In October last year, it was 21%. According to them, the average price of an apartment for sale in Tbilisi in October increased by 4% year-on-year to $1,347.In October 2025, the largest share of apartments sold fell into the small category with an area of ​​​​50 to 75 sq m. As for apartments from 75 to 125 sq m, they increased by 2% and amounted to 22%. At the same time, the category with the smallest share (apartments with an area of ​​​​more than 125 sq m) accounted for 5% of total sales.As for prices, according to a study by TBC Capital, in October 2025, the most expensive one square meter on the secondary market was in Vake - 2,299 dollars, and the cheapest was in Samgori - 1,118 dollars. Vake - $2,299 Mtatsminda - $2,247 Saburtalo - $1,552 Chugureti - $1,468 Krtsanisi - $1,451 Didube - $1,354 Isani - $1,217 Nadzaladevi - $1,163 Gldani - $1,149 Didi Digomi - $1,143 Samgori - $1,118 TBC Capital's review also notes that in October 2025, a total of 4,129 apartments were sold in the Tbilisi real estate market, which is a 13% increase year-on-year.The total number of apartments sold during the 10 months of 2025 increased by 3% year-on-year. According to the investment bank, such growth is partly due to the commissioning of large construction projects.

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At the plenary session of the Parliament, the NBG Governor Natia Turnava, emphasized that under the existing monetary policy framework where the key monetary policy instrument is the policy rate consistent steps toward both tightening and normalization, taking into account the effectiveness of transmission to the economy, ensure price stability in Georgia.“In October, the NBG updated its macroeconomic projections. According to the current baseline scenario, inflation will temporarily remain above the 3% target and will average 4.0% in 2025; however, in the medium term, supported by tight monetary policy, normalization of aggregate demand, and the fading of inflationary effects stemming from food prices, inflation will stabilize around the target level,” stated Natia Turnava.She emphasized the high level of economic activity and noted that it is largely driven by structural changes in the economy. In particular, the improvement of production potential partly offsets the impact of strong aggregate demand on prices.“According to preliminary data, average economic growth for the first nine months of 2025 stands at 7.7%. In line with the NBG’s baseline forecast, economic growth will reach 7.4% in 2025. In the following years, the pace of real activity will gradually normalize toward its long-term level,” she noted.According to Natia Turnava, under an inflation-targeting regime, decisions regarding the policy rate and its future trajectory are made based on forecasts. However, uncertainty has increased significantly in recent years, raising the risks of deviations from projections.“Since the beginning of 2025, the NBG has introduced a new scenario-based approach to monetary policy communication, which has made the decision-making process more transparent and anchored risk management in the detailed analysis of potential scenarios. Specifically, in conducting monetary policy, the NBG responds in a way that minimizes economic losses should any identifiable risk materialize,” Natia Turnava stated.When presenting the report, the NBG Governor also spoke about the high global economic uncertainty and rapidly changing environment, driven by ongoing geopolitical tensions worldwide. She highlighted the risks affecting inflation in both upward and downward directions, such as changes in prices of energy and food commodities, transportation costs, regulated prices, global economic fragmentation, and other factors. In her assessment, in order to minimize the impact of these risks, it is optimal to maintain a cautious approach toward the normalization of monetary policy.“According to the current baseline forecast, prepared with consideration of macroeconomic risks, the NBG will continue normalizing the policy rate at only moderate intervals. In the medium term, as inflation expectation risks continue to subside, the rate will stabilize around its neutral level, which is currently assessed at approximately 7%. It should be noted that the expected trajectory of the policy rate depends significantly on how global economic conditions and geopolitical developments unfold,” stated Natia Turnava.In her remarks, the NBG Governor underscored that international reserves are a key guarantee of the country’s macroeconomic stability. For this reason, the NBG is consistently focused on the accumulation of reserves and their effective management.“Given the favorable conditions in the foreign exchange market, the NBG has been actively accumulating reserves since the beginning of 2025. Accordingly, as of January–October 2025, the Bank’s net purchases amounted to USD 1.8 billion. As of October 2025, the volume of international reserves exceeds USD 5.6 billion. At the same time, the effective management of international reserve assets is of great importance. For this purpose, the addition of monetary gold to international reserves is a strategic decision of the NBG, aimed at mitigating global inflationary risks and preserving the purchasing power of reserves. The price of gold on the international market has been rising, and since the moment of purchase, the increase in gold prices has boosted reserves by USD 420.6 million as of October,” Natia Turnava stated.Within her report, Natia Turnava also reviewed the NBG’s larization policy and the measures implemented to strengthen monetary policy transmission to the economy and to reinforce financial stability.“As of October, 58 percent of the total loan portfolio is denominated in lari. Of particular note is the high degree of larization of loans to individuals: specifically, 76.9 percent of loans to individuals are denominated in the national currency. The NBG continuously analyzes dollarization dynamics and, when necessary, undertakes appropriate measures. This not only reduces borrowers’ foreign-currency and related credit risks but also promotes long-term economic growth,” Turnava stated.She also addressed the Bank’s larization policy more broadly. According to her, ensuring price stability increases confidence in the lari, as evidenced by the larization trends of deposits in the banking sector. As of October, 51.2 percent of total deposits are denominated in the national currency.In conclusion, Natia Turnava emphasized that the presented monetary and exchange rate policy framework ensures price stability over the medium term. Consequently, it will enhance Georgia’s economic resilience to potential shocks and support stable and long-term economic growth.

