year-on-year.
Prices continued to rise on both markets in February 2026:
- Primary market: Average price increased 0.9% month-on-month to USD 1,398 per sq.m.
- Secondary market: Average price (for new buildings with permits issued from 2013 onward) grew 0.6% month-on-month to USD 1,304 per sq.m.
The rental market remained relatively stable. In February, the average monthly rent for a 50–60 sq.m apartment was USD 10.1 per sq.m, down 1.8% month-on-month, maintaining a high rental yield of 8.6%.
