Tbilisi and Yerevan side by side
The two capitals are close in population, airport traffic and new housing completed. They differ in price momentum, in what is published about rents, and in winter weather. Yerevan prices are Armstat's market averages of all flats in apartment blocks; Tbilisi prices are Galt & Taggart's for new white-frame flats, so price rows are a broad guide only.
| Criterion | Tbilisi | Yerevan | Source |
|---|---|---|---|
| Population, 1 January 2026 | 1,369,400 | 1,147,600 | Geostat; Armstat |
| Centre, per m², August 2026 | Vake USD 3,306 | Kentron USD 2,760 | Galt & Taggart; Armstat |
| Most districts, per m² | USD 1,107-1,732 (9 zones) | USD 1,390-1,660 (9 districts) | Galt & Taggart; Armstat |
| Price change, year to August 2026 | +6.8% | +12.7% to +29.2% | Galt & Taggart; Armstat |
| Flat sales, August 2026 | 3,429 | 1,743 | Galt & Taggart; Armstat |
| Housing completed, 2025 | 1,768,848 m² | 1,702,677 m² | Geostat; Armstat |
| Gross yield, user-reported | 6.8-7.8% | 6.3-7.9% | Numbeo |
| Metro | 2 lines, 23 stations | 1 line, 10 stations | Wikipedia |
| Airport passengers, 2025 | 5.4 million | 5.6 million | OC Media; Alphanews |
| January mean | 2.7 °C | -3.5 °C | Wikipedia, 1991-2020 |
| Earthquake hazard | Medium | Medium | ThinkHazard |
Law, tax and residence in two lines: a foreigner can own a flat in either capital and pays no transfer tax in either, but Armenia taxes every flat a little each year and rent at 10%, while most Georgian owners pay no yearly tax and rent is taxed at 5%. Only Georgia gives a residence permit for buying a home; see Georgia or Armenia for property.
Which capital costs more per square metre?
Neither, clearly. Armstat's monthly table, built from Cadastre Committee data, gives a market average for each of Yerevan's 12 districts, for all flats in apartment blocks without splitting old from new, but no city-wide figure.
| District | AMD per m² | About USD per m² | Change since August 2025 |
|---|---|---|---|
| Kentron | 993,000 | 2,760 | +12.7% |
| Arabkir | 735,700 | 2,040 | +18.6% |
| Davtashen | 598,000 | 1,660 | +25.9% |
| Nork-Marash | 580,000 | 1,610 | +28.7% |
| Kanaker-Zeytun | 566,000 | 1,570 | +27.9% |
| Nor-Nork | 533,800 | 1,480 | +28.8% |
| Achapnyak | 518,800 | 1,440 | +24.3% |
| Erebuni | 517,300 | 1,440 | +29.0% |
| Shengavit | 505,000 | 1,400 | +29.2% |
| Malatia-Sebastia | 501,000 | 1,390 | +28.3% |
| Avan | 500,000 | 1,390 | +26.9% |
| Nubarashen | 286,000 | 790 | +20.7% |
Kentron's best zone averaged AMD 1,213,000 (about USD 3,370). Galt & Taggart's Tbilisi figures for the same month: USD 3,306 in Vake, USD 1,732 in Saburtalo, USD 1,140 in Gldani, and USD 1,432 for the city. So the top of each market sits around USD 2,700 to 3,400 and most districts between about USD 1,100 and 1,700. A precise gap would mislead: the Yerevan average is not limited to new flats, and white frame excludes finishing. Our Tbilisi price map covers all 12 Tbilisi zones.
How much floor space does USD 150,000 buy?
| Area | USD per m² | About m² |
|---|---|---|
| Tbilisi, Vake | 3,306 | 45 |
| Yerevan, Kentron | 2,760 | 54 |
| Yerevan, Arabkir | 2,040 | 74 |
| Tbilisi, city | 1,432 | 105 |
| Yerevan, Shengavit | 1,400 | 107 |
| Tbilisi, Gldani | 1,140 | 132 |
The lists interleave: a mid-ring Yerevan district buys about what the Tbilisi city figure buys. Add finishing to any Tbilisi white-frame flat before comparing. In Georgia, a home valued above USD 150,000 also opens the residence route.
