How have property prices in Georgia changed over time?
In dollars, a Tbilisi flat changed hands at around $810 to $835 per square metre between 2012 and 2014, stayed broadly stable in dollar terms through the second half of the decade while the lari weakened, and then rose sharply from 2021. Galt & Taggart's price for new flats sold by developers in white frame went from $902 per m² in January 2022 to $1,266 in January 2024 and $1,373 in December 2025, with growth slowing to 4.0% in 2025. Batumi followed a similar path from a lower base: about $650 per m² for registered transactions in 2012 to 2014, and $1,960 per m² for new turnkey flats in June 2026.
These figures come from different sources with different methods, so this page keeps each series separate and labels it. Chaining one source's 2014 figure to another's 2025 figure would give a growth rate that no one measured. Where a source states its own growth rate, we quote it; we do not calculate growth across series. Current market levels and yields are on our pages on rental yields and Tbilisi versus Batumi.
Read this first: why the numbers differ
| Source | What it measures | Years |
|---|---|---|
| Colliers International Georgia | Average price of registered transactions, all residential, in dollars | 2012-2015 |
| Galt & Taggart | Primary market (sold by developers) and secondary market, in dollars; white frame in Tbilisi, turnkey or white frame in Batumi | 2016-2026 |
| TBC Capital | Average selling price of transactions | 2018-2025 |
| ISET-PI | Asking prices in listings, Tbilisi; the programme has since stopped | 2015-2021 |
| Geostat RPPI | Official index of asking prices for new dwellings in Tbilisi, in lari, 2020 = 100 | 2020-2026 |
Four differences explain most of the gaps between sources. A transaction price is what was paid; an asking price is what was advertised. The primary market is developers' sales, the secondary market is resales between owners. White frame and turnkey are different products: a turnkey flat is finished and costs more per square metre. And a series in lari moves with the exchange rate even when dollar prices stand still.
Tbilisi, 2012 to 2014: flat prices, rising sales
| Quarter | 2012 | 2013 | 2014 |
|---|---|---|---|
| Q1 | 826 | 815 | 827 |
| Q2 | 815 | 819 | 834 |
| Q3 | 817 | 823 | 835 |
| Q4 | 810 | 835 | 830 |
Colliers put the 2014 average at $832 per m². Prices barely moved, but activity grew: registered residential transactions in Tbilisi rose from 14,574 in 2009 to 18,641 in 2012 and 20,088 in 2014. The district spread was already wide in 2014, from $1,115 per m² in Mtatsminda and $923 in Vake to $577 in Gldani.
Tbilisi, 2015 to 2020: stable in dollars, rising in lari
The lari lost much of its value from 2015, and dollar prices held while lari prices climbed. Colliers reported that at the end of 2015 prices in new buildings had fallen 10% to $596 per m² and in older buildings 5% to $560, on a basis that is not comparable with its earlier transaction series. Galt & Taggart described the period in 2019 as one in which prices had been stable in dollars, explained by costs fixed in dollars and the lari's depreciation, and TBC Capital recorded an average of GEL 1,764 per m² in 2018, 6% higher than in 2017 in lari terms.
The pandemic left only a small mark on prices. Galt & Taggart's new-apartment prices in March 2020 were 5.4% below March 2019 in dollars, and ISET's listing prices moved between $914 and $958 per m² through 2020, dipping during the lockdowns of April to June and September to November.
Tbilisi since 2021: the surge and the slowdown
| Month | Primary, white frame | Secondary, newer buildings | Secondary, older buildings |
|---|---|---|---|
| Jan 2022 | 902 | 898 | 793 |
| Jan 2023 | 1,066 | 1,099 | 905 |
| Jan 2024 | 1,266 | 1,182 | 1,032 |
| Dec 2025 | 1,373 | 1,316 | 1,238 |
"Newer" buildings are those built under permits issued from 2013, "older" those permitted before. Galt & Taggart's stated annual growth of the primary price was 20.2% for 2023, 11.6% for 2024 and 4.0% for 2025; its annual key figures are $1,233 for 2023, $1,320 for 2024 and $1,373 for 2025. The stated growth rates and the key figures are measured differently, so they should not be used to recompute each other. TBC Capital, measuring all transactions, put the 2025 average at $1,312 per m², up 4.1% on 2024. In February 2026 Galt & Taggart's primary price was $1,398.
The market grew with the prices. Galt & Taggart counts 39,200 apartments sold in Tbilisi in 2021, 43,000 in 2022 and 42,388 in 2025, and a market worth $2,063 million in 2021 and $3,132 million in 2024.