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The YoY growth rate of loans, excluding exchange rate effect, was 12.71%. The volume of loans in national currency increased by 470.13 milion GEL (1.21%) and the volume of loans in foreign currency increased by 37.64 milion GEL or by 0.13% in the same period (exchange rate effect excluded, increased by 0.25%). By the end of October 2025, the total volume of national currency denominated loans to resident legal entities issued by commercial banks amounted to 10.82 billion GEL (1.07% more compared to the previous month), and foreign currency denominated loans constituted 19.09 billion GEL (0.29% less; exchange rate effect excluded volume of lending in foreign currency decreased by 0.19 %).During October 2025, the volume of lending to resident household sector increased by 1.08% or 378.83 milion GEL, and constituted 35.52 billion GEL by the end of October 2025.Larization ratio for total loans constituted 58.03% by the end of October 2025 and increased by 0.260 percentage point (exchange rate effect excluded, increased by 0.23 percentage point), compared to the end of September 2025.

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The YoY growth rate of deposits, excluding exchange rate effect, was 13.94%. In October, the volume of term deposits increased by 555.88 million GEL (by 1.81%; exchange rate effect excluded volume of term deposits increased by 1.78%). Demand deposits decreased by 543.73 million GEL (by 1.56%; exchange rate effect excluded volume of demand deposits decreased by 1.53%).The larization ratio of total non-bank deposits constituted 51.22% by the end of October 2025 and increased by 0.46 percentage point (exchange rate effect excluded increased by 0.46 percentage point) compared to the end of September 2025.The market interest rate on term deposits constituted 6.92%. In particular, the market interest rate for national currency denominated deposits was 9.01% and the market interest rate for foreign currency denominated deposits was 2.42%.

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The NBG notes that international currency reserves are an important guarantor of the country's macroeconomic stability. Accordingly, as of the regulator, the NBG is always focused on replenishing reserves, which is confirmed by the bank's stated policy. When the market allows, the National Bank increases the country's international reserves.In addition, the foreign exchange interventions carried out by the NBG in 2025 look like this: January-February - No net purchase through Bmatch March - Net purchase through Bmatch $101.7 million April - Net purchase through Bmatch $266.4 million May - Net purchase through Bmatch $245.4 million June - Net purchase through Bmatch $266 million July - Net purchase through Bmatch $416.9 million August - Net purchase through Bmatch - $199.6 million September - Net purchase through Bmatch - $100 million October - Net purchase through Bmatch - $167.4 million The National Bank of Georgia's operations in the foreign exchange market will publish updated data on December 25, 2025.

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“The tender announced for the purchase of freight gondolas is the first result of the optimization carried out in the company - Georgian Railways plans to purchase the wagons with the saved funds. It is worth noting that a large part of the existing wagon and locomotive fleet is outdated in terms of technical parameters and condition and requires renewal/modernization. We will work actively for this purpose. This initiative is aimed at optimizing the transport and logistics direction of Georgia and increasing its throughput, as well as the efficiency of the railway,” Lasha Abashidze noted.It is worth noting that the addition of gondolas is critically important for the wagon fleet of Georgian Railways due to the high demand for them, gondolas are important in the working process of local production.According to the tender documentation announced by Georgian Railway, the service life of the wagons has been determined to be at least 22 years, and the design speed should not be less than 120 km/h. It is also important that the proposed wagons will be built no earlier than 2025, should not have been in operation and should not have participated in loading/unloading operations. In addition, the wagons should be able to carry at least 69 tons of cargo.The estimated cost of the purchase is 20,142,312 GEL. The tender will start on December 10, 2025 and end on December 12.

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