Why is Yerevan rising faster this year?
Partly because 2025 was a pause: Kentron slipped from AMD 903,050 per m² in August 2024 to AMD 881,000 a year later, and no other district with a 2024 figure moved by 4% either way. Then came the jump. The centre rose least; Shengavit, Erebuni, Nor-Nork and Nork-Marash gained close to 29% each, narrowing the gap between centre and edge.
Tbilisi was steadier: new flats up 6.8% in dollars in the year to August 2026 (Galt & Taggart) and Geostat's index of new flats 5.6% higher in lari in the third quarter of 2026 than a year before. Our price index explains both series. Media in 2026 reported new demand in Yerevan from Russian citizens, but no official source ties the rise to it.
How have prices moved over five years?
In their own currencies, central Yerevan and the Tbilisi index moved almost identically; most of Yerevan rose faster:
| Series | 2021 | 2022 | 2026 | Change |
|---|---|---|---|---|
| Yerevan, Kentron | 635,300 | 745,100 | 993,000 | +56% |
| Yerevan, Davtashen | 327,100 | 391,200 | 598,000 | +83% |
| Tbilisi index | 104.91 | 116.32 | 163.13 | +55.5% |
Both stepped up in 2022, when many people arrived from Russia: Kentron by about 17%, the Tbilisi index by about 11%. Other Yerevan districts gained 58% to 76% over the five years.
In dollars the picture changes. The dram went from AMD 480.14 per dollar at the end of 2021 to AMD 360.07 on 3 November 2026. Taking that end-2021 rate as a proxy for August 2021, Kentron roughly doubled, from about USD 1,320 to USD 2,760 per m² (our approximation). Galt & Taggart's dollar price for Tbilisi rose 58.1% from January 2022 to July 2026. None of this predicts the next five years.
How many flats change hands, and who buys them?
Tbilisi trades two to three times as many flats: 3,429 registered sales in August 2026 (Galt & Taggart) against 1,743 in Yerevan (Armstat), and 42,388 against 15,214 over 2025 (Galt & Taggart; Armstat via Grant Thornton Armenia). The registries differ, so treat the ratio as approximate. Yerevan is catching up fast: its August count was 817 in 2024, 1,052 in 2025 and 1,743 in 2026, the highest August since at least 2020.
Foreign citizens bought 177 properties in Yerevan in August 2026, about 7.2% of the city's 2,466 purchase-and-sale deals (our calculation). Colliers put foreigners at 12% of Tbilisi flat sales in September 2026; see where expats live in Tbilisi. In both capitals most buyers are local.
What does a long let earn in each capital?
Armenia publishes no rent statistic; Armstat only counts registered leases, 21 for Yerevan flats in August 2026. For Tbilisi, Galt & Taggart put rent for new 50 to 60 m² flats at USD 10.4 per m² a month in August 2026, about USD 572 for 55 m² (our calculation), with a gross yield of 8.7%; our rent index follows it. Only Numbeo, from user reports, covers both cities the same way:
| Measure | Tbilisi | Yerevan |
|---|---|---|
| 1-bedroom, centre, a month | USD 694 | USD 1,088 |
| 1-bedroom, outside centre | USD 464 | USD 714 |
| Gross yield, centre / outside | 6.81% / 7.78% | 6.34% / 7.94% |
Yerevan rents look about half as high again, but so do its reported prices in the centre, so the yields are close. Galt & Taggart's 8.7% uses its own rents and white-frame prices and should not be set against Numbeo's Yerevan figure. Yerevan rents also swing: brokers told JAMnews they rose up to fourfold at the April-May 2022 peak and were 30% to 40% lower a year later, and in July 2026 NEWS.am quoted a specialist reporting a rise of about 30% in three months. No official series confirms either, so ask for signed leases before pricing a let.
How do nightly lets compare?
AirROI, a provider of Airbnb data, estimates both cities with one method; its figures are gross, before fees, management and tax.
- Yerevan (October 2025 to September 2026): 2,412 listings, up 27%; average nightly rate AMD 28,578, about USD 79; occupancy 43.3%; AMD 3,314,510 a year per listing, about USD 9,210 (our conversion).
