“Georgia’s human rights record sharply deteriorated in 2025 as the ruling Georgian Dream party adopted sweeping laws aimed at decimating the country’s vibrant civil society and silencing critical media. Authorities also excessively interfered with largely peaceful protests. The measures go against Georgia’s human rights commitments on freedoms of expression, assembly, and association, as well as on equality and non-discrimination. New “foreign agents” legislation, adopted in March, requires organizations and individuals receiving foreign funding to register in the state registry and imposes onerous reporting obligations under threat of criminal prosecution. Other repressive amendments require governmental approval for all foreign grants and further curtail peaceful protests, independent media, and free speech. Authorities also approved the removal of the term “gender” and “gender equality” from all laws and abolished the parliament’s Gender Equality Council.The October municipal elections were held amid a sweeping crackdown on dissent and a partial opposition boycott. On election day, tens of thousands of people rallied to protest the government’s repressive policies. The demonstration escalated into unrest when some protesters attempted to storm the presidential palace. Police arrested over 60 people on charges of inciting violent overthrow and attempting to change the constitutional order.The European Union and its member states denounced the backsliding as an “assault on fundamental rights,” recalling that Georgia’s accession process remains “de facto halted.” They called on Georgia to reverse the crackdown and repeal the repressive laws. In January, the EU suspended visa-free travel for holders of Georgian diplomatic and service passports. Several EU countries also imposed travel bans on senior government officials. In July, Brussels warned about possible suspension of visa-free travel for Georgian citizens if the country failed to fulfill key human rights-related obligations. In its enlargement report published in November, the European Commission said Georgia “further derailed from the EU path,” and described it as a “candidate country in name only.”Freedom of AssociationIn March, parliament adopted a “foreign agents“ law, requiring individuals and entities to register as “foreign agents” if they operate under the vaguely defined “influence” of, or receive funding from, a foreign principal and engage in “political activities” in the interests of this principal. It also obliges them to file onerous annual financial declarations with excessive details, submit two copies of any public statement within 48 hours of publication, and mark all such statements with the “foreign agent” label. Failure to register carries criminal fines up to 10,000 GEL (about US$3,700) and/or a maximum five years in prison, while noncompliance with reporting or labeling requirements can result in fines up to 5,000 GEL (about US$1,850) or six months’ imprisonment. The law poses an existential threat to Georgia’s civil society. It is an escalation from similar legislation adopted in May 2024—the Law on Transparency of Foreign Influence—which remains in force but envisages mostly administrative sanctions for noncompliance.In April, the ruling party amended the Law on Grants to require governmental approval for any foreign donor funding to local organizations. Receiving a grant without official approval results in a fine equal to twice the amount of the grant. In June, amendments extended the approval requirements to “technical assistance” and “knowledge sharing.”In June, at least eight leading civil society organizations received court orders demanding that they file an inordinate number of documents, including sensitive and confidential information about survivors of human rights violations who had received pro bono legal aid.In August, the Anti-Corruption Bureau, the state agency responsible for enforcing the “foreign agents” law, sent notices to seven out of the eight NGOs, demanding explanation for not registering as foreign agents and warning of criminal liability. The bureau sent inspection notifications to dozens of other NGOs following the amendments to the Law on Grants in April.In March, authorities froze the bank accounts of five civil society groups, including Human Rights House Tbilisi and Shame Movement, on spurious allegations that they had used donor funds to support protesters during the 2024 demonstrations. In August, authorities also froze the accounts of seven prominent NGOs—the International Society of Fair Elections and Democracy, Institute for Development of Freedom of Information, Georgian Democracy Initiative, Union Sapari, Social Justice Center, Civil Society Foundation, and Democracy Defenders—as part of a criminal investigation for alleged “sabotage.” Officials claimed that the groups used their project funds to support demonstrators who committed “violent acts” against police. The prosecutor’s office also summoned several heads of those NGOs to testify in the same probe.Freedom of Assembly and Excessive Use of Police ForceMassive, nationwide protests erupted after the ruling party’s November 2024 decision to abandon Georgia’s EU accession process. Police and other security forces repeatedly used brutal and excessive force against largely peaceful demonstrators, chasing down, encircling, and beating protesters, and subjecting many to torture and ill-treatment in police custody. Riot police and informal violent groups associated with the authorities harassed and attacked opposition activists and independent journalists. Survivors reported head trauma, broken noses and facial bones, concussions, rib and limb fractures, and scratches and bruises all over their bodies. Some women protesters reported that police had threatened them with sexual violence.Police wore riot gear or full-face masks, with no visible insignia, hindering accountability for excessive use of force. Although authorities launched some investigations into allegations of police abuse, at the time of writing, they had not identified or prosecuted any officers responsible.In contrast, the authorities charged hundreds of protesters with the administrative or misdemeanor offense of police disobedience and prosecuted them in perfunctory trials. Authorities also prosecuted dozens of protesters on spurious criminal charges, including for alleged use of violence against law enforcement, sentencing at least 35 protesters to lengthy prison terms.In June, authorities dismantled Special Investigation Service, an independent agency established in 2022 to investigate crimes committed by law enforcement officials, and transferred its functions to the prosecutor’s office, further eroding accountability.In February, the parliament passed several restrictive amendments to the administrative and criminal codes, raising maximum administrative detention from 15 to 60 days, introducing fines and jail time for “verbally insulting” public officials, and criminalizing “resisting law enforcement” and public calls to civil disobedience.In June, based on complaints made by ruling party members, a court fined over a dozen activists for critical social media posts, some of which included offensive language against ruling party members. The court deemed them to constitute “insult” and issued fines ranging from 3,000 to 4,000 GEL (US$1,100 – 1,500). Parliament later added detention as a penalty for failure to pay fines imposed for the administrative offenses of insulting a public official, petty hooliganism, disobeying police orders, and violating protest rules.In October, authorities further increased penalties for protest-related offenses, introducing administrative detention of up to 60 days and criminal liability of up to 4 years’ imprisonment for repeat violations.In December 2024, parliament adopted amendments that authorized police to “preventively” detain individuals for 48 hours if they had previously been implicated in an administrative offense and were deemed likely to reoffend.Jailing of Political OppositionCourts convicted eight opposition politicians, including six opposition party leaders, sentencing them to months in jail for boycotting the ruling party’s parliamentary investigative commission tasked with probing alleged crimes by the former President Mikheil Saakashvili’s government. Two of them were released under a presidential pardon in September.In September, authorities arrested another opposition leader, Levan Khabeishvili, on bribery charges over his public promises to pay money to riot police if they refused to disperse protesters. Prosecutors later added an “inciting coup” charge.Freedom of Expression and MediaIn April, parliament adopted amendments to the Broadcasting Law, banning all foreign funding and in-kind assistance to broadcast media and expanding the power of the Communications Commission, a body dominated by ruling party appointees, to regulate broadcasters’ content. Local groups warned the changes would stifle critical and independent media.In June, the ruling party filed complaints with the Communications Commission against two major opposition-leaning channels, Formula and TV Pirveli, for, among other things, questioning the government’s legitimacy in their reporting language. The complaint challenges the use of such language as “illegitimate government,” “regime,” and “state capture.” The commission has the authority to impose sanctions, ranging from warning and corrective actions to suspension or revocation of a broadcasting license.Another set of legislative amendments narrowed protections for individuals and media facing defamation lawsuits. The amendments reverse the burden of proof to the defendant, remove the presumption in favor of free speech, eliminate source protection, limit public interest exceptions, and increase liability for defamation. Defendants, including journalists, will be required to prove the truth of their statements, rather than plaintiffs proving that their statements are false.In August, a court sentenced Mzia Amaghlobeli, a well-known journalist and founder of the independent newspaper Batumelebi and online outlet Netgazeti, to two years in prison on politically motivated charges of “resistance, threat, or violence against a public official” over slapping a local police chief during a tense night of protests in January. International organizations and diplomatic missions condemned the conviction as “politicized and disproportionate””, - the report reads.

