DemandIn Sep-26, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 4,330 units (+8.0% y/y), of which: Sales on the secondary market increased slightly by 2.1% y/y to 2,163 (up 14.0% y/y in 9M26). Sales on the primary market, where data are impacted by delayed registrations, were up 14.5% y/y to 2,167 (up 19.9% y/y in 9M26). According to the survey of developers, which captures current trends on the primary market, showed that demand on the primary market remained solid despite a 26.6% y/y decline from the high base of Sep-25. Cumulatively, the number of apartments sold on the primary market was up 20.6% y/y in 9M26. In total, 35,033 transactions were registered in Tbilisi in 9M26, bringing the residential market value to US$ 3.2bn (+26.3% y/y).Supply In Sep-26, the area of issued permits continued to decline, down 39.6% y/y to 117,252 sq.m in 19 construction projects. Cumulatively, living area of permits issued in 9M26 declined by 7.6% y/y.Prices In Sep-26, primary market price increased moderately, up 0.2% m/m at US$ 1,434 per sq.m (+6.7% y/y). The average price on the secondary market (for new buildings built with permits issued from 2013) was down 0.9% m/m after two months of strong growth, reaching US$ 1,387 per sq.m (+5.9% y/y).Rents In Sep-26, price for renting an average (50-60 sq.m) apartment in Tbilisi increased by 8.6% m/m to US$ 11.3 per sq.m, reflecting a temporary rise in demand at the start of the academic year, lifting rental yield to 9.4%.

1793793683

The main theme of the summit was "Developing Regional Financial Corridors at the Intersection of Policy, Finance, and Technology." The event was co-organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Finance & Technology Network (GFTN).The summit brought together high-ranking officials from various countries, leaders of central banks and investment firms, and heads of international financial institutions and leading technology companies. Their participation provided a platform for discussing global financial trends, technological innovations, and prospects for regional cooperation.Over the course of the two-day summit, participants discussed key trends shaping the global financial sector, opportunities to strengthen regional financial connectivity, the development of cross-border payments, digital currencies, artificial intelligence, open banking, financial technologies, and ways to maintain financial stability amid geopolitical challenges. Particular attention was devoted to the development of regional financial corridors and the deepening of international cooperation.During the summit, the Governor of the National Bank of Georgia, Natia Turnava, spoke about the significance of the international event, noting that meetings of this scale provide Georgia with an opportunity to showcase its macroeconomic stability, economic growth, and investment potential to international partners. In her assessment, the summit was highly successful, particularly in terms of expanding opportunities for attracting international investment, given the participation of international investors and investment funds.The Vice Governors of the National Bank of Georgia, along with representatives of various NBG departments, actively participated in the summit. During panel discussions, they addressed the interoperability of regional payment systems, the development of cross-border payments, prospects for the banking sector, and the strengthening of regional financial ties. A key focus of these sessions was enhancing cooperation with international partners and exploring new opportunities for financial sector development.A major highlight of the Tbilisi Finance Summit was the signing of memorandums of understanding and the launch of new initiatives aimed at deepening international cooperation.Specifically, a Memorandum of Understanding on establishing a scholarship program for future leaders in financial technology was signed by Tbilisi State University, Pave Bank, a digital asset and institutional bank, and the Singapore-based Global Finance & Technology Network (GFTN). The agreement provides for the launch of a Georgia-Singapore exchange program, offering Georgian students the opportunity to study at Singapore Management University (SMU) and gain exposure to the international fintech ecosystem.The summit also featured AIFC Connect: Tbilisi 2026, an event organized by the Astana International Financial Centre, the National Bank of Georgia, and GFTN, with the support of the Embassy of the Republic of Kazakhstan. The meeting aimed to deepen financial cooperation between Georgia and Kazakhstan, expand mutual access to capital markets, and facilitate cross-border investments.The summit also hosted the Global Use of RMB event, organized by Bank of China, the National Bank of Georgia, and GFTN. The event aimed to promote international investment and financing opportunities in Chinese yuan (RMB) and strengthen financial cooperation between China, Georgia, and other countries.During the summit, the National Bank of Georgia and Bank of China signed an agreement under which Bank of China will provide the NBG with essential services for conducting operations in the China Interbank Bond Market (CIBM). This will enable the National Bank of Georgia to expand its investment operations in the Chinese bond market.The event also hosted the Demo Day of the international Fintech Hackathon, during which local and international participating teams presented technological solutions to challenges facing the financial sector. Teams that won in various categories received cash prizes awarded by GITA, along with opportunities to attend global technology events in Dubai and Singapore.The Tbilisi Finance Summit is an important international platform that strengthens the global positioning of Georgia's financial sector, promotes regional cooperation, fosters innovation, and creates new investment opportunities. The summit is set to become an annual event, continuing to foster international dialogue and strengthen cooperation across the financial sector.

