Gudauri or Bakuriani: which suits an investor?
Gudauri earns more per flat and costs more to buy; Bakuriani is the larger, cheaper market with a second season in summer but weaker short-stay income. In the year to July 2026, the average short-stay listing in Gudauri earned about $5,886 against $2,226 in Bakuriani, according to the data provider AirROI, while Galt & Taggart's last resort figures put new flats at about $1,417 per m² in Gudauri and $1,035 in Bakuriani. Both are small, seasonal markets where one building, one road closure or one warm winter changes the result.
This comparison looks at the two resorts as investments: what flats cost and how many sell, what short stays earn and when, the infrastructure that is changing access, and the risks specific to each. The resorts themselves are described in our guide to Georgia's resorts.
The property markets side by side
| Measure | Gudauri | Bakuriani |
|---|---|---|
| Sales, 1Q24 | 95 (+3.3%) | 220 (-6.0%) |
| Sales, 3Q24 | 64 (-34.7%) | 352 (+51.1%, partly late registrations) |
| Average price per m², 1Q24 / 3Q24 | $1,420 / $1,417 | $1,044 / $1,035 |
| Where sales happen, 1Q24 | 71.6% from developers | 65.5% resales |
| Small units (26-50 m²), 3Q24 | 76.9% | 78.6% |
| Projects on sale | 6 completed projects | 16 projects (3Q24) |
| Market size, 3Q24 | $3.9 million | $16.6 million |
These are the latest published figures: Galt & Taggart's later regional reports cover only Batumi, and we found no other source with resort sales or prices for 2025 or 2026. Treat them as a picture of each market's character rather than today's prices. Gudauri is a thin market dominated by developers' sales of small flats; Bakuriani has more transactions, more resales and more projects competing for buyers.
Short-stay income
| Measure | Gudauri | Bakuriani |
|---|---|---|
| Active listings | 672 | 291 |
| Average annual revenue | $5,886 | $2,226 |
| Average daily rate | $125 | $86 |
| Occupancy | 35.1% | 22.8% |
| Revenue change on a year earlier | -0.9% | -19.6% |
| Best month for occupancy | February, 61.0% | February, 34.6% |
| Weakest month for occupancy | July, 12.5% | June, 8.3% |
Gudauri's income comes almost entirely in winter: the average listing earned about $1,921 a month in peak season against $391 in the May-to-July low. Bakuriani's peaks are spread across January, February and August, at about $855 a month, with May, June and September the weakest. The averages hide a wide range: in Gudauri the top quarter of listings earned more than $1,031 a month and the median $593. Most Gudauri listings are entire flats, and more than half have one bedroom; in Bakuriani about 28.5% of listings are houses, and 12% ask for stays of at least 30 nights.
A studio in each resort: a rough example
| Line | Gudauri | Bakuriani |
|---|---|---|
| Price at the 3Q24 average | $49,595 | $36,225 |
| Average short-stay revenue | $5,886 | $2,226 |
| Gross yield | 11.9% | 6.1% |
The example combines a price from 2024 with revenue from 2025-2026 and applies averages from listings of every size to one studio, so it is only a starting point. From the gross figure come the platform's fee, cleaning, management, utilities and heating in an empty flat, building fees in winter, and tax. Our comparison of long lets and short stays shows how much those costs take, and the short-stay income calculator lets you enter your own numbers.
Slopes, lifts and the season
- Gudauri. About 80 km of runs in the 2024-25 season, after two new lift systems and a new 6 km run opened in December 2023 at a cost the economy minister put at GEL 70 million. For 2026-27 the government announced snowmaking on 7.5 km of slopes, two new surface lifts and two new runs of 6 km in total, taking the resort to about 86 km, due in December 2026.
- Bakuriani. About 36 km of runs in 2024-25 across Kokhta, Mitarbi and Didveli, with 12 lifts according to the state operator; the Didveli and Mitarbi areas used artificial snow at the 2025-26 opening.
- Season. The state's tourism site gives Gudauri's season as late December to late April, peaking in January and February, and Bakuriani's as December to late March. The 2026-27 season opens at all four state resorts on 20 December 2026.
