Who this is
The market analyst is the member of the AVI Estates team responsible for the numbers that describe the property market: prices per square metre, rents, sales counts, yields, the share of foreign buyers, flats under construction, exchange rates and mortgage rates. This is a role profile: the person has not been named yet, so the page describes the job, the sources and the checks, not a biography. On appointment, the analyst's name goes into this profile and the bylines listed below, with a date.
To be added by the team: the analyst's full name and photo, education and qualifications in economics, statistics or real estate, any professional memberships, the number of years spent working with Georgian market data, previous employers or published work the owner wants linked, and the working languages.
What the role covers, and what it does not
The analyst owns the market layer of the site: choosing which published series a page quotes, entering each figure in the facts register with its source, method and date, explaining why two series disagree, and keeping the data tables current. The analyst also sets the default inputs of the calculators, such as the exchange rate and mortgage rates.
Three things sit outside the role:
- Valuation. The analyst is not a certified valuer and signs no valuation reports. A value for a bank loan or a residence permit comes from a valuer working under the rules for that purpose; see the accredited valuation for a residence permit, property valuation and market value. A district average is never the value of a particular flat.
- Forecasts dressed as facts. A bank's forecast, such as Galt & Taggart's expectation of single-digit price growth in Tbilisi in 2026, is quoted with its author and date and called a forecast. The analyst publishes no price predictions, and no page turns past growth into an expected return.
- Law and tax. These belong to the partner lawyer and the partner accountant. The analyst shows what a flat rents for; the accountant decides the tax on that rent.
Pages the analyst will maintain
The pages below carry the founder's byline today; none was written by the analyst. Once appointed, the analyst takes over the figures below, and a byline changes only after a full check of that page, dated in its change log.
Glossary entries on market measures, such as gross yield, join the list once confirmed. The residency rules tracker, today the only page in the data section, follows the law rather than the market and stays outside it.
Where our market numbers come from, and what each cannot tell you
The editorial policy sets the order of sources. These are the market series the site quotes now, each with its most important limit:
| Source | What it measures | Main limit |
|---|---|---|
| Colliers Georgia | Registered flat sales in Tbilisi and Batumi, their value, prices and the foreign share, monthly | Counts differ from other analysts using the same registry: 42,267 Tbilisi sales in 2025 against Galt & Taggart's 42,388 |
| Galt & Taggart | Sales, new and resale prices, rents, gross yields; Tbilisi new builds in white frame, Batumi finished | Does not say whether prices are deals or price lists; Batumi buyers by citizenship come from a developer survey covering about 40% of the primary market |
| TBC Capital | Prices, sales of new and older flats, yields | Asking prices, not deals (its rents come from myhome.ge listings); the method behind its 8.3% yield for August 2026 is unpublished |
| Geostat price index | Quarterly price change of new dwellings, in lari, 2020 as base year | Only new dwellings in Tbilisi, from offer prices, with no sales counts |
| National Bank of Georgia | Official exchange rate, mortgage rates, a monthly ratio of asking rent to asking price | The rent ratio covers only Saburtalo and Varketili, from August 2024 |
| Ministry of Justice | Flats bought by foreigners, by citizenship: 14,875 in 2022 | No counts by citizenship published after 2023 |
A press report points to a source but does not replace it. A figure that reached us only through a news site is cited to that site, so readers can see it is second-hand.
Four questions that change a number
Two figures for "the price of a flat in Tbilisi" can both be correct and far apart. Before quoting one, the analyst answers four questions, and the page states the answers beside the number.
- Asking or registered? A listing shows what a seller hopes for; a registered deal shows what a buyer paid. Geostat and TBC Capital start from listings, Colliers from registered deals. The two never share a calculation.
- Median or average? Geostat publishes medians: a median asking price of GEL 3,752 per m² for new white-frame flats in Tbilisi in the third quarter of 2026. The analysts publish averages, which a few expensive towers can pull upwards. One source's median is not set against another's average.
- Dollars or lari? The exchange rate alone moves a price. A flat at USD 100,000 was GEL 269,510 at the official rate of 2.6951 on 31 December 2025, and GEL 259,820 at 2.5982 on 17 October 2026: about 3.6% less in lari, unchanged in dollars (our calculation). Geostat's lari figures therefore stay in lari on our pages.
- Which city, flats and period? A Tbilisi figure for new 50 to 60 m² flats says nothing about a Soviet-era flat or a finished unit on the Batumi seafront. Each figure is labelled by period, and the condition of the flat is named, since white-frame and finished prices describe different products.
How a figure is checked before it is published
Read the original
The analyst finds the figure in the report, table or database itself, in the row where it appears, before entering it anywhere.
Write down the definition
The facts register records the unit, currency, flats covered, asked or paid, and period. A number without a findable definition is flagged on the page or left out.