1793793594

As part of the assessment, the Agency examined the relevant product markets for the construction of residential and non-residential buildings, as well as the construction of hydroelectric power plants. The GCCA also evaluated potential horizontal overlaps in the market for the construction of solar power plants.The market analysis established that the target undertaking is not currently active in the construction of solar power plants, maintaining only a prospective project in this sector. Consequently, the transaction is not expected to alter the market’s Herfindahl-Hirschman Index (HHI). Furthermore, solar power plant construction accounted for a negligible share of LLC “Peri”’s aggregate service volume in Georgia in 2025. In view of these findings, the Agency concluded that a more detailed assessment of this market was unnecessary.Regarding the construction of hydroelectric power plants, the overall market volume reached GEL 596,476,037 in 2025, with an HHI of 525.8, indicating a low-concentration market structure. The Agency's evaluation confirmed that the concentration results in no change to the market structureRegarding the market for the construction of residential and non-residential buildings, 286 undertakings operated in the sector in 2025. Total market volume amounted to GEL 3,521,049,167, with an HHI of 938.85, reflecting a moderately concentrated market. The Agency confirmed that the proposed transaction will not alter the market structure or competitive dynamics.On the basis of this analysis, the Agency concluded that the concentration does not significantly affect competition in the relevant markets and is compatible with the competitive environment.FYI: In accordance with Georgian legislation, concentration is subject to notification to the Agency if the aggregate (total) joint income of its participants on the territory of Georgia, exceeds 20 million GEL and the joint income of at least two persons participating in the concentration exceeds 5 million GEL for the previous financial year. In case of bypassing the Competition Agency subject to the mandatory notification, before the Agency reviews the notification or despite the negative conclusion, the person with the obligation to submit the notification shall be fined.In 2026, the GCCA approved a total of 13 concentrations.

1793793515

For violations of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) legislation, the largest fine - 98,000 GEL - was imposed on "Moneto Change" LLC (owned by Ana Gegelia), which failed to record 14 transactions in the electronic system.The violations and misconduct by the other five entities ("Pagaa," "Moneta," "Tetri," "Lobzhanidze," and "Mariamidze") are nearly identical. The regulator accuses these market participants of violating rules concerning monitoring, record-keeping, and reporting.In most cases, transactions at these currency exchange points were not archived or entered into the electronic system. Furthermore, services were repeatedly provided without proper verification.This year, the NBG has announced sanctions against approximately 70 currency exchange booths. Some of these entities are now forced to exit the market or downsize their networks.Currently, there are 671 such points remaining in the market (compared to 720 previously).

1793705549

During the reporting period, the number of residential real estate transactions in Tbilisi grew by 18% year-on-year, totaling 34,434 units. In September 2026 alone, the number of apartments sold increased by 10%, with 4,254 transactions recorded.Based on data for the first nine months of 2026, the average sale price for apartments reached $1,353 per square meter (+4% year-on-year). In September, the average sale price rose to $1,373 (a 3% year-on-year increase). By category (average sale price over the last 12 months, $/sq.m): Luxury: $4,319 Premium+: $3,121 Premium: $2,374 Comfort: $1,621 Economy+: $1,208 Economy: $865 Regarding the rental market, the average rental price for the period of January–September 2026 decreased by 3% year-on-year, reaching $10.1 per sq.m, while the yield on real estate fell by 0.6 percentage points to 8.2%. In September alone, the rental price stood at $10.3 (a 1% increase), and the yield was 8.2% (0.2 percentage points lower compared to the previous year).In terms of market segmentation, sales of older apartments increased by 13% year-on-year in September 2026 (3,496 transactions). Conversely, sales of new apartments declined by 3%, totaling 758 transactions. This decrease is primarily attributed to apartments priced below $1,500 per sq.m. As a result, new apartments accounted for 18% of total sales. Over the nine-month period, growth was recorded in both segments: sales of existing apartments increased by 23%, while sales of new apartments rose by 3%.A report by TBC Capital notes that the potential market supply, represented by the residential floor area covered by issued construction permits, decreased by 10% during the first nine months, amounting to approximately 854,000 square meters.This decline was primarily driven by developments in the Isani, Gldani, and Didi Dighomi districts. The largest shares of construction permits were issued for the Nadzaladevi and Didi Dighomi districts (17% each), followed by Saburtalo (15%).

1793705463

With regard to the annual core inflation, the prices increased by 4%, while the annual core inflation without tobacco amounted to 3.9%.The annual inflation rate was mainly influenced by price changes for the following groups:Transport: the prices for the group increased by 21.9 percent, contributing 2.54 percentage points to the overall index. Within the group the prices increased for operation of personal transport equipment (30.3 percent), transport services (14.5 percent) and purchase of vehicles (1.7 percent);Food and non-alcoholic beverages: the prices in the group increased by 3.1 percent, contributing 1.07 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.2 percent), meat (7.6 percent), oils and fats (7.0 percent), coffee, tea and cocoa (5.7 percent), vegetables (4.1 percent), bread and cereals (4.0 percent), milk, cheese and eggs (0.6 percent). At the same time, prices decreased for fruit and grapes (-4.5 percent), sugar, jam, honey, chocolate and confectionery (-3.3 percent), mineral waters, soft drinks, fruit and vegetable juices (-1.2 percent);Housing, water, electricity, gas and other fuels: the prices for the group increased by 10.1 percent, contributing 0.98 percentage points to the overall index. The prices were higher for the subgroups of actual rentals for housing (12.8 percent), maintenance and repair of the dwelling (11.9 percent), electricity, gas and other fuels (10.6 percent);Health: the prices increased by 8.4 percent, contributing 0.69 percentage points to the overall index. The prices were higher for the following subgroups: out-patient services (11.7 percent), medical products, appliances and equipment (9.4 percent);Education: the prices for the group decreased by 12.0 percent, contributing -0.53 percentage points to the overall annual inflation rate. The prices decreased for tertiary education (-32.9 percent). At the same time, prices increased for pre-primary and primary education (8.8 percent), secondary education (6.6 percent) and education not definable by level (5.5 percent).

1793705085