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Seven members of the 14-member commission will be from the Georgian Dream faction. These MPs are: Shota Berekashvili (Chairman of the commission) Nino Tsilosani Maia Bitadze Paata Kvizhinadze Vakhtang Turnava Zaza Lominadze Gela Samkharauli The commission will have three members from the For Georgia faction. The members of the temporary commission from the aforementioned faction are: Giorgi Sharashidze Shalva Kereselidze Ketevan Bakaradze Three members will be from the political group “People’s Power”: Guram Macharashvili Dimitri Khundadze Eka Sepashvili Ilia Injia from the “European Socialists” has joined the temporary commission.The temporary parliamentary commission will function for three months.A commission on issues related to food, medicine and fuel prices has been created in the government administration. The commission is chaired by Prime Minister Irakli Kobakhidze, who stated that food is expensive in Georgia compared to Europe because there is a high markup and profit. The State Security Service has also begun studying consumer prices.

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"Ramazi" LLC failed to ensure internal monitoring, with the appropriate electronic system. The currency exchange booth operated without internal instructions, due to which the entity was fined 3,000 GEL. One booth was also fined with 3,000 GEL for violating reporting requirements. The currency exchange point failed to submit the initial registration form to the Financial Monitoring Service within the established deadline."Likuna" LLC has also been sanctioned by the National Bank of Georgia for shortcomings in monitoring for the purposes of promoting the prevention of money laundering and terrorist financing. The kiosk delayed the financial monitoring and the software system failed to identify transactions that were suspicious, unusual or fragmented, resulting in a fine of 10,000 GEL.

