According to the National Bank of Georgia, 4,458 new mortgage loans were issued in November 2025, with a total value of 451 million GEL. Compared to the same month last year, the number of new mortgages grew by 6%, while the total value increased by 17%, reflecting both higher lending activity and rising real estate prices.
After months of decline, new mortgage issuance began to recover starting in September. However, on a cumulative basis, mortgage issuance remains below last year’s level. In the first 11 months of 2025, 46,761 new mortgages were issued - 4,277 fewer than during the same period of 2024. Despite this decline in quantity, the total value of newly issued mortgages rose to 4.2 billion GEL, driven primarily by higher property prices and larger loan sizes.
The average mortgage loan has increased significantly: while the average mortgage in 2024 amounted to 76,000 GEL, in 2025 this figure rose to 90,000 GEL. Another factor contributing to larger loans is the National Bank’s decision to reduce the minimum down payment from 15% to 10% as of February 2025, allowing buyers to finance up to 90% of a property’s value.
Interest rates also continued to rise. In October 2025, the average mortgage rate in GEL reached 12.45%, up by 0.65 percentage points year-on-year. In November, the average rate for newly issued mortgages was 12.33%, an annual increase of 0.27 percentage points, indicating ongoing tightening in borrowing conditions.