The official index: Geostat's RPPI
Since 2021 Geostat has published a quarterly residential property price index for new dwellings in Tbilisi, built from asking prices on the two main listing sites, in lari, with the 2020 average as 100. Because it is in lari, it captures both dollar price changes and the exchange rate.
| Quarter | Change on a year earlier | Change on the 2020 average |
|---|---|---|
| Q1 2021 | +13.6% | +9.4% |
| Q4 2022 | +14.3% | +24.0% |
| Q1 2024 | +13.0% | +41.3% |
| Q4 2024 | +10.4% | +54.3% |
| Q4 2025 | +3.3% | +59.4% |
| Q2 2026 | +4.9% | +63.8% |
In the second quarter of 2026, flats stood 61.2% above their 2020 average and detached houses 68.2%. The National Bank of Georgia has also published monthly price and rent indices since August 2024, for typical flats in two Tbilisi areas, Saburtalo and Varketili, with data collected since 2006; its values are shown in an interactive dashboard.
Batumi: from $650 to nearly $2,000
| Period | Price | What it measures |
|---|---|---|
| Q1 2012 / Q4 2014 | 646 / 684 | Registered transactions, all residential (Colliers) |
| 2016 / 2017 / 2018 | 695 / 609 / 657 | New apartments, average selling price (Galt & Taggart) |
| 2019 | 824 | New flats, weighted average (Property Georgia) |
| End 2022 / 2023 / 2024 | 1,148 / 1,328 / 1,470 | Primary market, white frame (Galt & Taggart) |
| 2023 / 2024 / 2025 | 1,569 / 1,699 / 1,865 | Primary market, turnkey (Galt & Taggart) |
| June 2026 | 1,960 | Primary market, turnkey (Galt & Taggart) |
The white frame and turnkey rows describe different products and should be read separately. Sales tell the rest of the story: Batumi recorded 12,100 apartment sales in 2019, 8,400 in the pandemic year 2020, 17,000 in 2022 and 17,500 in 2025. Rental yields moved the other way as prices rose, from 10.0% in December 2023 to 8.8% a year later and 7.4% in December 2025, while the average daily rate for short stays eased from $41.7 in 2023 to $35.6 in 2025.
Resorts and other cities
| Place | Earlier | Recent |
|---|---|---|
| Bakuriani | 817 (2016), 842 (2017), 944 (2018) | 1,035 (3Q24) |
| Gudauri | 927 (2016), 1,028 (2017), 963 (2018) | 1,417 (3Q24) |
| Kobuleti | no series before 2025 | 1,721 (2025, turnkey); 1,731 (2Q26) |
| Rustavi | 236 (Q1 2011) rising to 386 (Q4 2014) | no recent series |
| Gori, new flats | 434 (2018), 370 (2019) | no recent series |
| Zugdidi, new flats | 349 (2018), 448 (2019) | no recent series |
We found no published price series for Kutaisi. Resort figures cover few transactions, so a handful of sales can move them noticeably.
Rents: the 2022 jump
Tbilisi rents tell a sharper story than prices. Galt & Taggart's average rent for 50 to 60 m² new flats was $5.3 per m² a month in January 2022 and $11.6 in January 2023, more than double, a rise that a 2025 academic study links to migration to Georgia after the war in Ukraine began. Rents peaked in March 2023 and eased to $10.4 by January 2024; the annual key figures are $11.0 for 2022, $10.7 for 2023 and $9.7 for 2024, and the average was $9.8 in December 2025, within the $9-10 range that has held since 2024. Earlier figures come from other methods: TBC Capital recorded $5.34 in 2018, and ISET's listing rents were about $5.8 to $5.9 per m² in early 2021.
Inflation and the lari
| Year | Georgia | United States |
|---|---|---|
| 2019 | 4.9% | 1.8% |
| 2020 | 5.2% | 1.2% |
| 2021 | 9.6% | 4.7% |
| 2022 | 11.9% | 8.0% |
| 2023 | 2.5% | 4.1% |
| 2024 | 1.1% | 2.9% |
| 2025 | 3.9% | 2.6% |
Because most Georgian property is priced in dollars, the relevant inflation for a foreign buyer is usually that of the dollar or of their own currency. A Georgian earning in lari sees the same flat differently: the lari traded at about 1.74 per dollar at the end of 2013, 3.4842 at its pandemic low in March 2020 and 2.624 in August 2026. A price that stood still in dollars from 2015 to 2020 rose substantially in lari over the same years.
