In 2025, a total of 42,388 real estate transactions were recorded in Tbilisi, amounting to $3.5 billion in value. According to Galt & Taggart, despite a decline observed in the first four months of the year, 2025 ultimately proved positive for the sector in both prices and sales.
Speaking on TV-program Real Estate Prospect, the company’s associate researcher, Zuka Tavkhelidze, highlighted building permits, which in the first 11 months of 2025 were down 4% compared to the same period in 2024. According to the investment bank, if this trend continues, it could remain an important factor supporting price growth in 2026.
“2025 was a volatile and interesting year, but ultimately a strong one. In total, 42,000 transactions were recorded in Tbilisi, worth $3.5 billion. In the first four months, amid worsened expectations and domestic political uncertainty, sales on both the primary and secondary markets were falling by about 5–10% month-to-month. However, from May we began to see signs of recovery, and by year-end we can say demand fully returned. The primary market recorded 20–25% annual growth, while the secondary market saw a more modest 3% increase.
“As for supply, throughout the year we discussed growing risks of oversupply, as nearly every month in the first nine months showed annual growth in issued permits. But this picture changed in October–November, with two consecutive months of decline. The 11-month data now show a 4% annual decrease.
“This slowdown in supply directly affected prices. Throughout the year, prices were rising very slowly, around 0.2% monthly, but in October, November, and December the pace accelerated to 0.7%, which is why we believe that a continued decline in permits in 2026 is necessary to maintain annual price growth at 4–5%,” Tavkhelidze said.