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The annual inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices in the group increased by 10.6 percent, contributing 3.55 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.5 percent), fruit and grapes (16.9 percent), bread and cereals (14.3 percent), sugar, jam, honey, chocolate and confectionery (10.2 percent), meat (9.7 percent), coffee, tea and cocoa (9.4 percent), vegetables (8.8 percent), oils and fats (8.7 percent), milk, cheese and eggs (8.6 percent), mineral waters, soft drinks, fruit and vegetable juices (6.8 percent);Health: the prices increased by 8.3 percent, contributing 0.68 percentage points to the overall index. The prices were higher for the following subgroups: hospital services (9.0 percent), medical products, appliances and equipment (8.3 percent), out-patient services (7.7 percent);Miscellaneous goods and services: the prices for the group increased by 7.4 percent, contributing 0.35 percentage points to the overall index. Within the group, the prices were higher mainly for the following subgroups: personal effects n.e.c. (37.9 percent), insurance (8.5 percent), personal care (4.2 percent);Restaurants and hotels: the prices went up by 8.1 percent, contributing 0.26 percentage points to the overall annual inflation rate. The prices in the group increased for both accommodation services (10.2 percent) and catering services (7.8 percent);Alcoholic beverages and tobacco: the prices increased by 3.5 percent, with the relevant contribution of 0.23 percentage points to the overall annual inflation rate. The prices increased mainly for tobacco (6.6 percent).

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Early in 2025, political uncertainty and weaker sentiment cooled demand, as many buyers postponed purchases. Apartment sales recovered later in the year as pent-up demand returned, lifting annual sales above 2023–24 levels, though still below the 2022 peak. On the supply side, even with an annual decline driven by a sharp 4Q25 slowdown, permit issuance stayed above 2015–22 healthy levels. Price growth moderated as strong permit issuance in recent years intensified competition, stabilizing price growth rate and pushing developers to offer their most refined inner instalment schemes yet. In 2026, we expect demand to remain broadly in line with 2025, supported by long-term fundamentals - urbanization, declining household size and attractive yields. Price is expected to have a stable single-digit growth and will largely depend on the supply side - planned large-scale projects and continued high permit issuance could add substantial new stock, limiting room for price growth.DemandIn 2025, total apartment sales in Tbilisi, according to the Public Registry data, stood at 42,388 units, up 4.3% y/y.• Sales on the secondary market, were up 12.3% y/y in Dec-25, bringing cumulative 2025 growth to 3.5% y/y.• Sales on the primary market, where data are impacted by delayed registrations, increased by 5.4% y/y in Dec-25 and 5.2% y/y in 2025. Our real-time survey of developers, which captures current trends on the primary market, shows that sales doubled y/y in Dec-25, supported by low base of Dec-24, when domestic political instability began. Cumulatively, primary market sales were up 27.3% y/y in 2025.SupplyIn 2025, permitted living area in Tbilisi declined by 4.2% y/y to 1.7mn sq.m, affected by sharp slowdown in 4Q25 (-32.1% y/y). Even so, permit issuance remained elevated, 32% above 2015-22 average healthy level. Notably, elevated permit issuance in 2023–25 was initially a response to the demand surge in 2022, but it has yet to fully realign with the lower postpeak sales.PricesIn 2025, prices increased across both primary and secondary markets. Primary market price was largely flat through 9M25 (0.2% m/m), however, growth accelerated in 4Q25 to 0.7% m/m amid recovered demand and slowed issuance of permits, reaching $1,373 in Dec-25. Overall, average price on the primary market increased by 4.0% y/y in 2025, down from 11.6% in 2024 and 20.2% in 2023. In Dec-25, average price on the secondary market (for new buildings built with permits issued after 2013) increased by 7.9% y/y to $1,316 per sq.m.RentsIn 2025, average rent remained within the $9-10 per sq.m stability range prevailing since 2024. In Dec-25, price for renting an average apartment (50-60 sq.m) in Tbilisi was $9.8 per sq.m, keeping rental yield within its long-term healthy level at 8.6%.

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Lion Finance Group (BGEO LN) shares closed at GBP 100.90/share (+4.61% w/w and +8.44% m/m). More than 428k shares traded in the range of GBP 95.80 - 102.30/share. Average daily traded volume was 58k in the last 4 weeks. The volume of BGEO shares traded was at 0.99% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.50/share (+5.07% w/w and +4.04% m/m). More than 380k shares changed hands in the range of GBP 40.65 - 43.35/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.68% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.75/share (+3.21% w/w and +8.52% m/m). More than 269k shares traded in the range of GBP 32.05 - 34.35/share. Average daily traded volume was 72k in the last 4 weeks. The volume of CGEO shares traded was at 0.77% of its capitalization. 

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