New build or resale: the comparison on one table
The same criteria for both sides, each with its source. "New build" here means an apartment bought from a developer, usually before the building is completed; "resale" means an apartment already registered to a private owner. A third case, a new apartment bought from a developer after the building is commissioned and registered, sits between the two and is discussed below the table.
| Criterion | New build, bought off-plan | Resale |
|---|---|---|
| What you buy, legally | A contract for a unit that is not yet a registered property; a preliminary ownership right can be registered for the standard registry fee | A registered unit, transferred by a written contract and registration (Civil Code, Articles 183, 208) |
| When you become the owner | After the building is commissioned and the unit is registered to you | As soon as the registry records the transfer, at the standard or a faster speed |
| Average price, Tbilisi, December 2025 | $1,373 per m², +4.0% in a year (primary market) | $1,316 per m², +7.9% in a year (secondary market) |
| Average price, Batumi, June 2026 | $1,960 per m², turnkey, +9.8% in a year | $1,497 per m², +6.5% in a year |
| How you pay | Usually in stages during construction, as the contract sets out | Usually in one payment, tied to registration |
| VAT | Charged at 18% only if the seller is registered for VAT and sells as a business; developers normally quote prices with it included | Usually none from a private seller |
| What you check | The developer's land rights, construction permit and its match with the building, any pledge, delivery record, contract clauses | The registry extract, the seller's authority, encumbrances, tenants, the building's condition |
| Main risk | Delay or non-completion; a specification that differs from the brochure | Legal defects in the title, or material defects in the flat |
| Residence permit | Possible only after the unit is registered as your property | Possible as soon as the transfer is registered and the value is confirmed |
| Rent income | Starts after completion, commissioning and fit-out | Can start soon after the purchase; some flats come with a tenant |
Prices are Galt & Taggart averages for the whole market, not like-for-like comparisons. In Tbilisi the primary figure is the average for new projects and the secondary figure for existing flats; in Batumi the primary figure is for apartments sold finished, which raises it against a secondary market of mixed condition. Use them to understand the market, not to price a particular flat.
What is the real difference?
The difference is what exists on the day you pay. In a resale, the apartment exists, it is registered, and you can read its legal history in the extract before you sign. The risks are in that history: a mortgage nobody mentioned, a co-owner, a tenant with rights, or a defect in the flat. Georgian law gives you tools against them. Under Article 489 of the Civil Code a sold thing must be free of legal defects, and any non-existent right registered in the register is itself a legal defect; under Article 488 it must be of the agreed quality. Under Article 312 the register's entries are presumed accurate in favour of a good-faith buyer.
In an off-plan purchase, the apartment does not yet exist as property. You are buying a promise: that the developer will finish the building, have it commissioned and register your unit to you. The risks are in the promise, and the tools against them are in the contract and in your choice of developer. The Spatial Planning Code adds one fixed point: a building may not be put into use before the commissioning act, and the code also bars supplying power and gas to an uncommissioned building for anything other than the construction itself. Registering a preliminary ownership right, where the developer arranges it, turns your contract into a public record.
A worked example with the averages
Take a 60 m² flat. At the Tbilisi averages for December 2025, a new-build flat would cost about $82,380 ($1,373 × 60) and a resale flat about $78,960 ($1,316 × 60), a gap of $3,420. In Batumi, at the June 2026 averages, a finished new flat would cost about $117,600 ($1,960 × 60) and a resale flat about $89,820 ($1,497 × 60), a gap of $27,780, much of which reflects the finished state and the newer buildings rather than the same product at two prices.
The rest of the cost picture differs too. A resale flat may need renovation before it can be let. An off-plan flat delivered as a shell needs finishing, and its rent starts only after completion; during construction your money earns nothing. Our buying cost calculator and rental yield calculator let you put your own figures against each option.
What about a new flat in a finished building?
Buying from a developer after the building is commissioned and the units are registered combines some advantages of both. The flat is new and often still sold by the developer, but it is a registered property, so the purchase works like a resale: an extract to read, a transfer to register, ownership within the registry's period. The trade-off is choice and price: units in a project can sell out during construction, and the developer's prices after completion may differ from those it offered off-plan. For a buyer who needs a residence permit or rent income soon, a finished new building can be the most practical of the three.
