Methodology
This first edition of our quarterly report covers the third quarter of 2026, July to September, against the same quarter of 2025. It repeats only what Galt & Taggart (G&T), TBC Capital, Geostat and the National Bank of Georgia (NBG) published, plus Colliers Georgia figures: its foreign-buyer shares from its own Recov data platform, the rest as reported by news sites. Sums, averages and changes we worked out are marked as ours. Full monthly series are in the monthly price index and the rent index.
| Indicator | Source | What "the quarter" means here |
|---|---|---|
| Sales, Tbilisi | TBC Capital; G&T | Our sum of three monthly registry counts |
| Sales, Batumi | Colliers via media | Our sum of three monthly media figures |
| Prices | Geostat; G&T; TBC Capital | Geostat's quarterly index; single G&T months; our mean of three TBC months |
| Rents | G&T; TBC Capital; Geostat | Single months |
| Construction | Geostat; TBC Capital | Geostat's quarterly tables; for TBC, January-September minus January-June, our arithmetic |
| Lending | NBG data files | Debt on 30 September; monthly rates; new loans summed |
| Foreign buyers | Colliers (Recov); G&T survey | Monthly shares only |
Gaps and limits. On 2 November 2026, when we checked every source, G&T's September and Batumi reports and Geostat's preliminary GDP were not out; going by last year, G&T's should follow in November and Geostat's in December (see not yet published). No source counts sales for all of Georgia. Publishers filter sales differently, so their totals must not be added. Most prices are asking prices, and G&T and TBC work in dollars while Geostat and NBG use lari.
The quarter in numbers
The last column shows who worked out each change.
| Indicator | Q3 2026 | Q3 2025 | Change | Change calculated by |
|---|---|---|---|---|
| Registered transactions, Tbilisi (TBC Capital) | 12,071 | 10,310 | +17.1% | AVI Estates |
| Value of those transactions (TBC Capital) | USD 1,085 million | USD 858 million | +26.5% | AVI Estates |
| Price index, new dwellings, Tbilisi (Geostat, 2020 = 100) | 166.2 | 157.0 | +5.9% | Geostat |
| Asking price, all flats, Tbilisi, three-month mean (TBC Capital) | USD 1,365 per m² | USD 1,326 per m² | +2.9% | AVI Estates |
| Household mortgages owed, 30 September (NBG) | GEL 14,847 million | GEL 12,892 million | +15.2% | AVI Estates |
| Of which in foreign currency | 28.3% | 31.7% | -3.4 points | AVI Estates |
| Rate on new lari mortgages, September (NBG) | 11.10% | 12.95% | -1.85 points | AVI Estates |
| Rate on new foreign-currency mortgages, September (NBG) | 7.66% | 8.06% | -0.40 points | AVI Estates |
| New household loans secured by real estate (NBG) | GEL 3,558 million | GEL 2,447 million | +45.4% | AVI Estates |
| Annual inflation, September (Geostat) | 5.6% | 4.8% | +0.8 points | AVI Estates |
| Lari per US dollar, 30 September (NBG) | 2.6051 | 2.7088 | Lari 4.0% stronger | AVI Estates |
| Policy rate, 30 September (NBG) | 8.25% | 8.00% | +0.25 points | AVI Estates |
Tbilisi deals rose by about a sixth and their dollar value by about a quarter, faster than any price measure. Mortgage debt grew 15.2%, more of it in lari, and new loans were cheaper than a year earlier although the policy rate was higher.
Sales: a full quarter for Tbilisi, a partial one for Batumi
Tbilisi. TBC Capital is the only checked source with all three months: 12,071 registered deals by its first releases, against 10,310 a year earlier. Its January-September total was 34,434 (+18%).
| Period | Transactions | New flats | Old flats | Value, USD million |
|---|---|---|---|---|
| July 2026 | 4,409 | 715 | 3,694 | 395 |
| August 2026 | 3,408 | 621 | 2,787 | 303 |
| September 2026 | 4,254 | 758 | 3,496 | 387 |
| Q3 2026, our sum | 12,071 | 2,094 | 9,977 | 1,085 |
| Q3 2025, our sum | 10,310 | - | - | 858 |
TBC calls a flat "new" if it is sold within three years of its building permit, which is not the same as a developer sale. New flats were 17.3% of the quarter's deals by our count and fewer than a year earlier in July and September, so the growth came from older flats. G&T, whose September report is not out, counted 7,904 flats in July and August, 20.2% more than its restated count for the same months of 2025 (our arithmetic). Developer sales reach the registry late, so G&T also surveys 100+ projects on signed contracts: 1,267 flats in July (+23%, as revised in its August report) and 1,068 in August (+30.9%).
