Methodology
Georgia has no single count of new homes. This tracker sets side by side the figures that exist, each for one stage of a building's life: Geostat, Galt & Taggart (G&T), TBC Capital and one Colliers Georgia figure known only from a news site. We found no National Bank of Georgia series on permits, starts or completions. All sources were checked on 2 November 2026; sums, shares and changes we worked out are marked as ours.
| Stage | What the figure counts | Who publishes it, how often |
|---|---|---|
| Permits | Approval to build or rebuild | Geostat, quarterly, about 30 days after the quarter; G&T and TBC, monthly, Tbilisi only |
| Starts | Work actually begun | Nobody |
| Under construction, unsold | Flats being built or not yet sold | G&T developer surveys and a one-off Batumi study; Colliers via media |
| Completions | Buildings declared finished, by area; not flats | Geostat, quarterly; Batumi only yearly and for January-September |
| Absorption | How fast stock sells | G&T only, with its surveys |
Three areas for one permit. Geostat counts the total building area of every residential building permitted, new or reconstructed, from village houses to towers with shop floors. G&T counts living plus balcony area and TBC residential area, both only in class III and IV apartment buildings in Tbilisi, read from the Tbilisi Architecture Service register. For 2025 that gives 5,410,734 m², 1,734 thousand m² and 1,190 thousand m² for one city; the gap reflects what each leaves out, not an error.
Revisions. TBC put Tbilisi's 2025 permit area at 1,247 thousand m² in its June 2026 report, 1,217 in July and 1,190 in September; G&T's 2023 figure moved from 1,907 to 1,940. Geostat's quarterly tables matched its releases in our check. Each figure keeps the date of its report.
Batumi. Geostat gives Batumi only as yearly and January-September totals for all building types, with no housing split. Adjara's residential line is the nearest official measure: counting all building types, Batumi made up 84% of Adjara's permitted area in 2025 and in January-September 2026, and 91% and 93% of its completed area (our calculation). Gonio, Kvariati and Chakvi lie outside Batumi municipality, though G&T's Batumi pipeline includes Gonio-Kvariati.
Not published. No source counts construction starts, and none of the five publishers gives months of inventory or vacancy in new buildings for either city.
Latest readings
Status on 2 November 2026; G&T's September Tbilisi report was not yet out.
| Series | Period | Value | Change, and who calculated it |
|---|---|---|---|
| Residential permits, Tbilisi, total building area (Geostat) | Q3 2026 | 1,433,047 m², 1,208 permits | +8.5% on Q3 2025, ours |
| Residential permits, Adjara, total building area (Geostat) | Q3 2026 | 641,281 m², 201 permits | +83.6% on Q3 2025, ours |
| Class III-IV permits, Tbilisi, living and balcony area (G&T) | January-August 2026 | 1,124 thousand m² | -2.2% on a year earlier, G&T |
| Class III-IV permits, Tbilisi, residential area (TBC Capital) | January-September 2026 | 854 thousand m², about 13,135 flats | -10% on a year earlier, TBC |
| Residential buildings completed, Tbilisi (Geostat) | Q3 2026 | 582,914 m², 236 buildings | +31.6% on Q3 2025, ours |
| Buildings completed, Batumi, all types (Geostat) | January-September 2026 | 459,064 m², 43 buildings | Full year 2025: 349,348 m² |
| Flats already sold in Tbilisi projects due in 2026 (G&T survey) | September 2026 survey | 82% | 79% in the July survey |
| Unsold flats, surveyed Batumi developers (G&T) | 30 June 2026, July 2026 sample | 13,866 | Sample changes each survey |
Permits: how much building was approved
A permit is the earliest and least certain signal of supply: projects can wait, be redesigned or never start, and a building not finished when its permit expires needs a new permit. Our guide to construction permits shows how to check one building.
Tbilisi, year by year
| Year | Geostat, all residential buildings, total area, m² | G&T, class III-IV, living and balcony area, thousand m² | TBC, class III-IV, residential area, thousand m² | TBC, potential flats |
|---|---|---|---|---|
| 2023 | 5,298,556 | 1,940 | 1,344 | 20,895 |
| 2024 | 5,515,209 | 1,810 | 1,233 | 19,473 |
| 2025 | 5,410,734 | 1,734 | 1,190 | 19,779 |
All three series eased in 2025: Geostat's area by 1.9% and TBC's by 3.5% (our calculations), G&T's by 4.2% by its own figure. G&T still puts 2025 at 32% above its 2015-2022 average and wrote in January 2026 that the high issuance of 2023-2025 "has yet to fully realign with the lower post-peak sales". Projects are growing: TBC counts 106 flats in an average apartment building permitted in 2025, against 80 in 2022. Its estimates add up to 60,147 potential flats permitted in 2023-2025 (our sum), a ceiling rather than a forecast.
