Investing in Georgian property: market, rent and money

What the numbers say

The table below collects the market facts we currently hold in the facts register. Each line names the research house behind it and the date we checked it. We do not forecast; we report what the market did and explain what it means for a buyer who is not in the room.

Yield: the number everyone quotes and the number you keep

The headline yield is gross: a year of rent divided by the purchase price. The yield you keep is net, and the gap between the two is where most disappointment lives. Between gross and net sit vacancy between tenants, management fees if someone else handles the apartment, utilities and internet when they are included in the rent, repairs and replacement of furniture, building charges, insurance, and tax on the rental income. For short-term rentals add cleaning, platform commissions, consumables and the seasons when the apartment stands empty.

A second gap is between the asking rent in a listing and the rent actually paid after a vacancy. A third is currency: many purchase prices are quoted in US dollars while many long-term rents are agreed in lari or in dollars with a lari payment. Our yield calculator lets you enter your own assumptions for each of these lines; the pages in this section explain what a reasonable assumption looks like and where it comes from. Every result is an estimate. Nothing on this site describes any income as guaranteed.

Who is buying, and why it matters to you

The buyer mix is not a curiosity; it tells you who you will sell to and who you will compete with for tenants. Tbilisi is a local market: about nine buyers in ten are Georgian citizens, demand follows local incomes, mortgages and family needs, and resale is to locals as much as to foreigners. Batumi is an international market: more than half of developer sales go to foreign buyers from several regions. That brings a wider pool of buyers in good years and a thinner one when a single source country slows down. A Batumi apartment aimed at foreign buyers and summer visitors is a different investment from a Tbilisi apartment aimed at a local family, even at the same price per square metre.

Supply: the risk nobody advertises

Around 87,000 apartments under construction in Tbilisi is a very large pipeline for a city of its size, and it is 84% larger than in 2021. New supply on that scale does three things to an investor. It holds down rent growth in districts where many projects complete at once. It makes resale of an off-plan apartment harder while the same developer is still selling new units in the same building. And it rewards buyers who choose location and building quality over the lowest price per square metre, because the cheapest new units face the most competition. The New builds section explains how to check a project; this section explains what the volume means for prices and rents.

Renting out as a non-resident: what is involved

1. Choose the model

   Long-term rental to residents, short-term rental to visitors, or a mix by season. The model decides the furniture, the management and the tax treatment, so it is chosen before the apartment is bought, not after.

2. Prepare and list

   Furnish to the standard of the target tenant, photograph, and list on the channels that tenant uses. Long-term tenants in Tbilisi and short-term visitors in Batumi are found in different places.

3. Contract and deposit

   A written lease, a deposit held under agreed rules, and a clear inventory protect both sides. Utilities are usually paid by the tenant on long lets and by the owner on short lets.

4. Register and declare

   Rental income earned in Georgia is taxable in Georgia and is declared to the Revenue Service. The rates, the registration steps and the question of double taxation with your home country are covered on the tax pages in this section once reviewed by our accountant.

5. Manage or delegate

   Either you handle tenants, repairs and payments from abroad, or a manager does it for a fee. The fee is one of the lines between gross and net yield. Our own management service is described on the services page.

Money, banks and currency in brief

Buyers deal with three currencies in practice: the dollar, in which most asking prices are quoted; the lari, in which the economy runs and many rents and all taxes are paid; and their home currency. The reference rate in our facts register is 2.624 lari to the dollar, the National Bank of Georgia's official rate on 4 August 2026, and we update it whenever the calculators are updated. Bringing money into Georgia, opening a bank account as a non-resident, paying a developer in instalments from abroad and taking rent out again each involve bank compliance questions that are easier with documents prepared in advance: proof of the source of funds, the sale contract and your identification. The banking pages in this section go through them one by one.

How we produce estimates

Any figure on this site that is not a reported market fact is labelled an estimate and comes with its assumptions. Our calculators show every input they use and let you change it. Market facts come from published research by Colliers Georgia, Galt & Taggart and TBC Capital, from the National Statistics Office and the National Bank of Georgia, and are recorded in the facts register with the date we checked them. When a number is updated, the page's change log says so. The full rules are in the editorial policy; our financial relationships with developers are described on the independence page, because an investment page is only useful if you know who paid for it.

How this section is organised

The first group, investment and the market, is about deciding whether and what to buy: yields by city and type, supply, demand, exit. The second group, renting out and managing, is for the owner: tenants, contracts, management, short-term versus long-term. The third group, money, banks and taxes, covers the mechanics that surround the apartment: transfers, accounts, declarations, treaties. Tax pages are reviewed by our accountant and carry a review notice until then. Place-specific prices and rents belong to the Places section, and the raw tables and charts to Data & reports, so that each number lives on one page and is updated once.