Rental yields in Georgia: the headline figures
A gross rental yield is a year's rent divided by the price of the property, before costs and tax. Galt & Taggart, an investment bank in the Lion Finance Group, publishes one figure for each of the two big markets, and the table below collects the latest values with their history.
| Period | Tbilisi | Batumi |
|---|---|---|
| 2024 | 8.8% (calculated the same way from the report's 2024 averages) | 8.8% |
| 2025 | 8.6% (December) | 7.4% |
| Latest | 8.6% (February 2026) | 7.1% (June 2026) |
For comparison, the same Tbilisi report shows a lari deposit rate of 10.7% and a dollar deposit rate of 2.6% in December 2025. A Tbilisi flat therefore earned less than a lari deposit and far more than a dollar one, before any change in the flat's value, and with very different risks: a deposit carries the bank and currency risk, a flat carries the tenant, the building and the market.
Tbilisi: yield by district
Galt & Taggart publishes average new-build prices and average rents for each district but not a yield per district. The last column below is our own calculation, twelve months of the district's rent divided by its average white-frame price, so it shows how rent and price compare rather than what any particular flat earns.
| District | New-build price, $ per m² | Rent, $ per m² a month | Gross yield | Sales in 2025 |
|---|---|---|---|---|
| Vashlijvari | 1,062 | 9.3 | 10.5% | 539 |
| Gldani | 1,038 | 8.4 | 9.7% | 4,117 |
| Didi Dighomi | 1,076 | 8.5 | 9.5% | 9,440 |
| Nadzaladevi | 1,189 | 9.4 | 9.5% | 3,145 |
| Samgori | 1,065 | 8.4 | 9.5% | 6,049 |
| Isani | 1,358 | 10.2 | 9.0% | 3,090 |
| Saburtalo | 1,613 | 11.3 | 8.4% | 7,186 |
| Krtsanisi | 1,575 | 10.5 | 8.0% | 2,792 |
| Didube | 1,352 | 8.5 | 7.5% | 2,895 |
| Vake | 2,781 | 14.2 | 6.1% | 1,327 |
| Chugureti | 1,973 | 9.9 | 6.0% | 1,155 |
| Mtatsminda | 3,294 | 12.0 | 4.4% | 653 |
The pattern is clear. Rents differ between districts much less than prices do: Vake's rent is about 1.7 times Gldani's, but its price per square metre is about 2.7 times higher. The cheaper outer districts therefore show the highest gross yields, and the central, prestigious ones the lowest. Two caveats apply. Vashlijvari's top figure rests on only 539 sales, and the report itself leaves Mtatsminda and Chugureti out of its price chart because their samples are small. And every price here is for white frame, so the cost of finishing comes on top and lowers the real yield.
Batumi: yield by zone
For Batumi, Galt & Taggart reports turnkey prices for every zone but long-term rents only for four of them. Where a rent exists, the yield below is again our calculation; where it does not, we leave the cell empty rather than guess.
| Zone | Turnkey price, $ per m² | Rent, $ per m² a month | Gross yield | Sales, 2Q26 |
|---|---|---|---|---|
| New Boulevard area | 1,800 | 12.3 | 8.2% | 1,664 |
| Inner areas | 1,672 | 10.6 | 7.6% | 422 |
| Peripheral zones | 1,744 | 10.6 | 7.3% | 360 |
| Old Batumi | 3,239 | 11.9 | 4.4% | 349 |
| Alley of Heroes | 2,166 | not reported | - | 979 |
| Makhinjauri | 1,983 | not reported | - | 311 |
| Gonio-Kvariati | 2,228 | not reported | - | 83 |
The New Boulevard area combines the largest number of sales with the best long-let yield in the table, while Old Batumi, the most expensive zone, shows the same low ratio as central Tbilisi. These long-let figures sit close to the city's 7.1%, which is measured from short stays, so on the averages a long let and a nightly let produce similar gross returns; the difference lies in the work and the risk.
Is the yield rising or falling?
In Tbilisi, it has been flat. Rent stayed within $9 to $10 per square metre a month through 2024 and 2025 and was $10.1 in February 2026, while new-build prices grew 4.0% in 2025, much less than in the boom years. With rent and price moving slowly together, the yield has held at about 8.6%, close to its long-term average of around 8%.
In Batumi, it has been falling. The average daily rate fell 4.2% in a year to $34.6 in the second quarter of 2026, while turnkey prices rose 9.8%. When income slips and prices climb, the yield drops, which is what the series 8.8%, 7.4%, 7.1% shows. Galt & Taggart names the declining yield as one of the reasons today's price growth may be hard to sustain.
How do these yields compare with other cities?
