Price per square metre in Georgia: which price, which area and which currency

Price per square metre: one ratio with four choices behind it

Price per square metre (ფასი 1 მ²-ზე) is the price of a property divided by its area in square metres, and in Georgia every such figure rests on four choices: which price, which area, which currency and which condition of the flat.

No Georgian act defines the term. The closest official usage is Geostat's "1მ2-ის მედიანური ღირებულება", the median value of 1 m², which its release calls "შეთავაზების ფასს (offer price)": an asking price scraped from adverts on myhome.ge and ss.ge for newly built, completed Tbilisi dwellings, not a price anyone paid.

The divisor has firmer ground. Since 1 January 2025, the measurement Rules of Government Resolution No 315 of 3 October 2024 define, in Art. 2(7), a unit's used area (გამოყენებული ფართობი) as the floor between its enclosing walls, and count loggias, balconies, terraces and verandas in full. Order No 993 of 26 March 2024 rewrote Art. 16(1) of the Public Registry Instruction (Order No 487), which no longer ties registration to the drawing's total area; the term total registration area (საერთო სარეგისტრაციო ფართობი) now survives only in Art. 16(5), for a multi-unit building. See total area. A Georgian rate is therefore normally per measured metre, outdoor space included, with no reduction coefficient.

Sellers and analysts quote dollars while Geostat works in lari, and a new-build rate means little until you know which frame or finish it refers to.

Asking, sale, median or weighted: the numerator decides

The price on top can be the offer in an advert, the contract price or the sale price that reaches the National Agency of Public Registry (NAPR), summarised as a median, a weighted average or an index.

Geostat's lari medians are asking prices, so we never convert them into dollars to set beside the analyst averages or put both in one calculation. Galt & Taggart does not say whether its prices are registered transactions or developer price lists, and we found no current Colliers method statement or TBC Capital listing source. Our price history by city traces each series.

Geostat's third quarter of 2026: medians and the index

Geostat's release of 23 October 2026 put the index 1.5% up on the quarter, 5.9% up on the year and 66.2% above its 2020 average; for flats the moves were 1.2%, 5.6% and 63.1%. The index "covers the market of new residential property in Tbilisi" and "is based on prices in the national currency (GEL)".

Our glossary entries on black frame, white frame and green frame quote the second-quarter medians; the table adds the third quarter.

The black-frame median fell from GEL 3,340 to GEL 3,287 in the quarter, 1.6% down, while the flats index rose 1.2%. Both can be right. The index follows a "characteristics hedonic approach" and "measures the price evolution of a 'typical' dwelling", adjusting for area, floor, condition, heating and other features. A median adjusts for nothing, so a shift in the mix of adverts can pull it down. The methodology (Resolution No 7 of 26 April 2021) does not say which area figure it uses.

Location matters more: in the third quarter flats ran from GEL 7,004 per m² in Mtatsminda to GEL 3,657 in Samgori. Our Tbilisi neighbourhoods comparison sets district medians beside rents and transport.

The divisor, the currency and the payment terms

Area. Each ss.ge card shows a rate such as "m² - 4,255 ₾", worked out on the "Total area" (საერთო ფართი) the seller typed in: GEL 468,000 / 110 m² = GEL 4,254.5. That is the seller's own figure, not one taken from the registry. Because balconies count in full, a flat with a large balcony looks cheaper per m² than it is indoors (see loggia and balcony), and dividing by living area gives a higher rate again.

Currency. The National Bank's official rate valid on 31 October 2026 was GEL 2.5992 per US dollar. A listing site's lari figure for a dollar-priced advert matched that rate, so its lari rate per m² moves with the exchange rate even if the seller changes nothing; ss.ge does not publish its conversion rule, so this is our inference. Art. 34 of the Organic Law on the National Bank has required entrepreneurs to state prices in lari when they offer or advertise since 2017; real estate is not among the named exceptions, but a lawyer should confirm how it applies to property adverts.

Payment terms. Developers may quote a lower rate for payment in full than for an instalment plan; our guide to negotiating the price uses that gap. We found no published average discount.

How the rate is printed in releases, adverts and contracts

The label printed next to a rate tells you which choices were made:

1. Geostat release: "PRICE OF 1M2 FOR FLATS, GEL" (Georgian "1მ2 ფასი ბინების სეგმენტში") by district and "FLAT PRICES BY CONDITION (FRAMES), GEL" by frame, with a footnote calling the figures "so called 'offer prices'".
2. Galt & Taggart reports: "US$ / m2", "Average turnkey price" for Batumi and "Real estate weighted average prices by type, US$/sq.m", with the note "Prices are given for the primary market white frame apartments" for Tbilisi.
3. Colliers and TBC Capital: "average weighted sale prices" and "average asking sale price ... per sq.m".
4. ss.ge cards: "1 მ² - 7,881 ₾" under the price, with a ₾ / $ toggle.
5. myhome.ge: a dollar total followed by a "$/sq.m" rate; the site blocked our fetch, so we could not confirm its field labels.
6. Developer contract: a rate per m² times the design area, ideally with a clause naming the measuring method, a tolerance and a two-way price adjustment, as in our guide to the developer contract.
7. Registry extract: the area only, no price, which sits in the contract (see reading the extract).