Which suits you? A verdict by buyer type
| If you are | Usually the better fit | Why |
|---|---|---|
| Buying for a residence permit soon | Resale or a finished new building | The permit needs registered ownership and a valuation of a property you already own. |
| Buying for rental income this year | Resale or a finished new building | Rent can start soon after registration and any fit-out. |
| Buying for the long term and able to wait | Off-plan with a strong developer | You choose the unit early and pay in stages, accepting the completion risk. |
| Buying remotely | Resale or a finished new building | Fewer moving parts to follow from abroad; the extract tells most of the story. |
| Wanting a specific new building in a specific location | Off-plan, early | Units in a project can sell out while it is still being built. |
| Cautious about construction risk | Resale | What you see is what exists; the risks are legal and physical, and checkable. |
There is no answer that suits everyone. The question is which risk you prefer to manage: the risk in a history you can read, or the risk in a promise you have to secure.
What does the market say right now?
In Batumi, Galt & Taggart counted 2,200 secondary-market sales and 1,968 primary-market sales in the second quarter of 2026, with primary sales down 5.3% partly because registrations of new units were delayed; secondary sales rose 13.4%. Its survey of large developers, which covers about 40% of the primary market, showed primary sales up 35.1% in the same quarter. The report describes unsold stock as high and oversupply pressure as a feature of the market. In Tbilisi, Colliers Georgia counted about 87,000 apartments under construction, 84% more than in 2021. For a buyer of a new build, both figures argue for choosing the developer carefully, because a large pipeline means competition at completion.
Risks and exceptions
- Comparing averages as if they were prices. A finished new flat and an old flat needing work are different products even in the same street.
- Off-plan without a preliminary right. Where it can be registered, it puts your claim on the public record.
- Stage payments that run ahead of construction. Pay against the stages in the contract, not against a new schedule sent by email.
- Resale without the history. Read every encumbrance on the extract and settle every co-owner's position before paying.
- Counting on a residence permit before completion. The permit follows registered ownership, not a contract.
Frequently asked questions
Is a new build always more expensive?
On average in Tbilisi in December 2025, slightly: $1,373 against $1,316 per m². The gap depends on the building, the district and the finishing level.
Do I pay VAT on a resale flat?
Only a seller who is registered for VAT and sells as a business charges it, at 18%. A private owner selling their own home is rarely in that position.
Can I get a mortgage on an off-plan flat?
That depends on the bank and the developer's arrangements; ask the bank which projects it lends against before you choose.
What does "white frame" mean?
Developers sell apartments at different finishing levels, often called black, white or green frame. What each one includes is set out in the contract's specification, so read it rather than relying on the label.
Is an older building a problem?
Not by itself. Check the building's condition, its management and its common parts, and have the flat inspected before you sign.
Can a developer change the delivery date?
Only as the contract allows. Insist on a firm date, a penalty for delay and a right to withdraw if the delay is long.
For the new-build route, read how to check a developer; for the timing of each route, see the purchase timeline.
Sources
- Tbilisi Residential Real Estate, Monthly Market Watch, December 2025, Galt & Taggart (accessed 12 October 2026)
- Batumi Residential Real Estate, Quarterly Market Watch, 2Q26, 14 August 2026, Galt & Taggart (accessed 12 October 2026)
- Civil Code of Georgia (Articles 183, 208, 312, 488 and 489), consolidated 25 June 2026, Legislative Herald of Georgia (accessed 11 October 2026)
- Spatial Planning, Architectural and Construction Activities Code of Georgia (Article 139.1), consolidated 25 June 2026, Legislative Herald of Georgia (accessed 12 October 2026)
- Immovable property registration: fees and terms, National Agency of Public Registry (accessed 11 October 2026)
- Real Estate 2026: Georgia, MB Legal for Chambers and Partners (accessed 11 October 2026)
- There are currently 87,000 apartments under construction in Tbilisi, CBW citing Colliers Georgia (accessed 10 October 2026)
Change log
- - Comparison published with Galt & Taggart market averages and the Civil Code; being reviewed by the partner lawyer.