Methodology: how we compile our property data pages

What this page explains

Six pages in our data section follow one set of rules: the monthly price index, the rent index, the quarterly market report, the foreign buyer barometer, the supply tracker and the residency rules tracker. None of them measures the market itself. Each gathers figures that the statistics office, the central bank, analysts and the state have already published, plus a few news reports labelled as such, keeps them under their own names and explains why they differ.

This page sets out the shared rules. Each data page also has a short method note for details that apply only there; for that page, the more specific note wins.

The six files hold 2,566 rows, and every row names its source document and the day we opened it.

Which sources we accept, and why

A figure goes onto a data page only if we can open the document that holds it and find the number where the publisher printed it.

• Official statistics. Geostat for the price index of new dwellings, consumer prices, permits, completions and the economy; the National Bank of Georgia (NBG) for exchange rates, mortgage debt and loan rates. They come first because their methods are published and their files can be checked line by line.
• Laws and registries. The Legislative Herald of Georgia for the residence rules; the Public Registry and the Ministry of Justice for counts by citizenship, released so far only on request.
• Named analysts. Galt & Taggart (G&T) and TBC Capital reports, cited with title and release date, and Colliers Georgia statements on its own Recov data platform, which publishes its method and allows reuse with credit.
• Law firms and news outlets for a rule change announced before the official text, replaced by the primary text once it appears.
• Media reports of analysts' or officials' numbers, cited to the outlet, labelled "media" or "unchecked" on the page, chart descriptions included, and flagged in the data file, mostly as "UNCHECKED MEDIA FIGURE".

Never used: search-engine snippets, another agency's retelling of a figure, or sales figures from a developer's or agent's advertising. A dashboard we cannot reach supplies nothing; the NBG's price and rent dashboard did not load on 2 November 2026.

Seven distinctions behind every number

Two published figures that disagree are usually measuring different things. Before a number is shown, we place it on each line below, and the caption or row label says where it stands.

Every row also names a place and a period. We calculate a change only between figures that match on all of these; different measures appear side by side only with a warning. Where a publisher leaves its basis unstated, the page says "not stated" instead of guessing.

Vintages: first releases, restatements and editions

Publishers change their own past numbers when late registrations arrive, a survey sample grows or a method is rebuilt. We call each published version a vintage and handle vintages by four rules.

1. Keep every vintage. First releases and restatements sit in the data file as separate rows, each dated by its report, so nothing is overwritten.
2. One vintage per line or column, named in the caption. Where G&T restated its early-2024 Tbilisi developer prices, the page says which version is drawn.
3. No growth across a break. TBC Capital's November 2025 method change raised its price level by about 3.5%; G&T's 2025 Batumi foreign share ranged from 52% to 77% across editions. Each break starts a new set of figures.
4. Say when there is no revision, as with Geostat's price index, which it calls final, and say when we do not know, as with the NBG indices.

Editions. A publisher's edition keeps its own name, such as G&T's "2Q26" overview, plus its release date. Our quarterly report is named by its quarter, the first edition covering the third quarter of 2026; the trackers date their newest readings by the day of our check.

What "our calculation" means

Most numbers appear exactly as published. The rest are worked out by us and labelled "our calculation", "our arithmetic", "our sum" or "estimate", on the page and in the data file's measure column. The quarterly report's summary table adds a column naming who calculated each change.

• Sums of months into a quarter or year, such as third-quarter Tbilisi deals.
• Means of monthly values, such as a three-month asking price.
• Changes within one series and vintage: per cent for amounts, percentage points for rates and shares.
• Share x total estimates, such as Batumi flats bought by foreign citizens, from Colliers' share and total for the same month.
• Formula tests where a publisher prints a result without its formula, as with G&T's gross yield.

Rules. We start from the published rounded values and say so. Our changes have one decimal place, two for interest rates; text that rounds further says "about". Estimates are rounded to what the inputs can carry, 10 flats for a city month and 100 for survey totals, with the effect of rounding stated.

We refuse to calculate when the result would mean nothing:

• adding or averaging counts from publishers that filter sales differently, or blending series into one "index";
• turning monthly shares into a quarterly share without counts;
• multiplying a foreign share by market value to estimate spending, since foreigners buy different flats;
• rebuilding annual totals from growth rates that do not reconcile with them;
• carrying Tbilisi figures to Batumi, survey shares to the whole market, or residence to citizenship;
• reading foreign direct investment in real estate activities as a count of buyers.

