Tbilisi (GBC) - In Sep-25, sales peaked across residential real estate market in Tbilisi, - according to the report by Galt and Taggart (G&T). On the primary market, this year’s record-high volumes were supported by the launch of presales in several large-scale projects. Additionally, secondary market sales reached their highest monthly level since 2022. On the supply side, the living area of issued permits continued rising, making supply expansion a key metric to monitor in the future. Meanwhile, average prices also increased across both markets.

Demand

In Sep-25, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 4,011 units, of which:

• Sales on the secondary market increased significantly by 12.9% y/y (up 0.5% y/y in 9M25).

• Sales on the primary market, where data are impacted by delayed registrations, increased by 12.6% y/y (up 4.9% y/y in 9M25). According to G&T, real-time survey of developers, which captures current trends on the primary market, showed a significant 81.8% y/y rise in Sep-25, supported by the launch of presales in several large-scale developments.

Cumulatively, primary market sales were up 16.4% y/y in 9M25 according to Galt & Taggart developer survey.

In total, 29,972 transactions were registered in Tbilisi in 9M25, bringing the residential market value to US$ 2.5bn (+12.4% y/y).

Supply

In Sep-25, construction permits were issued for 17 residential projects, with total living area reaching 194,189 sq.m. (+48.5% y/y). Overall, permit issuance in 9M25 was up 8.1% y/y, making supply expansion a key metric to monitor in the future.

Prices

In Sep-25, primary market price continued to grow, up 0.3% m/m to US$1,345 per sq.m. Likewise, the average price on the secondary market (for new buildings built with permits issued after 2013) was up by 1.1% m/m to US$1,310 per sq.m.

Rents

In Sep-25, price for renting an average apartment (50-60 sq.m.) in Tbilisi increased by 1.1% m/m to US$ 9.7 per sq.m., keeping rental yield at 8.6%.