- Tbilisi (read 20 October 2026): 6,080 listings; USD 57 a night; occupancy 42%; USD 6,180 a year.
Tbilisi has two and a half times the listings; Yerevan earns more a night at similar occupancy. We found no Tbilisi City Hall licence for nightly lets; whether Yerevan requires one is not confirmed, so ask an Armenian lawyer.
Where is more new housing being built?
In 2025 both completed about 1.7 to 1.8 million m² of housing, but in opposite directions. Yerevan's 1,702,677 m² (Armstat) was twice its 2024 figure and 75% of Armenia's total. Tbilisi's completions (Geostat) fell from 2,125,848 m² in 2023 to 1,768,848 m² in 2025, and the first half of 2026 was 10.6% below a year earlier.
In August 2026 alone, Yerevan registered 856 developer sales of new flats, led by Nor-Nork, and 1,121 off-plan contracts, mostly in Arabkir, Nor-Nork and Kentron. Galt & Taggart counted Tbilisi building permits for 1,734,000 m² in 2025; we found no Yerevan permit statistic. Armstat gives developer prices only as a range per zone, AMD 582,343 to 2,255,639 per m² in Kentron zone 1, so there is no new-build average to test a price list against. For old versus new stock in Tbilisi, see Soviet block or new building.
What is everyday life like: size, transport and costs?
Each capital holds over a third of its country: Tbilisi 1,369,400 people on 1 January 2026 (Geostat), Yerevan 1,147,600 (Armstat, preliminary). Yerevan's metro, opened in 1981, is one line of 10 stations and 13.4 km, and its Achapnyak extension has been postponed several times; Tbilisi's has 2 lines, 23 stations and about 27 km (see flats near the Tbilisi metro).
The airports match: Zvartnots handled a record 5,615,789 passengers in 2025 (Alphanews, citing Armenia's Civil Aviation Committee), and Tbilisi airport about 5.4 million (OC Media). Numbeo users put a single person's monthly costs without rent at about USD 773 in Yerevan and USD 664 in Tbilisi, some 16% more (our calculation). Consumer prices rose 4.4% in Armenia in the year to August 2026 (Armstat) and 5.6% in Georgia in the year to September 2026 (Geostat).
How cold are the winters and how hot the summers?
Yerevan's are harsher at both ends. On 1991-2020 averages in Wikipedia's climate tables, its January mean is -3.5 °C against 2.7 °C in Tbilisi, and July highs average 34.5 °C against 31.5 °C. It is drier, with about 320 to 360 mm of rain against 511.5 mm, and sunnier, about 2,675 hours against 2,046. It also sits higher, at 865 to 1,390 m against 380 to 770 m. In Yerevan, check heating, insulation and summer shade before buying. Our Tbilisi property guide covers air, noise and other living factors.
Are both capitals in earthquake country?
Yes. The World Bank's ThinkHazard screening tool rates both as "Medium": roughly a 10% chance of damaging shaking within 50 years. The Spitak earthquake of 7 December 1988, magnitude 6.8, struck northern Armenia around Spitak, Gyumri and Vanadzor, and at least 25,000 people died. In 2021 EVN Report wrote that Armenia's binding seismic codes date from 1994, were updated in December 2020, and that about 70% of the country's buildings date from the Soviet period and are vulnerable to varying degrees. Yerevan's zone in the current code is not confirmed in our sources; a structural engineer should check the design documents.
Tbilisi had an earthquake of about magnitude 4.5, centred in the city, on 25 April 2002. Georgia's code and the checks to make are on our page on earthquake safety in Tbilisi.
Which capital suits which plan?
We name no winner; the weighting is yours.
| Plan | Tbilisi | Yerevan |
|---|---|---|
| Price momentum | Steady single digits | +13% to +29% after a flat 2025 |
| Long let | Analyst rents by district | No official rents |
| Nightly lets | Larger market | Higher nightly rate; licensing unconfirmed |
| Resale depth | About twice the sales | Fast-rising turnover |
| Living there | Milder winters, residence through property | Sunnier, no residence through property |
| Buying new | Published averages | Price ranges only |
Risks and exceptions
- Treating a one-year jump as a trend. Yerevan's 13% to 29% followed a year of flat or slightly falling prices.
