What does a Gudauri apartment earn from letting?
In Gudauri, Georgia's largest ski resort, an average active short-stay listing earned GEL 17,502 in the 12 months to September 2026, according to AirROI, at 36.4% occupancy and an average rate of GEL 336 a night. Most of that comes in three winter months: in February 2026 the average listing earned GEL 6,729 at 64.2% occupancy, against GEL 1,737 at 17.4% in August. A one-bedroom flat averaged about GEL 14,200 over the year and a two-bedroom flat about GEL 31,400. Bakuriani earns less but has a second season in July.
This page gives the month-by-month figures for both resorts, income by flat size, the season and road facts that drive winter bookings, a sample yield, and what it takes to run a flat in the mountains. How the two resorts compare as investments is covered in our guide to Gudauri or Bakuriani.
Gudauri month by month
| Month | Income, GEL | Occupancy | Nightly rate, GEL | Booked ahead, days | Stay, nights |
|---|---|---|---|---|---|
| September | 1,424 | 23.3% | 303 | 15 | 6.7 |
| October | 1,521 | 18.1% | 313 | 16 | 7.3 |
| November | 1,785 | 21.4% | 321 | 57 | 7.3 |
| December | 2,581 | 21.5% | 346 | 48 | 6.3 |
| January | 5,148 | 44.4% | 358 | 43 | 5.4 |
| February | 6,729 | 64.2% | 359 | 61 | 6.4 |
| March | 4,201 | 37.5% | 340 | 46 | 5.0 |
| April | 1,675 | 18.0% | 314 | 32 | 4.7 |
| May | 1,738 | 22.0% | 319 | 22 | 7.4 |
| June | 1,918 | 19.8% | 323 | 14 | 5.4 |
| July | 2,522 | 23.0% | 325 | 21 | 5.9 |
| August | 1,737 | 17.4% | 325 | 34 | 3.8 |
Do not add up the monthly incomes: each is an average for the listings active that month, and many are listed only in winter, so the annual average is GEL 17,502, not the sum. AirROI converts from dollars at GEL 2.69 and revises earlier periods, which is why our Gudauri and Bakuriani comparison, based on an earlier window in dollars, shows slightly different figures. Guests book winter stays early, 43 to 61 days ahead from November to March, against 14 to 34 days in summer.
Income by flat size
| Size | Gudauri, GEL | Gudauri occupancy | Bakuriani, GEL | Bakuriani occupancy |
|---|---|---|---|---|
| Studio | 13,100 | 35% | - | - |
| 1 bedroom | 14,200 | 38% | 4,230 | 23% |
| 2 bedrooms | 31,400 | 37% | 6,540 | 19% |
| 3 bedrooms | 46,000 | 37% | 11,000 | 22% |
In Gudauri, occupancy hardly changes with size, while the nightly rate rises steeply, from about GEL 282 for one bedroom to GEL 506 for two and GEL 820 for three, so larger flats earn far more. Groups of skiers fill two- and three-bedroom flats; most of the market, 343 of the 515 entire homes AirROI tracks by size, is one-bedroom. The median is lower than the average in every size, so a typical flat earns somewhat less than these figures.
Bakuriani: two seasons
Bakuriani's average listing earned GEL 6,773 in the 12 months to September 2026, 10.1% less than a year earlier, at 21.5% occupancy and GEL 236 a night. Its year has two peaks: January and February in winter, at GEL 2,392 and GEL 2,282 per listing, and July in summer, at GEL 2,578, the best month of all. Stays average 5.8 nights and guests book about 37 days ahead. Goderdzi, the newest resort, has too few listings for the trackers to publish figures.
The season and the lifts
In the 2025-2026 winter, Bakuriani's Kokhta area opened on 20 December 2025 and Gudauri's six cable cars, Goderdzi and Hatsvali on 27 December. Gudauri's winter lifts ran until 19 April 2026, and its summer lifts opened on 18 July 2026. By 20 October 2026 the state operator had not announced the 2026-2027 dates; travel guides expect the season to open around 20 December.
Lift passes affect demand and length of stay. In 2025-2026 an adult day pass in Gudauri cost GEL 70, a 6-day pass GEL 340, and a season pass valid at all 4 state resorts GEL 650, while a day in Goderdzi cost about GEL 30. Travel guides name late December to mid-January, around the New Year holidays, as the busiest weeks.
The road: closures and the new tunnel
Gudauri sits on the main road from Tbilisi to the Russian border, and the stretch north of the resort, over the Jvari Pass to Kobi, closes in heavy snow. In winter 2025-2026 the roads department closed the Gudauri-Kobi section to all traffic at least 13 times between January and April, and the longest closure lasted about 4 days, from 10 to 14 April 2026. Most closures are north of Gudauri, so the resort usually stays reachable from Tbilisi, 122 km and about 2 hours away, but in February 2026 the road below the resort was also restricted.
The new Kvesheti-Kobi road, with a 9 km tunnel bypassing the pass, was not open in October 2026. Its official targets have slipped from 2025 to early 2027, and a report in October 2026 cited 2028; do not price a flat on its opening. Bakuriani is reached by road via Borjomi, and the narrow-gauge railway from Borjomi is expected to resume in December 2026.