- Visitors. The latest per-resort counts, from lift use in 2017-18, were 345,997 in Gudauri and 132,704 in Bakuriani. The operator reported a 20% rise in visitors to winter resorts in 2024-25 without giving figures for each.
Getting there: the road and the railway
Gudauri lies on the Georgian Military Highway, about a two-hour drive from Tbilisi according to the official tourism site, below the Jvari Pass, which closes in heavy snow and avalanche danger. The Kvesheti-Kobi road, 23 km with five tunnels, the longest 9 km, and a budget of GEL 1.24 billion financed by the ADB and EBRD, is designed to stay open all year, divert heavy transit away from Gudauri and add a 5 km access road to the resort. Official dates differ: in September 2025 the infrastructure minister expected the section towards Gudauri to open in early 2026 and the whole road in early 2027, while in December 2025 a deputy minister told parliament that completion was planned for 2028.
Bakuriani is reached by road via Borjomi. The narrow-gauge railway from Borjomi, idle since 2020, is being rehabilitated, and the economy minister said in October 2026 that it should resume operations in December 2026.
To be added by the team: we are confirming whether the Kvesheti-Kobi section towards Gudauri has opened, and the official number of days the Jvari Pass is closed each winter.
Risks specific to each resort
- Gudauri: road closures. In February 2026 the roads department closed the Gudauri-Kobi section to all traffic for an indefinite period because of avalanche danger. A closed pass in peak season means cancelled bookings.
- Gudauri: unauthorised building. In September 2025 the mountain resorts business association said illegal construction was spreading in Gudauri, that two large projects had been suspended and that concrete had been poured on a ski run.
- Gudauri: safety in power cuts. In December 2024, 12 restaurant workers died of suspected carbon monoxide poisoning after a generator was run indoors during a power outage. Ask how a building is heated and powered when the grid fails.
- Bakuriani: falling short-stay income. Revenue per listing fell 19.6% in the year to July 2026, with occupancy below a quarter of the year.
- Both: utilities. In January 2020 the prime minister called water supply problems in both resorts systemic; we found no reputable report on the situation since.
- Both: competition. Most sales are small flats, so a studio competes with many similar ones.
Land, permits and ownership
Both resorts are recreational territories under government resolutions: Bakuriani since 2018 and the Gudauri and Khada gorge since a resolution of 20 December 2023. Construction permits in these areas are dealt with through the Ministry of Economy, which publishes the permit documentation for both. Plots around Bakuriani villages and on Gudauri's pastures may be registered as agricultural land, which a foreigner cannot buy; check the category on the registry extract before considering a house or plot. Our page on agricultural land and foreigners explains the rule.
Questions to ask before buying in either resort
- Is there a construction permit and a commissioning act? Ask for both documents and check that the number of floors and the footprint match what was built.
- How is the building heated, and what happens in a power cut? Ask whether there is a backup supply, where any generator stands and how it is ventilated.
- Who manages the building in winter? Snow clearing on the access road, roof maintenance and a staffed reception decide whether guests can arrive and stay.
- What does the management company charge? Get the fee, the share of rental income it takes and the minimum contract term in writing.
- How is water supplied? Ask whether the building is on the central network or relies on its own source or tanks.
- What is the land category? The registry extract should show non-agricultural land for a house or plot.
- How far is the nearest lift on foot in ski boots? Distance to the lifts matters more to guests than the view.
- How many similar flats are for sale or under construction nearby? Count the cranes and the listings; your flat will compete with them for guests and, later, for buyers.
Write the answers down and compare them across buildings. A developer that cannot show a permit or explain winter management is a reason to walk away, whatever the price per m².
What the numbers do not show
Short-stay averages include flats rented for a few weeks a year by owners who use them most of the season, so a professionally managed flat may earn more than the average and one let occasionally less. AirROI counts listings that are active on the platform, not every flat let privately or through hotels. The price data from 2024 does not show whether prices in either resort have moved with Tbilisi and Batumi since. Before relying on any figure here, ask a local agent for recent sales in the building you are considering and for the booking calendar of a comparable flat.