For July, G&T, TBC and Colliers counted 4,475, 4,409 and 4,486, so compare within one publisher only. On TBC's figures this was the second busiest of the last five quarters.
| Quarter | Transactions |
|---|---|
| Q3 2025 | 10,310 |
| Q4 2025 | 12,141 |
| Q1 2026 | 10,723 |
| Q2 2026 | 11,640 |
| Q3 2026 | 12,071 |
Batumi. So far only Colliers' monthly figures are available, via the media: 4,227 deals worth USD 280 million by our sum, with fewer deals than a year earlier in each month. For September, Colliers points to a high base, when several large projects registered many flats at once in September 2025. G&T's checked count is still due. Details are in our Batumi market review. No publisher counts sales for Georgia as a whole.
Prices: three measures, read side by side
Geostat. The only official quarterly price figure is Geostat's index of new dwellings in Tbilisi, built from asking prices on myhome.ge and ss.ge in lari, with a model that removes the effect of a changing mix of flats on offer. It is never revised. It rose 1.5% on the second quarter and 5.9% on a year earlier.
| Type | Q3 2026 | Q3 2025 | On the second quarter | On a year earlier |
|---|---|---|---|---|
| All new dwellings | 166.2 | 157.0 | +1.5% | +5.9% |
| Flats | 163.1 | 154.5 | +1.2% | +5.6% |
| Detached houses | 172.7 | 161.4 | +2.7% | +7.0% |
G&T and TBC. G&T's developer price for white frame flats was USD 1,432 per m² in August, 6.8% up on the year by its own figure. With September missing, we do not turn its months into a quarter. TBC's asking price for all flats averaged USD 1,365 per m², 2.9% above the same months of 2025 on its restated series (our arithmetic).
| Series | Jul 2026 | Aug 2026 | Sep 2026 | Jul 2025 | Aug 2025 | Sep 2025 |
|---|---|---|---|---|---|---|
| G&T developer price, white frame | 1,426 | 1,432 | - | 1,340 | 1,341 | 1,345 |
| G&T resale, buildings permitted from 2013 | 1,372 | 1,399 | - | 1,263 | 1,299 | 1,310 |
| TBC asking price, all flats | 1,359 | 1,363 | 1,373 | 1,322 | 1,328 | 1,329 |
TBC covers every listed flat, G&T splits developer sales from resales, and Geostat follows a typical new dwelling in lari. On quarterly averages the lari was about 3.3% stronger against the dollar than a year earlier (our arithmetic from NBG rates), so a rise in lari is larger in dollars. The monthly price index explains each series.
Colliers, unchecked. Media reports of Colliers' September figures put Tbilisi developer prices 11.9% up on the year, with Colliers linking the largest rise to a few expensive projects near the centre, and newer Batumi flats at USD 1,408 per m², a different basis from G&T's turnkey USD 1,960 for June 2026.
Rents
Rent measures moved at very different speeds. G&T's dollar rent for new 50-60 m² flats rose to USD 10.4 per m² a month in August; TBC's asking rent for all flats held at USD 10.3, about 1% up on the year. The apartment rent item in Geostat's national consumer price index, in lari, was 10.9% higher in September than a year before. The three cannot be combined. Stated gross yields were 8.7% (G&T, August) and 8.2% (TBC, September). Monthly series and district rents are in the rent index.
| Series | July | August | September |
|---|---|---|---|
| G&T, new 50-60 m² flats, USD, 2026 | 10.1 | 10.4 | - |
| G&T, new 50-60 m² flats, USD, 2025 | 9.5 | 9.6 | 9.7 |
| TBC, all flats, USD, 2026 | 10.3 | 10.3 | 10.3 |
| TBC, all flats, USD, 2025 | 10.3 | 10.2 | 10.2 |
| Geostat CPI rent, lari, change on a year, 2026 | +8.2% | +8.4% | +10.9% |
| Geostat CPI rent, lari, change on a year, 2025 | +0.6% | +1.8% | +1.2% |
Supply: permits and completed buildings
Geostat. Geostat's permit and completion counts cover every building type in Georgia, from housing to hotels, shops and farm buildings, so they do not measure new homes. Its releases give totals from January, and its quarterly tables give the third quarter on its own; the third-quarter figures below come from those tables. Tbilisi had 48.1% of this year's permits and Adjara 7.8%.
