In 2025, a total of 42,388 apartments were sold in Tbilisi, amounting to $3.5 billion in transaction volume. Compared to 2024, the overall market size increased by 12.6%. According to Galt & Taggart, sales were almost equally split between the primary and secondary markets: $1.783 billion worth of apartments were sold on the primary market and $1.788 billion on the secondary market.
Property prices continued to rise across both segments. The average price per square meter reached $1,373 in Tbilisi, with the highest prices recorded in Mtatsminda, Vake, and Chughureti districts. While price growth on the primary market remained modest during the first nine months of 2025, demand recovery and fewer construction permits pushed monthly growth to 0.7% in Q4. Overall, primary market prices increased 4% year-over-year, signaling a slowdown compared to 2024 and 2023, while secondary market prices grew 7.9% year-over-year in December.
Galt & Taggart notes that rising competition in 2025 led to a deceleration in price growth, pushing developers to further refine internal installment payment schemes to attract buyers. Despite strong demand, the market is becoming more balanced as supply-side dynamics evolve.
For 2026, the investment bank forecasts single-digit price growth, with demand expected to remain close to 2025 levels. Key supporting factors include urbanization, shrinking household sizes, and high rental yields. However, the launch of large-scale projects and sustained high levels of construction permits may create oversupply risks, potentially limiting further price increases.