Tbilisi in 2026
| Period | Geostat, m² | G&T, thousand m² | TBC, thousand m² |
|---|---|---|---|
| Q1 2026 | 1,206,733 | 239 | - |
| Q2 2026 | 1,511,049 | 578 | - |
| January-June 2026 | 2,717,782 | 817 | 594 (June report) |
| Q3 2026 | 1,433,047 | 306.5 (July-August) | - |
| January-September 2026 | 4,150,829 | 1,124 (to August) | 854 |
| Same months of 2025 | 3,878,894 | 1,150 (to August) | 947 |
| Change | +7.0% (ours) | -2.2% (G&T) | -10% (TBC) |
G&T's first quarter was 29.9% below a year earlier by its own figure; then June brought 300,095 m² in 29 projects, its highest month since 2021. Geostat's broader measure beat a year earlier in every quarter. TBC places a third of the January-September area in Nadzaladevi and Didi Dighomi. Our Tbilisi supply analysis sets permits against sales.
Adjara and Batumi
| Period | Adjara, residential buildings, m² | Batumi, all building types, m² | Georgia, residential buildings, m² |
|---|---|---|---|
| 2023 | 458,306 (512) | 430,832 (468) | 7,202,301 |
| 2024 | 1,111,471 (612) | 980,113 (461) | 8,737,407 |
| 2025 | 1,500,236 (574) | 1,620,076 (383) | 8,816,325 |
| January-September 2025 | 1,066,409 (409) | - | 6,511,683 |
| January-September 2026 | 1,441,544 (536) | 1,399,236 (297) | 6,853,343 |
Adjara's permitted residential area more than tripled between 2023 and 2025 and January-September 2026 was 35.2% above the same months of 2025 (our calculation). Batumi's permits fell from 468 to 383 over 2023-2025 while their area, all building types, almost quadrupled. Batumi's quarterly and housing-only figures are not published; the quarter's sales are in our Batumi market review.
Completions: buildings declared finished
Only Geostat measures completions: buildings whose completion was declared in the period, with their total area, not flats. Its release does not name the administrative record behind the count, so we cannot say whether a building enters it at acceptance into use or at registration.
| Period | Tbilisi, residential, m² | Adjara, residential, m² | Batumi, all building types, m² | Georgia, residential, m² |
|---|---|---|---|---|
| 2023 | 2,125,848 (869) | 109,751 (52) | 111,912 (17) | 2,535,017 |
| 2024 | 1,950,169 (1,120) | 70,040 (51) | 93,043 (23) | 2,428,341 |
| 2025 | 1,768,848 (978) | 259,280 (71) | 349,348 (52) | 2,468,416 |
| Q1 2026 | 408,264 (181) | 38,763 (10) | - | 541,413 |
| Q2 2026 | 271,716 (214) | 194,226 (30) | - | 552,621 |
| Q3 2026 | 582,914 (236) | 39,060 (19) | - | 699,170 |
| January-September 2025 | 1,203,764 (707) | 189,760 (43) | - | 1,716,283 |
| January-September 2026 | 1,262,894 (631) | 272,049 (59) | 459,064 (43) | 1,793,204 |
Tbilisi's completed housing area fell 8.3% in 2024 and 9.3% in 2025, then rose 4.9% in January-September 2026 (our calculations). One large complex can swing a quarter: Tbilisi was 36.6% down on a year earlier in the second quarter and 31.6% up in the third, so read four quarters together. Batumi's completed area, all building types, for January-September 2026 already exceeds the whole of 2025.
Completions against permits. Tbilisi's completed residential area equalled 40.1% of the area permitted in the same period in 2023, then 35.4%, 32.7% and 30.4% in January-September 2026 (our calculation). The two concern different buildings, so this is not a conversion rate; a falling share fits a growing stock of approved but unfinished buildings without proving it.
Pipeline and unsold stock
How many flats are being built, and how many are still for sale? Only developer surveys and one Batumi study answer, and only in part.