- Mixing measures. Armstat's averages cover all flats in apartment blocks; Galt & Taggart's Tbilisi prices cover new white-frame flats only.
- Setting a Numbeo yield against an analyst yield. On Numbeo's own data the two capitals are close.
- Forgetting the dram. A stronger dram has already lifted Yerevan prices in dollars; it can also move the other way.
- Assuming seismic safety from the age of a building. Ask for design and inspection documents in either city.
Frequently asked questions
Is Yerevan more expensive than Tbilisi?
In the centre the two are similar: Kentron averaged about USD 2,760 per m² and Vake USD 3,306 in August 2026. In most other districts both sit between about USD 1,100 and 1,700, on different measures.
Where are prices rising faster?
In Yerevan: 12.7% to 29.2% by district in the year to August 2026, against 6.8% for new flats in Tbilisi. Over five years, in local currency, Kentron and the Tbilisi index both rose about 55%, other Yerevan districts 58% to 83%.
Which capital gives a better rental yield?
On Numbeo's user-reported data they are close, 6.3% to 7.9% in Yerevan and 6.8% to 7.8% in Tbilisi. Galt & Taggart's 8.7% for Tbilisi is a different measure, and no official Yerevan rent series exists.
Does buying a flat in Yerevan give residence?
No. Georgia gives a residence permit for property valued above USD 150,000; Armenia has no property route. Our Georgia or Armenia comparison has the detail.
To weigh Tbilisi's districts against each other, see Tbilisi neighbourhoods compared; for a resort comparison, see Batumi or Antalya.
Sources
- Socio-economic situation of Armenia, January-August, chapter 5.4 real estate market: 2026, 2025, 2024, 2022 and 2021, Armstat, from Cadastre Committee data (accessed 3 November 2026)
- Socio-economic situation of Armenia: housing construction, January-December 2025, construction, January-August 2026, population, January-December 2025 and prices, January-August 2026, Armstat (accessed 3 November 2026)
- Analysis of Armenian Real Estate Market 2026, Grant Thornton Armenia (accessed 3 November 2026)
- Tbilisi Residential Real Estate - August 2026 Update (23 October 2026) and 2025 Full Year Overview (30 January 2026), Galt & Taggart (accessed 3 November 2026)
- Geostat: residential property price index and prices by Tbilisi district (release of 23 October 2026), completed construction and population as of 1 January 2026 (accessed 3 November 2026)
- Recov item 541, Colliers Georgia, October 2026 (accessed 2 November 2026)
- Numbeo, user-reported: cost of living in Yerevan and Tbilisi; property investment in Yerevan and Tbilisi (accessed 3 November 2026)
- AirROI: Yerevan, updated 1 October 2026 (accessed 3 November 2026), and Tbilisi (accessed 20 October 2026)
- ThinkHazard, World Bank GFDRR: earthquake hazard for Yerevan and Tbilisi (accessed 3 November 2026)
- Fixing the Cracks: Building in an Earthquake Zone, EVN Report, 12 April 2021, and the Spitak earthquake of 1988, USGS, archived page (accessed 3 November 2026)
- Zvartnots Airport sets passenger traffic record in 2025, Alphanews, 22 January 2026 (accessed 3 November 2026), and Tbilisi airport expansion, OC Media (accessed 19 October 2026)
- Yerevan's construction boom continues as housing prices remain out of reach, JAMnews, 24 July 2023; Russians have begun searching en masse for housing in Armenia, NEWS.am, 28 July 2026; Rent spikes in Georgia and Armenia, Euronews, 13 October 2026 (accessed 3 November 2026)
- Wikipedia: Yerevan Metro, Tbilisi Metro, and the 1991-2020 climate tables for Yerevan and Tbilisi (accessed 3 November 2026)
- Exchange rates of 3 November 2026: Central Bank of Armenia, with the rate of 30 December 2021, and National Bank of Georgia (accessed 3 November 2026)
Change log
- - Comparison published from Armstat, Geostat, Galt & Taggart, Numbeo, AirROI and city data for Tbilisi and Yerevan.