Redo our own arithmetic
Totals, percentage changes and worked examples we derive are recomputed from the source and marked "our calculation", so the source's number stays distinct from ours.
Hold it against a second series
Where two sources measure something similar, both are read and the gap is explained, not hidden by picking the kinder figure. Colliers and Galt & Taggart counted 17,052 and 17,478 Batumi sales for 2025; a page quoting either names whose count it is.
Leave a source's inconsistencies visible
Figures that do not add up are reported as published, with a note. Galt & Taggart's annual Tbilisi key figures for 2022 to 2024 do not reconcile with the growth rates its reports state, so the register marks them and no page recomputes one from the other.
Date it, then log any change
Each figure carries the date it was checked, and a replaced number is noted, with its date, in the page's change log.
How often the data is updated
Two rules from the editorial policy apply to every market page: the byline shows when the page was last checked, and changes and corrections are dated in the change log at the end of the page. Prices, rents and yields are labelled as estimates at a date. Within those rules, the sources set the pace: Colliers publishes its foreign-buyer share month by month, Geostat's index quarterly, and Galt & Taggart on its own timetable, with its Batumi report for the third quarter of 2025 out only on 17 November 2025.
To be added by the team: the update schedule the owner commits to for each data page (for example monthly for rents and quarterly for the market reviews), and who carries out the checks while the analyst role is vacant.
Data pages we plan to build
These pages are planned, with no dates set. Each goes live only once its method is written down and every figure traced to a named source.
- Price index: the published price series for Tbilisi and Batumi in one place, each on its own basis, never blended.
- Rent index: asking rents by district and flat size, with source and month for every row.
- Quarterly report: each quarter for the main markets, on the pattern of the Batumi market review.
- Foreign buyer barometer: the foreign share of sales by city and month, beside the survey data on citizenship.
- Supply tracker: flats under construction, permits and unsold stock.
- New projects calendar: announced completion dates against actual commissioning dates, where a record exists.
- Methodology: how each series is chosen, recorded, converted and refreshed.
Open questions on the analyst's list
Some gaps cannot yet be closed from published data. Each is stated on the page it affects and is among the analyst's first tasks:
- Whether Galt & Taggart's prices per m² come from registered deals or from developers' price lists: we have not found a method statement that says which.
- How long a flat takes to sell. No source publishes a days-on-market figure for any Georgian city.
- How long a flat let on a long lease stands empty. There is no official vacancy rate, and no Georgian body defines net yield, return on investment or payback period.
- Who is buying, by citizenship, after official counts stopped in 2023. Since then the overall foreign share comes from Colliers, and the split by citizenship only from Galt & Taggart's developer surveys, which cover part of the market.
- How TBC Capital arrives at its 8.3% gross yield for August 2026, since the method has not been published.
- How much of the USD 254.7 million that Geostat recorded as foreign direct investment in real estate activities in 2025 relates to private flat purchases. It measures investment in enterprises, not households buying homes, so we never use it to count foreign buyers.
How to challenge a number
If a figure on avi.ge looks wrong, out of date or quoted out of context, use the report-an-error page. A useful report gives the page address, the figure as we print it, and the source you rely on, with its date and, if possible, the table or page where the figure appears. The figure is then checked against your source and against the one we cited. If ours is wrong, it is corrected and the correction is dated. If the two sources simply measure different things, the page can be extended to explain the difference, because the next reader will probably find the same gap. A developer or another agency that disputes a figure follows the same route, and payment cannot change the outcome, as our independence page explains.
How to judge market statistics from any agency or developer in Georgia
Georgia has no licensing system for property brokers, so no regulator checks the numbers in a sales brochure. Before relying on a market figure from a developer, an agency or this site, ask:
- Is a source named, with the title and date of the report, or only "according to analysts"?
- Is the price an asking price or a registered one, a median or an average, in dollars or in lari?
- Does the figure describe the whole city, one district or a single project?
- Is a yield gross or net, and does it come from a long-let rent or from nightly rates before platform fees, cleaning and empty nights?
- Is a growth rate history or a forecast, and over which years?
- Does the seller of the flats also produce the statistic? A developer's survey of its own sales is a claim to be checked, not market data.
- Is the growth measured in dollars while your savings, income or loan are in another currency?
A figure that passes these questions can be compared with others; one that fails most of them is advertising.
Contact
Questions about a market figure, a data page or a source we cite go to AVI Estates on WhatsApp or by email to info@avi.ge. Put "market data" and the page address in the first line, so that the question reaches whoever maintains that figure. The people who sign the other pages of the site are listed on the team page.
Change log
- - Profile page created with role description, sources and checking method; name, qualifications and photo to be added by the owner.