Construction costs and permits
Building costs, measured by Geostat in lari, rose 14.1% in the year to the third quarter of 2021 and 12.8% in the year to the first quarter of 2022, then more slowly: 4.7% in the year to December 2024 and 5.2% in the year to December 2025, when residential construction costs rose 6.3% and the index stood 29.2% above February 2022. Wages drove the recent rises, up 23.9% in 2025 while materials were flat.
| Year | Permits | Year | Permits |
|---|---|---|---|
| 2015 | 1,231 | 2021 | 1,530 |
| 2017 | 1,513 | 2023 | 1,940 |
| 2018 | 913 | 2024 | 1,810 |
| 2020 | 1,374 | 2025 | 1,734 |
What the history shows, and what it does not
- Long flat periods. Dollar prices in Tbilisi moved little from 2012 to 2020.
- One sharp rise. The 2021-2023 surge coincided with rising building costs and the arrival of new residents after 2022.
- A slowdown. Tbilisi growth fell to 4.0% in 2025, while Batumi's turnkey prices kept rising, by 9.8% in the year to June 2026.
- Rents moved faster than prices, which is why yields fell as prices caught up.
- No forecast. Past series describe what happened; they do not tell you what a particular flat will be worth.
Risks and exceptions
- Chaining sources. Different methods produce growth rates no one measured.
- Lari versus dollars. The official index is in lari and includes exchange-rate moves.
- Asking versus paid. Listing prices run ahead of transaction prices.
- Small resort samples. A few sales can move an average.
Frequently asked questions
How much have Tbilisi prices risen since 2022?
Galt & Taggart's primary white-frame price rose from $902 per m² in January 2022 to $1,373 in December 2025.
Did prices fall during the pandemic?
Only slightly: new-apartment prices in March 2020 were 5.4% below a year earlier in dollars.
Is there an official price index?
Yes, Geostat's quarterly index for new dwellings in Tbilisi, in lari, published since 2021.
What did a Batumi flat cost ten years ago?
Registered transactions averaged about $650 to $685 per m² in 2012 to 2014; new turnkey flats were $1,960 in June 2026.
Why did rents double in 2022?
Rents rose from $5.3 to $11.6 per m² between January 2022 and January 2023, a jump researchers link to migration after the war in Ukraine began.
Were prices stable before 2021?
In dollars, broadly yes from 2012 to 2020; in lari they rose as the currency weakened.
Is there data for Kutaisi?
We found no published price series for Kutaisi.
Can I compare the 2014 and 2025 figures directly?
Not exactly, because they come from different sources with different methods.
Sources
- Georgia Residential Market Report 2014, Colliers International Georgia (accessed 18 October 2026)
- Colliers International Georgia market research 2015, Property Georgia (accessed 18 October 2026)
- Tbilisi Real Estate Market Outlook, December 2019, Galt & Taggart (accessed 18 October 2026)
- Tbilisi Residential Real Estate, January 2024, Galt & Taggart (accessed 18 October 2026)
- Tbilisi Residential Real Estate, 2025 Full Year Overview, Galt & Taggart (accessed 18 October 2026)
- Batumi Residential Real Estate, 2025 Review and 2026 Outlook, Galt & Taggart (accessed 18 October 2026)
- Batumi Residential Real Estate, 2Q26 Market Watch, Galt & Taggart (accessed 18 October 2026)
- Batumi Residential Real Estate, 2024 Full Year Overview, Galt & Taggart (accessed 18 October 2026)
- Residential Market Georgia 2019, Property Georgia (accessed 18 October 2026)
- Real estate prices will continue to grow in Tbilisi, JAMnews (accessed 18 October 2026)
- Georgia's real estate market grows in 2025 (TBC Capital data), Georgia Today (accessed 18 October 2026)
- Real Estate Market Highlights, January-December 2020, ISET Policy Institute (accessed 18 October 2026)
- Price of a square metre of apartments in Tbilisi by district, CBW (accessed 18 October 2026)
- Residential Property Price Index, II quarter of 2026, Geostat (accessed 18 October 2026)
- Residential Property Price Index, I quarter of 2021, Geostat (accessed 18 October 2026)
- The National Bank of Georgia starts to publish residential price and rent indices, National Bank of Georgia (accessed 18 October 2026)
- Consumer price index (inflation), Geostat (accessed 18 October 2026)
- Consumer Price Index, 1913-, Federal Reserve Bank of Minneapolis (accessed 18 October 2026)
- Abesadze et al., study of the Tbilisi housing market (IMCIC 2025 proceedings), International Institute of Informatics and Cybernetics (accessed 18 October 2026)
- Construction Cost Index in Georgia, December 2025, Geostat (accessed 18 October 2026)
Change log
- - Data page published from Colliers, Galt & Taggart, TBC Capital, ISET, Geostat, the National Bank and US BLS series, each kept separate by method.