Tbilisi
Colliers' 87,000, unchecked. A news report quotes Colliers Georgia: 87,000 apartments under construction in Tbilisi, 84% more than in 2021. The article is undated, discusses the first quarter of 2026 and gives no definition or method, and it is not in the free news on Colliers' Recov platform, so we combine it with nothing. No other source counts flats under construction in the capital.
How much is already sold. G&T surveys developers with over 100 projects under way, about half of the primary market, and publishes the share sold by the year projects are due.
| Survey | Due 2025 | Due 2026 | Due 2027 | Due 2028-29 |
|---|---|---|---|---|
| January 2026 | 94% | 72% | 61% | 45% |
| July 2026 | - | 79% | 66% | 59% |
| September 2026 | - | 82% | 73% | 62% |
Each survey found a larger share sold. G&T does not publish the flat counts behind the shares, so no unsold-stock figure for Tbilisi exists, and no publisher gives expected deliveries by year. The same developers sold 8,085 flats in January-August 2026, 32% more than a year earlier.
Batumi
G&T's study of 31 October 2025 counted about 58,000 flats in projects due in 2025-2029, 46,300 of them bought for investment and 11,400 for personal use. It cites data from the energy regulator GNERC and the Municipal Services Development Agency, and assumes projects finish on schedule. G&T counted 119 thousand flats in Batumi in 2024.
| Year | Cumulative, G&T forecast | In the year, our reading |
|---|---|---|
| 2025 | 13 | 13 |
| 2026 | 31 | 18 |
| 2027 | 45 | 14 |
| 2028 | 52 | 7 |
| 2029 | 58 | 6 |
| Area (G&T zones) | Flats due 2025-2029 | Bought for investment |
|---|---|---|
| New Boulevard Area | 22,430 | 93% |
| Alley of Heroes | 12,066 | 96% |
| Makhinjauri | 5,932 | 90% |
| Inner Areas | 5,309 | 3% |
| Peripheral Zones | 4,836 | 35% |
| Gonio-Kvariati | 3,871 | 89% |
| Old Batumi | 3,331 | 91% |
| All seven areas, our sum | 57,775 | G&T total: 46,300 |
G&T puts resident demand at about 2,300 flats a year and calls that segment balanced; it sees yields on investment flats falling unless tourism grows.
Unsold flats. G&T also surveys Batumi developers with over 30 projects, about 40% of the primary market. The sample changes between surveys and each restates the past, so read down a column, not across.
| Date | January 2026 sample | April 2026 sample | July 2026 sample |
|---|---|---|---|
| End of 2022 | 6,737 | 6,753 | 5,953 |
| End of 2023 | 10,135 | 10,690 | 11,175 |
| End of 2024 | 10,868 | 11,247 | 13,857 |
| End of 2025 | 12,376 | 12,814 | 14,957 |
| 31 March 2026 | - | 12,972 | - |
| 30 June 2026 | - | - | 13,866 |
| Sold during 2025 | 5,177 | 5,337 | 5,845 |
The end of 2025 alone shows 12,376, 12,814 or 14,957 unsold flats depending on the sample. Within every sample, unsold stock grew each year from 2022 to 2025; in the July sample it then fell to 13,866 by 30 June 2026. The same surveys put the share already sold at 74% for Batumi projects due in 2026, 60% for 2027 and 55% for 2028 and for 2029 (July 2026).
Sales against stock. G&T's ratio divides a year's sales by the flats for sale on 1 January, in an earlier, smaller sample. It is the only published sales-to-stock ratio for either city and was not updated in 2026.
| Year | For sale on 1 January, thousand | Sales-to-stock ratio |
|---|---|---|
| 2020 | 3.4 | 25% |
| 2021 | 3.8 | 54% |
| 2022 | 5.7 | 53% |
| 2023 | 7.1 | 48% |
| 2024 | 7.0 | 29% |
| 2025 (ratio: forecast) | 6.3 | 36% |
What supply means for a foreign buyer
These are ways to use the figures, not forecasts. Supply alone does not say where prices go; read it with the monthly price index and the quarterly market report.
- Ask how much of your building is sold. Compare it with G&T's survey share for the same completion year: 82% in Tbilisi and 74% in Batumi for 2026. A building well below that leans more on future sales to finish. See how to check a developer.
- A permit is a promise, not a building. Ask for the permit, the construction stage and a handover date in the contract.
