The International Monetary Fund (IMF) has published a technical mission report recommending improvements to Georgia’s residential property price index (RPPI), including broader market coverage, the inclusion of existing homes and the development of a separate rental price indicator.
The IMF’s Statistics Department conducted its technical mission in Georgia on April 13–24, 2026. According to the report, Geostat currently calculates the RPPI using data on newly built and under-construction apartments and private houses in Tbilisi. Its main data source is ss.ge, from which listings are collected automatically. As a result, the index reflects advertised asking prices rather than actual transaction values.
The IMF recommends including existing residential properties in the index so that price movements in both new and previously occupied apartments and houses are covered. Geostat is expected to incorporate existing-property data when publishing first-quarter 2027 figures, with the revised results scheduled for public release in April 2027. In the meantime, the new indices will be calculated in parallel for internal use over a one-year period.
Methodological changes will also involve additional data sources. Geostat already receives monthly information from myhome.ge, although this dataset covers apartments only. Indices based on this source will initially be used internally or as a backup if data collection from the primary source is disrupted.
The IMF recommends presenting the RPPI along two dimensions: distinguishing between new and existing homes in line with EU statistical requirements, and separately tracking price movements for apartments and private houses. The two approaches would bring Georgia’s statistics closer to European standards while allowing more detailed analysis of the property market.
The report also calls for further development of rental market statistics. Geostat already collects data on residential apartment rents. The IMF recommends using this information to develop a rental price index and a price-to-rent ratio, an indicator used to assess property valuations and identify potential housing market bubbles.
The IMF considers reliable property price indices essential for assessing economic and financial stability. Rapid price increases may signal the accumulation of market risks, while sharp declines can be associated with weakening economic activity. Improved statistics would help central banks and other public institutions monitor property market trends and assess their potential impact on the financial sector.
