US Secretary of State held phone talks with Georgian PM

DemandIn Feb-26, demand remained solid on both primary and secondary markets, indicating strong start of the year and following the trend from 2H25. On the supply side, the living area of issued permits continued to fall for the 5th month in a row, signalling a normalization after previously elevated levels. Prices continued to grow with accelerated pace on both primary and secondary markets, supported by strong demand and slower permit issuance.Demand In Feb-26, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 3,822 units, of which:• Sales on the secondary market increased significantly by 19.2% y/y to 1,864 (up 8.6% y/y in 2M26).• Sales on the primary market, where data are impacted by delayed registrations, was up 11.2% y/y to 1,958 (up 7.8% y/y in 2M26).G&T’s real-time survey of developers, which captures current trends on the primary market, shows a significant 26.6% y/y increase in Feb-26. Cumulatively, primary market sales were up 24.1% y/y in 2M26. This largely reflects a low base effect from last year, driven by domestic political instability in Tbilisi. In total, 6,786 transactions were registered in Tbilisi in 2M26, bringing the residential market value to US$ 595mn (+16.7% y/y).SupplyIn Feb-26, construction permits were issued for 10 residential projects, with total living area reaching 60,283 sq.m (-44.7% y/y). Notably, the living area of issued permits has contracted for the 5th consecutive month, suggesting easing supply pressures after periods of high issuance. Overall, living area of permits in 2M26 was down 50.7% y/y.Prices In Feb-26, primary market price continued to rise with high growth rate, increasing by 0.9% m/m to US$ 1,398 per sq.m. The average price on the secondary market (for new buildings built with permits issued from 2013) was up 0.6% m/m, reaching US$ 1,304 per sq.m.RentsIn Feb-26, price for renting an average (50-60 sq.m) apartment in Tbilisi was at US$ 10.1 per sq.m (-1.8% m/m), keeping rental yield high at 8.6%.

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According to the alliance, the campaign will last exactly two months and will culminate in a large-scale protest rally in Tbilisi on May 26, Georgia’s Independence Day. Speaking at a briefing, one of the leaders, Zurab Japaridze, explained that the main objectives of the process are to increase direct communication with citizens, neutralize the ruling regime’s propaganda, and translate the dissatisfaction in society into real political action.He also said that the campaign is not exclusively the property of political groups and that various civil society organizations and active citizens are invited to join it.The opposition group expressed special gratitude to those who are in political prisons, have been subjected to physical violence, or have lost their jobs due to the protests. The statement emphasized that the struggle will not be easy, but that with active action, a change of government is only a matter of time and price.The alliance plans to maximize the number of people involved in the protests over the next two months in order to create a solid foundation for political change in the country by May 26.

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According to official statistics, “Georgian Dream” had a total of 28 donors in the period from January 15 to February 27. Among them is Tbilisi Mayor Kakha Kaladze, who transferred 12,000 GEL to the party account.During the reporting period, financial activity in the opposition spectrum was distributed as follows: “Lelo - Strong Georgia”: From January 8 to February 19, the party received 146,000 GEL. Among the donors are leaders: Mamuka Khazaradze, Badri Japaridze, Mamuka Katsitadze and Manana Nachkebia. “Freedom Square”: From January 1 to February 16, 44 individuals donated a total of 46,745 GEL to the party. Among the donors are Levan Tsutskiridze, Bakur Kvashilava and Simon Janashia. “Coalition for Changes”: From January 14 to February 23, donations received amounted to 3,460 GEL. “Gakharia for Georgia”: At the beginning of the year, the party received 2,371 GEL, including one of the donors, MP Tamar Khvedelian. According to the State Audit Office, the “United National Movement” did not receive any donations during the mentioned period of 2026.The data reflects the income declared by political parties during the first two months of the year.

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Moody's expects Georgia to maintain a potential growth of 5% in the medium term, which is in line with the ministry's official expectations.The Deputy Minister focused on the trend of decreasing debt and deficit. In 2025, the state debt was recorded at a level below 35% of GDP, while the budget deficit was maintained within 1.5%. The report also positively assesses the reduction of the current account deficit to a historical minimum, the level of foreign direct investment and increased foreign reserves.The document paid special attention to the successful refinancing of Eurobonds worth 500 million USD in January 2026. The rate was recorded at 5.1%, which is the lowest coupon among countries with a similar rating in the last 4 years. According to Ekaterine Guntsadze, the agency's reports are crucial for strengthening investor confidence.

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In February 2026, compared to the same period of the previous year, the estimated real growth in following activities contributed significantly: Information and communication, Transportation and storage, Financial and insurance activities, Manufacturing, Mining and quarrying.Decline were registered in Construction and Energy sectors.

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Lion Finance Group (BGEO LN) shares closed at GBP 92.95/share (- 5.25% w/w and -9.32% m/m). More than 1.17mn shares traded in the range of GBP 90.85 - 100.50/share. Average daily traded volume was 112k in the last 4 weeks. The volume of BGEO shares traded was at 2.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.15/share (- 4.63% w/w and -13.93% m/m). More than 398k shares changed hands in the range of GBP 40.00 - 43.25/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.71% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 34.50/share (-1.15% w/w and +1.47% m/m). More than 297k shares traded in the range of GBP 34.45 - 37.00/share. Average daily traded volume was 64k in the last 4 weeks. The volume of CGEO shares traded was at 0.85% of its capitalization. 

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Specifically, subscribers living in Tbilisi, who used to consume from 0 to 101 kilowatts of electricity per month and paid 15,041 tetri per kilowatt, will see their tariff increase to 20,041 tetri from April 1.As of today, the consumer tariffs are as follows:Tbilisi – from 0 kWh to 101 kWh inclusive and with a common consumption meter (household) – 15,041 tetriFrom 101 kWh to 301 kWh inclusive (household) – 19,053 tetriFrom 301 kWh and above (household) – 23,537 tetriRegions – from 0 kWh to 101 kWh inclusive and with a common consumption meter (household) – 14,731 tetriFrom 101 kWh to 301 kWh inclusive (household) – 18,708 tetriFrom 31 kWh and above (household) – 23.227 tetriThe Chairman of the Georgian Electricity Regulatory Commission, David Narmania, made a statement about the possible increase in electricity tariffs back on December 17, 2025. However, at a session held on December 29 of the same year, the Regulatory Commission changed the decision and extended the validity period of the existing tariffs by 3 months, until March 31, 2026.According to David Narmania, the postponement of the tariff change was due to several main factors: Applications from energy companies Unspecified electricity balances Consultations with the Government of Georgia As for natural gas, according to the decision of the Georgian Electricity Regulatory Commission, the tariff applicable to the mentioned resource will remain unchanged for one year and will be in force until December 31, 2026.

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Expressing his gratitude, Gabaidze thanked the Georgian Dream party, its founder, and all its members, emphasising that his decision was made on personal grounds.He firmly denied rumours suggesting that his close ties to Tornike Rizhvadze influenced his resignation.“I have been contemplating this for a considerable time and have discussed it with my team. Having led the Supreme Council for less than ten years, I believe it is time for new directions. Regarding my connection with Tornike Rizhvadze’s team, it’s important to remember that I was appointed as Chairman of the Supreme Council before Tornike Rizhvadze assumed his role as Chairman of the Government,” Gabaidze explained.He also announced that he will soon relinquish his mandate as a member of the Supreme Council. While he did not disclose specific details, Gabaidze hinted that he has other opportunities ahead.Gabaidze was elected for a third term as Chairman of the Supreme Council following the most recent elections.

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