- Expect neighbours under construction. Most Batumi flats due in 2025-2029 are in the New Boulevard Area and the Alley of Heroes, bought for investment; if you plan to let, they will compete for your guests. See off-plan investment.
- Plan for delay. No source tracks late projects. Agree a penalty for late handover; our guide to a late developer explains your options.
- Keep the cities apart. Geostat's Batumi totals include hotels, shops and every other building type.
What an avi.ge supply tracker of its own would need
A tracker that follows flats from permit to handover, in both cities on one definition, needs project-level data that no publisher releases, so this page shows sourced figures only.
To be added by the team: what the team has to gather first.
- The Tbilisi Architecture Service permit register: address, building class, residential, balcony and commercial area, flats, date. Check whether a download exists or a public information request is needed.
- The same from Batumi City Hall, the Khelvachauri and Kobuleti municipalities, and the Technical and Construction Supervision Agency, which permits buildings of special importance (27 in the third quarter of 2026).
- Starts: a project list with a "work started" status from site visits, or first Public Registry registrations of flats in buildings under construction.
- Municipal commissioning acts, and monthly counts of flats first registered on a commissioning document, requested from the Public Registry.
- New residential electricity connections by month and city, from GNERC or the distribution company.
- A project list kept over time with promised and actual completion dates, the only way to measure delays.
- Our own developer survey of sold and unsold flats by project and completion year, published as totals only and with each developer's written consent.
- Fixed rules: flats only, class III and IV, quarterly, Batumi municipality plus a coastal line for Kobuleti and Khelvachauri, every source vintage kept.
The data file and updates
The file has 644 rows: every figure in the tables and charts above plus the full Geostat quarterly series behind them, each with its area, unit, definition, source document, publication date and our access date. Our sums and ratios, our reading of G&T's cumulative chart and the unchecked Colliers figure are marked in the measure column. Survey figures carry the month of the sample they come from. Periods in 2026-2029 look ahead: forecasts (marked F) or survey shares by the year projects are due.
We plan to update the tracker after Geostat's next quarterly release, for the fourth quarter and the whole of 2026. Geostat has not announced a date; its past pattern points to about 30 January 2027. G&T's and TBC's newer monthly reports will be added at the same time.
Sources
(accessed 2 November 2026)
- Permissions granted for construction and completed objects, Geostat, statistics page
- Permissions granted for construction by type, quarterly 2019-2026, and by municipality, Geostat data tables
- Completed objects by type, quarterly 2019-2026, Geostat data tables
- Permissions Granted for Construction and Completed Objects, January-September 2026, Geostat, 30 October 2026
- Tbilisi Residential Real Estate - August 2026, Galt & Taggart, 23 October 2026
- Tbilisi Residential Real Estate - July 2026, Galt & Taggart, 31 August 2026
- Tbilisi Residential Real Estate - June 2026, Galt & Taggart, 31 July 2026
- Tbilisi Residential Real Estate - 2025 Overview, Galt & Taggart, 30 January 2026
- Tbilisi Residential Real Estate - 2024 Overview, Galt & Taggart, 7 February 2025
- Tbilisi Residential Real Estate - 2023 Full Year Overview, Galt & Taggart, 26 January 2024
- Real Estate Trends in Batumi, Galt & Taggart, 31 October 2025
- Batumi Residential Real Estate - 3Q25 Overview, Galt & Taggart, 17 November 2025
- Batumi Residential Real Estate - 2025 Review and 2026 Outlook, Galt & Taggart, 6 March 2026
- Batumi Residential Real Estate - 1Q26 Overview, Galt & Taggart, 28 May 2026
- Batumi Residential Real Estate - 2Q26 Overview, Galt & Taggart, 14 August 2026
- Residential Real Estate in Tbilisi, Monthly Watch - September 2026, TBC Capital, 30 October 2026
- Monthly Watch - June 2026, TBC Capital, 24 July 2026
- Residential Real Estate in Georgia: 2025 Summary and 2026 Outlook, TBC Capital, 11 February 2026
- There Are Currently 87,000 Apartments Under Construction in Tbilisi - Colliers Georgia, CBW, citing Colliers Georgia, undated
Change log
- - First edition published: Geostat residential permits and completions to the third quarter of 2026, G&T and TBC Tbilisi permit series, developer survey shares, the G&T Batumi pipeline and unsold stock, and a 644-row data file.