Despite a record number of apartments under construction in Tbilisi, Georgia's residential property market does not currently show clear signs of overheating, according to Colliers Georgia. The real estate consultancy says demand continues to be supported by demographic changes, urbanization, and growing interest in newer housing, but warns that limited market transparency makes it difficult to assess potential risks.
Levan Chikava, Head of Research and Data Services at Colliers Georgia, said around 17% of primary residential transactions are resold within a year, a figure that has remained relatively stable since 2016–2017. However, he noted that many preliminary purchase agreements signed during construction are not registered with the Public Registry, making it impossible to determine how often buyers resell unfinished apartments or return them to developers after failing to meet payment obligations.
Colliers argues that registering preliminary sales agreements and allowing developers to verify whether buyers have purchased multiple units from different companies would improve transparency and help identify risks earlier. Chiqava also stressed that stronger oversight would better protect consumers from cases where the same apartment is sold multiple times.
According to Colliers, the number of apartments under construction in Tbilisi has increased by 84% since 2021, reaching a historic high. Nevertheless, developers continue to record strong sales, with few unsold units remaining after projects are completed. Chiqava added that housing price growth has largely tracked income growth, suggesting the market remains relatively balanced and speculative risks are limited for now.
