Tbilisi (GBC) – According to Galt & Taggart, residential real estate sales in Tbilisi remained high in November 2025 on both the primary and secondary markets, signaling a recovery in demand. On the supply side, the volume of issued building permits continued to decline, but overall, the total permits issued during the first eleven months of 2025 remained at elevated levels. This combination of rising demand and slower growth in supply accelerated price increases in both the primary and secondary markets.

In November 2025, 3,726 apartments were sold, according to Public Registry data. On the secondary market, sales rose 13.2% year-on-year (up 2.6% for the first eleven months), while primary market sales, affected by delayed registrations, fell 1.8% annually (but rose 5.1% over the first eleven months). Galt & Taggart’s real-time survey of developers indicated a slight 0.8% year-on-year drop in primary market sales in November; however, sales remained high, making it the fourth strongest month of 2025. In total, 37,930 transactions were registered in Tbilisi during the first eleven months of 2025, with a total apartment value of $3.1 billion, up 12.1% year-on-year.

On the supply side, building permits were issued in November 2025 for 11 residential projects totaling 121,000 sq.m., a 32.2% year-on-year decline. Overall, the total volume of permits issued in the first eleven months of 2025 decreased 4% annually. Despite the decline, the volume of permits remains high relative to long-term averages.

Regarding prices and rents, Galt & Taggart reported that in November 2025, the primary market saw monthly price growth of 1%, reaching $1,366 per sq.m. On the secondary market, prices for new projects built under permits issued since 2013 rose 0.9% month-on-month to $1,297 per sq.m. Meanwhile, rents for average-sized apartments (50–60 sq.m.) remained high at $10.1 per sq.m. per month, with yields at 8.9%.