How the charts are made

Charts are drawn from the same rows as the table beside them and the data file, not traced from a publisher's graphic; a value we had to read off a publisher's chart is marked in the file. The table always stays on the page.

• Axes. Bars start at zero. A line chart may start higher, and its caption then gives the starting value, such as USD 1,200 per m² on the price chart.
• Different measures look different: solid and dashed lines or separate bar colours, each labelled, with a warning that the gap between them is not a premium, a discount or a like-for-like difference.
• Light and dark. Colours follow the reader's display mode.
• Text inside. A title and description list the main values for screen readers and flag media figures.

The data files: format and how to cite them

Every data page except this one offers a CSV file with one row per value: one month of one series from one report is one line, with no merged cells or colour codes.

The residency file lists dated changes instead: date, area, change, rule before and after, source, link and access date. Future years in the supply file hold forecasts or survey shares by completion year, marked as such.

Citing. Name the original publisher and report from the source columns, since the figures are theirs, and credit avi.ge with a link to the data page and its "Last checked" date. Our terms allow short extracts with that credit, without changing their meaning; republishing a whole file needs our written permission, and Colliers' terms cover figures from Recov.

When the pages are updated

Each data page shows a planned next update. These are our plans, based on past release patterns: no publisher announces its dates, so a plan moves when a release is late, and a gap stays open rather than being filled with a guess.

A page can also change between plans when a publisher restates a figure or a reader reports an error; every change is dated in its change log.

Why there is no avi.ge index yet

An average of G&T, TBC Capital and Geostat would look tidy but would mix listings with deals, dollars with lari and new flats with old, and nobody could check what it measured. The price, rent, barometer and supply pages each list what a series of our own would need, and the lists overlap:

• Registry data: deal counts and, if the Public Registry supplies them on clear terms, prices, areas, dates and buyer citizenship, month by month. Without deals, any index of ours stays an asking-price index.
• Listing snapshots: every sale and long-let listing on myhome.ge and ss.ge at each month end, with written cleaning rules and an audit log, after checking each portal's terms of use.
• Permit and project records: municipal permit registers, and dated completion promises compared later with actual handovers.
• Panels reporting with consent: developers on contracts and unsold flats, letting agents on agreed rents, published as totals only.
• Our client records, kept with written consent and shown, if ever, as a survey of our clients, not of the market.

Until this material is in hand, the data pages show only figures traced to a named document.

Limits that apply to every data page

• Mostly asked, not paid. The price levels we show are asking prices or have an unstated basis; registered deals appear only as counts and total values. No source publishes signed lease rents or adjusts rents for the season.
• Tbilisi first. Batumi has quarterly and partial figures; other cities have almost nothing, and no source counts sales for all of Georgia.
• Unmeasured: construction starts, vacancy in new buildings, and how long a flat takes to sell or let.
• No official counts by citizenship since 2023.
• Translations lag. English texts of Georgian laws can trail the originals.
• An index does not value one flat; a certified valuer does.
• No forecasts or advice. A quoted forecast is named with its author and date; everything else is general information at a date.

Corrections and how to report an error

If a figure looks wrong, stale or mislabelled, use the report-an-error page, write to info@avi.ge or send a WhatsApp message, naming the page, the figure and the document you rely on with its date.

We open both documents. If our figure is wrong, we fix it and date the correction in the change log; if both are right but measure different things, the page can be extended to explain why. A publisher's own restatement is not our error: it becomes a new vintage beside the old one. Developers and agencies follow the same route, and payment cannot change the result, as the independence page explains. See also the editorial policy and the market analyst profile.

Sources

1. Residential Property Price Index: Technical Manual, Geostat, Resolution No 7 of 26 April 2021 (accessed 2 November 2026)
2. Information about permissions granted for construction and completed objects, Geostat (accessed 2 November 2026)
3. Recov methodology, Colliers Georgia (accessed 2 November 2026)
4. The National Bank of Georgia starts to publish residential real estate price and rent indices, National Bank of Georgia (accessed 2 November 2026)
5. Tbilisi Residential Real Estate - August 2026, Galt & Taggart, 23 October 2026 (accessed 2 November 2026)
6. Tbilisi Residential Market: Monthly Watch - September 2026, TBC Capital, 30 October 2026 (accessed 2 November 2026)

Change log

• 2 November 2026 - First edition published: the shared method behind the six data pages, covering sources, measures, vintages, our calculations, charts, data files, planned updates and corrections.