Which suits whom
| Plan | Better fit | Why |
|---|---|---|
| Maximum winter income | Gudauri | Higher nightly rates and winter occupancy |
| Lower entry price | Bakuriani | About $380 less per m² at the last count |
| Use in summer as well | Bakuriani | Forest, family visitors and an August peak |
| Easier resale | Bakuriani | More transactions and more resales |
| Serious skiing for own use | Gudauri | Higher altitude, longer season, more runs |
Risks and exceptions
- Old market data. The latest resort sales figures are from 2024.
- A short season. Most income comes in two or three months.
- Access. Pass closures in Gudauri; the Bakuriani railway is not yet running.
- Unauthorised building. Check the permit and the commissioning act.
- Agricultural land. Plots and houses may sit on land a foreigner cannot buy.
Frequently asked questions
Which resort earns more from short stays?
Gudauri: about $5,886 a year per listing against $2,226 in Bakuriani, in AirROI's data to July 2026.
Which is cheaper to buy?
Bakuriani, at about $1,035 per m² against $1,417 in Gudauri in the third quarter of 2024.
Is there newer price data?
We found no published resort sales or prices after 2024.
When does the ski season start?
On 20 December 2026 at all four state resorts.
Does the Bakuriani train run?
It is being rehabilitated and is due to resume in December 2026.
When will the new road to Gudauri open?
Official dates range from early 2026 for the Gudauri section to 2028 for the whole road.
Can a foreigner buy a house in Bakuriani?
Yes, if the land is not agricultural; check the category on the registry extract.
Which resort has a summer season?
Bakuriani, whose short-stay revenue peaks in August as well as in winter.
Sources
- Regional Residential Real Estate, 1Q24, Galt & Taggart (accessed 18 October 2026)
- Number of apartments sold in Bakuriani up 51.1% in 3Q, BM.ge (accessed 18 October 2026)
- Number of apartments sold in Gudauri down 34.7% in 3Q, BM.ge (accessed 18 October 2026)
- Gudauri short-term rental data, AirROI (accessed 18 October 2026)
- Bakuriani short-term rental data, AirROI (accessed 18 October 2026)
- Winter season opens in Gudauri, Georgia Today (accessed 18 October 2026)
- Georgia opens winter ski season: Bakuriani's Kokhta slopes to launch on December 20, Georgia Today (accessed 18 October 2026)
- Preparations for the ski season: what awaits visitors at winter resorts, BM.ge (accessed 18 October 2026)
- Kobakhidze: major projects planned in Gudauri, including snowmaking on ski runs, Frontnews (accessed 18 October 2026)
- Visitors to winter resorts up 20%, Commersant (accessed 18 October 2026)
- Georgia's winter resort season opens on 20 December, Sputnik Georgia (accessed 18 October 2026)
- About the Mountain Trails Agency, Mountain Trails Agency (accessed 18 October 2026)
- Winter resorts in Georgia, Georgian National Tourism Administration (accessed 18 October 2026)
- Visitors to mountain resorts exceeded 500,000, FactCheck.ge (accessed 18 October 2026)
- About the Kvesheti-Kobi road project, Kvesheti-Kobi Road (accessed 18 October 2026)
- Construction of Kvesheti-Kobi highway progressing, First Channel (accessed 18 October 2026)
- Georgia says new highway to open in 2028, Caliber.az (accessed 18 October 2026)
- Borjomi-Bakuriani railway to resume operations in December, Georgia Today (accessed 18 October 2026)
- Traffic restricted on Gudauri-Kobi section of Georgia's Military Highway, Georgia Today (accessed 18 October 2026)
- Suspected carbon monoxide poisoning kills 12 in Georgia, Al Jazeera (accessed 18 October 2026)
- In Gudauri, illegal construction is flourishing, Commersant (accessed 18 October 2026)
- PM: the problem of water supply should have been resolved in Bakuriani and Gudauri, Interpressnews (accessed 18 October 2026)
- Government Resolution No 496 of 20 December 2023 on recreational territories, Legislative Herald of Georgia (accessed 18 October 2026)
- Permit documentation for recreational areas, Ministry of Economy and Sustainable Development (accessed 18 October 2026)
Change log
- - Comparison published from Galt & Taggart resort data (1Q24, 3Q24), AirROI, official tourism and infrastructure sources and Government Resolution No 496 of 2023.