A sample yield
| Item | GEL |
|---|---|
| Price, USD 64,000 | 172,160 |
| Average income | 14,200 |
| Management, 20% | -2,840 |
| Fixed tax, GEL 10 per m² for 4 months | -1,600 |
| Left before utilities and building fee | 9,760 |
| Gross yield on the price | 8.2% |
| After management and tax | 5.7% |
Winter heating, the building's service fee and any cleaning not covered by the manager still come off the last line, so a realistic net figure is lower. Developers' marketing quotes much more: one Gudauri developer cites 85% to 95% occupancy in January and February and returns of 12% to 18% a year, against AirROI's 44.4% and 64.2% for those months. Treat such figures as sales claims, and run your own numbers in the short-stay income calculator.
Running a flat in the mountains
- Management. Gudauri Travel publishes 15% for full administration and 15% for bookings; Wehost charges 25% for one flat or 20% for two or more and manages 64 flats in Gudauri. BnbCalc counts 37% of Gudauri listings as professionally managed.
- Heating. Almost all listings offer heating, and winter bills are the largest running cost. Ask the building's management for last winter's bills before buying, because we found no published figures for Gudauri complexes.
- Safety. In December 2024, 12 restaurant workers in Gudauri died of carbon monoxide from a generator run indoors during a power cut after a storm. Fit a carbon monoxide alarm, and never allow generators or gas heaters indoors.
- Ski storage and drying. Guests expect somewhere to keep skis and dry boots; buildings with a ski room or lockers have an advantage.
- Late arrivals. Road closures delay guests by hours or days, so self check-in and a clear policy for blocked roads save disputes.
The general running costs of a let flat are covered in our page on running costs.
Summer and the off-season
Gudauri's summer brings hikers, paragliding and day trips to the Kazbegi area, but occupancy stays around 20%. Owners who do not want empty months can let for longer stays: a local tourism company quotes studios from about USD 200 a month and one- to three-bedroom flats from about USD 300 to 500 a month for stays of 2 months or more. Bakuriani's July peak makes it the more natural choice for an owner who wants two seasons.
What flats cost
In October 2026, a sample of asking prices for Gudauri flats on the Korter portal averaged about USD 1,600 to 1,660 per m², with new projects listed from about USD 990 to 1,650 per m². Bakuriani's sample averaged about USD 1,556 per m². Asking prices are not sale prices, and the range is wide, so compare the specific building with its nightly rates and its distance to the lifts.
The trackers also disagree on market size: for Gudauri, AirDNA counts 214 active listings, AirROI 663 and BnbCalc 729, because they define an active listing differently. Use one source when comparing months or years.
Checking a ski flat step by step
Check the winter rates nearby
Similar flats in the same building for January and February.
Ask for last winter's bills
Heating, service fee and electricity.
Measure the walk to the lift
Ski-in or a short walk earns more.
Plan the summer
Short stays, long stays or closed.
Choose management
Compare fees and what is included.
Model a weak winter
Less snow or more road closures.
Risks and exceptions
- Snow and season length. A poor winter cuts the 3 months that carry the year.
- Road closures. At least 13 full closures north of the resort in 2025-2026.
- Heating costs. Large and unpublished; check real bills.
- Optimistic claims. Marketed occupancy far above tracker data.
- New supply. Listings in Gudauri grew 14% in a year.
Frequently asked questions
How much does a Gudauri apartment earn a year?
About GEL 17,500 for an average active listing, GEL 14,200 for one bedroom, on AirROI's data.
Which months are best in Gudauri?
January to March, with February the peak at 64.2% occupancy.
Is summer letting worth it in Gudauri?
Occupancy is about 20%; long stays are an alternative.
Does Bakuriani earn more in summer?
July was its best month in 2026.
When does the ski season start?
Usually late December; in 2025 lifts opened on 20 and 27 December.
How often is the road to Gudauri closed?
The section north of the resort closed at least 13 times in winter 2025-2026.
What yield can a Gudauri flat make?
About 8% gross in our example, about 5.7% after management and tax.
Are 12% to 18% returns realistic?
Tracker data does not support the occupancy behind such claims.
Sources
- Gudauri market report and Bakuriani market report, AirROI, 1 October 2026 (accessed 20 October 2026)
- Gudauri short-term rental market, BnbCalc (accessed 20 October 2026)
- Gudauri overview, AirDNA (accessed 20 October 2026)
- Ski areas open on 20 and 27 December, First Channel, 18 December 2025 (accessed 20 October 2026)
- Mountain Trails Agency (accessed 20 October 2026)
- Gudauri ski guide and road status, The Georgian Guide (accessed 20 October 2026)
- Construction of the Kvesheti-Kobi highway, First Channel, 22 September 2025 (accessed 20 October 2026)
- Bridge on the road to Russia nears completion, Caspian Post, October 2026 (accessed 20 October 2026)
- Borjomi-Bakuriani railway to resume in December, Georgia Today, 9 October 2026 (accessed 20 October 2026)
- Apartment management in Gudauri, Gudauri Travel (accessed 20 October 2026)
- Property management, Wehost (accessed 20 October 2026)
- Gudauri investment guide, Petra Group, 13 November 2025 (accessed 20 October 2026)
- Apartments for sale in Gudauri, new projects in Gudauri and apartments in Bakuriani, Korter (accessed 20 October 2026)
- Summer mountain life, Gudauri.com (accessed 20 October 2026)
- 2024 Gudauri carbon monoxide poisoning, Wikipedia (accessed 20 October 2026)
Change log
- - Data page published from AirROI, AirDNA and BnbCalc data, Mountain Trails Agency and First Channel season reports, road status records, Korter asking prices and published management fees.