| Measure | January-September 2026 | On a year earlier | January-June 2026 | Third quarter 2026 |
|---|---|---|---|---|
| Construction permits granted | 8,632 | +0.4% | 5,391 | 3,241 |
| Building area of those permits, thousand m² | 8,654.8 | +2.0% | 5,275.7 | 3,379.1 |
| Buildings completed | 2,307 | -5.9% | 1,459 | 848 |
| Completed area, thousand m² | 2,543.6 | +2.8% | 1,546.2 | 997.5 |
Tbilisi housing, TBC Capital. TBC counts the residential area in permits for large apartment and mixed-use buildings: about 854 thousand m² from January to September 2026, down 10%, enough for an estimated 13,135 flats. TBC revises past months in each report; its 2025 total went from 1,247 thousand m² (June 2026 report) to 1,190 (September). The quarterly line is therefore only a pointer, and a TBC permit figure should always carry its report month.
| Period and report | 2026 | 2025 |
|---|---|---|
| January-June, June 2026 report | 594 | 651 |
| January-September, September 2026 report | 854 | 947 |
| Third quarter, our difference of the two | 260 | 296 |
Mortgages and lending
NBG's files, updated on 26 October 2026, cover all resident banks. Its mortgages are loans to buy, build or renovate property. Foreign-currency loans are shown in lari at each month-end rate, so a stronger lari makes them look smaller.
Debt outstanding. On 30 September 2026 households owed GEL 14,847 million in mortgages, 4.5% more than at the end of June and 15.2% more than a year before (our arithmetic). Lari mortgages grew 20.9% in the year, foreign-currency ones 2.7% in lari terms.
| End of | In lari | In foreign currency | Total | Foreign-currency share |
|---|---|---|---|---|
| Sep 2025 | 8,801 | 4,091 | 12,892 | 31.7% |
| Dec 2025 | 9,279 | 4,127 | 13,406 | 30.8% |
| Mar 2026 | 9,585 | 4,122 | 13,707 | 30.1% |
| Jun 2026 | 10,056 | 4,149 | 14,205 | 29.2% |
| Sep 2026 | 10,644 | 4,204 | 14,847 | 28.3% |
Rates on new mortgages. The average rate on new lari mortgages eased from 11.74% in June to 11.10% in September, and in foreign currency from 7.81% to 7.66%. These are nominal contract rates without fees; NBG publishes no quarterly mortgage rate. Bank offers are compared in mortgage rates in Georgia.
| Month | Lari, 2026 | Foreign currency, 2026 | Lari, 2025 | Foreign currency, 2025 |
|---|---|---|---|---|
| July | 11.57% | 7.75% | 13.13% | 8.04% |
| August | 11.41% | 7.73% | 13.11% | 8.12% |
| September | 11.10% | 7.66% | 12.95% | 8.06% |
New lending against property. NBG's files give no amount for new mortgages. The nearest figure, new household loans secured by real estate, also includes consumer loans with a property pledge: GEL 3,557.5 million in the quarter, 45.4% more than a year earlier. Counts of new mortgages are shown only in NBG's dashboards; media quoting them reported 34,482 from January to July 2026, which we could not check.
| Quarter | Total | Lari share | Rate, lari | Rate, foreign currency |
|---|---|---|---|---|
| Q3 2025 | 2,447.1 | 70.9% | 13.89% | 8.73% |
| Q2 2026 | 3,399.7 | 67.0% | 12.84% | 8.29% |
| Q3 2026 | 3,557.5 | 73.6% | 12.21% | 7.91% |
Policy and rules. The policy rate was 8.25% throughout the quarter and was held on 21 October 2026. From 1 July 2026 loans up to GEL 1,000,000 must be in lari, with non-citizens exempt; see getting a mortgage in Georgia as a foreigner.
Foreign buyers
No official count of buyers by citizenship has appeared since 2023, and TBC, Geostat and NBG publish none. The shares below are Colliers Georgia figures for all registered flat sales, as published on Colliers' own Recov data platform.
| Month | Tbilisi | Batumi |
|---|---|---|
| July 2026 | 12% | 48% |
| August 2026 | 14% | 52% |
| September 2026 | 12% | 48% |
About half the flats sold in Batumi went to foreign citizens, and in August more than to Georgians. Colliers gives no counts, so a share for the whole quarter cannot be worked out. G&T's survey of Tbilisi developers is narrower: from January to August 2026, 74% of buyers in surveyed projects were Georgian, 11% Israeli and 5% Russian. See our foreign buyer statistics.
The economy around the market
Geostat's rapid estimate, revised as tax data arrive, puts real growth at 6.8% for the quarter (8.0% in July, 6.3% in August, 6.0% in September), with construction among the larger contributors in September. Annual inflation was 5.5% in July and 5.6% in August and September, against 4.3% to 4.8% a year earlier and NBG's 3% target.