Worked example: one advert, two areas, and a 75 m² flat three ways

Part 1, the area. A Tbilisi commercial unit was advertised on ss.ge on 1 November 2026 at USD 940,000, with 310 m² in the Total area field, while the description gave 284 m² as the official figure. The card showed GEL 2,443,000 (940,000 x 2.5992 = 2,443,248) and "1 მ² - 7,881 ₾", the lari price divided by 310.

On the official area the rate is 9.2% higher than the card shows (310 / 284 = 1.0915). A flat advert works the same way, so check the area against the extract before comparing rates.

Part 2, condition. A 75 m² new Tbilisi flat at the third-quarter 2026 Geostat medians, in lari: black frame GEL 246,525, white frame GEL 281,400, green frame GEL 336,975. White sits GEL 465 per m² (14.1%) above black, green GEL 741 (19.7%) above white. These are medians of different buildings, not the cost of finishing one flat.

Part 3, which average. Separately, in dollars, for Batumi: a 50 m² flat is USD 98,000 at Galt & Taggart's June 2026 turnkey primary average of USD 1,960, USD 74,850 at its secondary average of USD 1,497 and USD 70,400 at Colliers' September 2026 new-build weighted average of USD 1,408. The 39% gap between the first and last figures (1,960 / 1,408 = 1.39) reflects product and source, not a price fall; see our Batumi areas comparison.

Easily confused: other figures quoted per m²

Rent per m² feeds the gross yield, never the purchase price. A rate is also not market value: a valuer may look at comparable rates, but value is a conclusion about one property (see property valuation).

Price per square metre in five languages

We could not confirm a fixed wording in Georgian developer contracts; Geostat writes "1მ2 ფასი" and ss.ge "1 მ²".

Warning signs when a rate is quoted

• No condition named. In Q3 2026 black and green frame medians differed by GEL 1,206 per m².
• Tbilisi set against Batumi. Galt & Taggart prices Tbilisi in white frame and Batumi in turnkey.
• Lari medians turned into dollars. That mixes asking medians with analyst averages.
• An advertised area above the official one. Recalculate on the extract's figure.
• A falling median read as a falling market. The black-frame median fell in Q3 2026 while the index rose.
• No payment terms. Full payment and instalments may carry different rates.

How to compare price per square metre fairly

1. Name the price

   Asking, contract or registered sale, and from which source.

2. Check the area

   Match the advertised area against the extract.

3. Fix the currency

   Compare dollars with dollars and lari with lari, and note the date.

4. Match the condition

   Black, white, green frame or turnkey on both sides.

5. Ask for both rates

   Full payment and instalments, in writing.

6. Write the basis into the contract

   Rate, area method and tolerance, adjusted both ways.

Frequently asked questions

Does Georgian law define price per square metre?

No. We found no act defining it.

Which area is a price per m² normally based on?

The area on the internal measurement drawing, which includes balconies in full under Res. 315.

What was the Tbilisi white-frame median in Q3 2026?

GEL 3,752 per m², an asking price, according to Geostat.

Are Geostat's figures asking or sale prices?

Asking prices, scraped from myhome.ge and ss.ge.

Why is the Batumi average higher than Tbilisi's?

Partly because Galt & Taggart prices Batumi turnkey and Tbilisi white frame.

How does ss.ge calculate the rate?

Price divided by the Total area the seller entered.

Is the rate the same for cash and instalments?

Not always; we found no published average discount.

Can I convert Geostat's medians into dollars?

Not to compare them with analysts' dollar averages: they measure different prices.

Sources

1. RPPI, III quarter of 2026, Geostat, 23 October 2026, and news release (accessed 1 November 2026)
2. RPPI, II quarter of 2026, Geostat, Georgian edition (accessed 1 November 2026)
3. RPPI methodology, Geostat (accessed 1 November 2026)
4. Rules for preparing internal measurement drawings, Government Resolution No 315 of 3 October 2024 (accessed 1 November 2026)
5. Tbilisi residential real estate, July 2026, Galt & Taggart (accessed 1 November 2026)
6. Batumi residential real estate, 2Q26, Galt & Taggart, 14 August 2026 (accessed 1 November 2026)
7. Tbilisi and Batumi apartment sales surpass 4.3 billion in 2025, Georgia Today, citing Colliers, 17 February 2026 (accessed 1 November 2026)
8. Tbilisi housing market in August 2026, Homesoverseas, citing TBC Capital, 23 October 2026 (accessed 1 November 2026)
9. Flats for sale in Tbilisi, ss.ge (accessed 1 November 2026)
10. Official exchange rate of the US dollar, 31 October 2026, National Bank of Georgia (accessed 1 November 2026)

Change log

• 1 November 2026 - Glossary entry published from Geostat, Government Resolution No 315, Galt & Taggart, Colliers via Georgia Today, TBC Capital via Homesoverseas, ss.ge and the National Bank of Georgia.