Galt & Taggart sets both cities against their neighbours, using Numbeo for long-term rents and Airdna for short stays. Tbilisi's 8.6% in December 2025 was more than double Tallinn's 3.6%, well above Sofia (4.5%), Baku (5.3%) and Yerevan (6.6%), and close to Ankara (8.9%) and Astana (9.0%). In June 2026, Batumi's 7.1% compared with 4.9% in Varna, 6.9% in Antalya and 7.0% in Limassol, and was below Dubai's 8.5%. The comparisons mix sources and methods, so read them as a ranking rather than as exact gaps: Georgian yields are high for the region, and Batumi's premium over other resorts has narrowed as its yield has fallen.
What the averages say about flat size
Every Tbilisi rent in this page is for a new flat of 50 to 60 square metres, because that is what Galt & Taggart tracks. A studio or a large family flat may rent for a different amount per square metre, so for those sizes the district figure is a starting point only. What the data do show is where demand is concentrated: in Tbilisi, flats of 51 to 80 square metres made up 53% of sales in 2025, while in Batumi, flats of 35 to 50 square metres made up 60% of sales in the first half of 2025. A flat in the size band most people buy is likely to find a buyer more easily when you resell.
How to read these numbers
- Gross, not net. No tax, vacancy, repairs, management or building charges have been taken off.
- Averages, not your flat. A district average mixes good and poor buildings, floors and views.
- White frame in Tbilisi. The price excludes finishing and furniture, which you pay before the first rent arrives.
- Different methods by city. Tbilisi's headline comes from long-term rent, Batumi's from nightly rates.
- Dollars. Prices and rents are quoted in dollars; an investor whose own currency moves against the dollar or the lari earns a different return at home.
From gross to net: one flat, step by step
Take a 55 m² new flat in Saburtalo at the district averages: $88,715 for white frame and $621 a month in rent, which is $7,458 a year and a gross yield of 8.4%. The deductions below use stated assumptions, not market data, so replace them with your own figures.
Allow for an empty month
Assumption: one month a year between tenants. Rent received falls to about $6,837.
Take off income tax
An individual renting out a home for living purposes pays 5% of the rent without deductions (Tax Code, Article 81(2)): about $342.
Take off running costs
Assumption: 10% of the rent received for repairs, letting and management: about $684.
Divide by what you paid
About $5,811 a year on $88,715 is a net yield of about 6.5%.
Add the finishing
If finishing and furniture add a fifth to the cost (an assumption), the net yield on the total falls to about 5.5%.
Property tax may add a little more. An individual is exempt when the family's income for the year before stayed at or below GEL 100,000; above that, the rate is 0.8% to 1% of market value each year (Tax Code, Articles 202 and 206, as amended on 30 September 2026). How "family income" is measured for a foreign owner is a question for an accountant.
Risks and exceptions
- Treating gross as net. In the example above, costs and tax take about two percentage points.
- Chasing the highest district figure. A small sample can flatter a district.
- Forgetting the finishing. In Tbilisi the yield is quoted on an unfinished flat.
- Assuming Batumi's yield will recover. The trend has been down since 2024.
Frequently asked questions
What is the average rental yield in Tbilisi?
8.6% gross in February 2026 for a 50-60 m² new flat, according to Galt & Taggart.
And in Batumi?
7.1% gross in June 2026, measured from short-stay daily rates, down from 8.8% in 2024.
Which Tbilisi district has the highest yield?
On our calculation from December 2025 averages, Vashlijvari at about 10.5%, followed by Gldani and a group of districts near 9.5%, but Vashlijvari's sample is small.
Why are yields lower in Vake and Old Batumi?
Prices there are far higher than elsewhere, while rents are only moderately higher, so a year's rent covers a smaller share of the price.
What is a realistic net yield?
In our Saburtalo example, about 6.5% after an empty month, tax and running costs, and about 5.5% once finishing is included.
How often are these figures updated?
Galt & Taggart publishes Tbilisi data monthly and Batumi data quarterly; we update this page when a new report changes the picture.
For everything that separates the two cities apart from the yield, see Tbilisi or Batumi; tax on rent is explained in money and taxes for a foreign buyer.
Sources
- Tbilisi Residential Real Estate, 2025 full-year overview (Figures 14, 17, 21 and 22), Galt & Taggart, 30 January 2026 (accessed 12 October 2026)
- G&T: Tbilisi residential market has a strong start, Georgia Today, 31 March 2026 (accessed 12 October 2026)
- Batumi Residential Real Estate, 2Q26 overview, Galt & Taggart, 14 August 2026 (accessed 12 October 2026)
- Sector snapshot: Batumi residential real estate, Investor.ge, 20 April 2026 (accessed 12 October 2026)
- Tax Code of Georgia (Articles 81, 202 and 206), Legislative Herald of Georgia (accessed 12 October 2026)
Change log
- - Data page published from Galt & Taggart's Tbilisi (December 2025, February 2026) and Batumi (2Q26) reports; district and zone yields calculated by us.