The lari. The official rate was GEL 2.6051 per US dollar on 30 September 2026, against 2.6453 at the end of June and 2.7088 a year earlier. The quarterly average was 2.6212, against 2.7074 (our means of NBG monthly averages); on 31 October the rate was 2.5992. See the lari exchange rate history.
Visitors. Geostat counted 3.1 million arrivals of international non-resident travellers (+3.6%) and 2.1 million overnight tourist visits (+4.7%); more in tourism and rental demand.
Not yet published for the quarter
Status on 2 November 2026. No dates are announced; our estimates follow last year's releases.
| Item | Expected |
|---|---|
| G&T, Tbilisi, September 2026: sales, prices, permits, survey | November 2026 (10 November last year) |
| G&T, Batumi, third quarter: sales, turnkey price, buyer mix | Mid to late November 2026 (17 November last year) |
| Geostat, preliminary GDP for the quarter | Mid to late December 2026 (19 December last year) |
| NBG, number of new mortgages | Dashboard only, no file |
| Colliers Georgia reports | Unknown; full reports only on request, monthly notes on its Recov platform |
We plan to add G&T's September and Batumi figures to this edition when they appear, and to publish the fourth-quarter edition in early February 2027, after Geostat's fourth-quarter price index.
What the quarter means for a foreign buyer
These are readings of the published figures, not forecasts.
- Ask about contracts. Registrations trail signed contracts, so when a developer says a project sells fast, ask how many contracts are signed.
- Prices rose moderately. A Tbilisi asking price up far more than 3% to 8% in a year needs a reason. Check offers against our neighbourhood comparison.
- The currency matters. For a buyer holding dollars, a fixed lari amount, such as a state fee, cost about 4% more on 30 September than a year earlier (our arithmetic from NBG rates).
- Borrowing became cheaper, not cheap. A foreign-currency loan repaid from lari income carries exchange-rate risk.
- Wait for Batumi. G&T's checked count will show whether Colliers' fall holds.
- One quarter is not a trend. Compare several quarters, as the chart does.
For the longer record see the price history by city.
The data file
The file has 267 rows, covering every figure in the tables and charts, each with its unit, measure, source document, publication date and our access date. Our own calculations and the Colliers figures taken from media are marked as such.
Sources
(accessed 2 November 2026)
- Residential Real Estate in Tbilisi, Monthly Watch - September 2026, TBC Capital, 30 October 2026
- Monthly Watch - June 2026, TBC Capital, 24 July 2026
- Tbilisi Residential Real Estate - August 2026, Galt & Taggart, 23 October 2026
- Tbilisi Residential Real Estate - July 2026, Galt & Taggart, 31 August 2026
- Batumi Residential Real Estate - 3Q25 Overview, Galt & Taggart, 17 November 2025
- Residential Property Price Index - III quarter of 2026, Geostat, 23 October 2026
- Permissions Granted for Construction and Completed Objects, January-September 2026, Geostat, 30 October 2026, and the quarterly tables of permits and completed objects by type
- Rapid Estimates of Economic Growth, September 2026, Geostat, 30 October 2026
- Inflation Rate in Georgia, September 2026, Geostat, 2 October 2026, and the consumer price detail indices
- Inbound Tourism Statistics, III Quarter 2026, Geostat, 30 October 2026
- Loans by Purpose (stocks), National Bank of Georgia, updated 26 October 2026
- Interest Rates on Loans to Households by Loan Types, Issued During Reporting Period, National Bank of Georgia, updated 26 October 2026
- Volumes and Interest Rates on Loans Secured by Real Estate, National Bank of Georgia, updated 26 October 2026
- Monetary Policy Rate, National Bank of Georgia, updated 21 October 2026
- Monthly Average Exchange Rates, National Bank of Georgia, updated 2 November 2026
- Recov - News, Colliers Georgia, monthly notes published August to October 2026
- Georgia's property market: apartment sales rise in Tbilisi, fall in Batumi, International Investment, citing Colliers Georgia, 20 October 2026
- Tbilisi apartment prices rise in September as residential property sales increase, BM.ge, citing Colliers Georgia, 19 October 2026
- Apartment sales in Tbilisi and Batumi reached $485 million in July, International Investment, citing Colliers Georgia, 3 September 2026
- 1,235 apartments sold in Batumi in August, BM.ge, citing Colliers Georgia, 23 September 2026
- Batumi Residential Real Estate - 2Q26 Overview, Galt & Taggart, 14 August 2026
- Mortgage lending in Georgia increased by nearly 50%, International Investment, citing the National Bank of Georgia, 8 September 2026
Change log
- - First edition published: the third quarter of 2026 against the third quarter of 2025, with Tbilisi sales, prices, rents, construction permits, NBG mortgage and lending data, foreign buyer shares, the economy and a 267-row data file.