Internal installments dominated 73% of new apartment sales in Tbilisi during the first 10 months of 2025, according to TBC Capital. Mortgages accounted for just 7%, and cash payments 20%. Batumi showed the same pattern, with internal installments far outweighing other financing methods. Analysts link this trend to tightened bank lending, which has pushed buyers toward developer-financed schemes.
Experts warn that developers lack the tools to properly assess buyer risk, creating vulnerabilities in the market. The National Bank of Georgia has already launched discussions with developers and business associations on revising lending rules. The goal is to expand developers’ access to bank financing while gradually reducing reliance on internal installments.
Industry participants expect these changes to lead to greater consolidation. Ibercompany director Levan Diasamidze told Real Estate Prospect that internal installments likely won’t be banned but will be allowed only for developers who meet specific qualification standards. He also noted that banks cannot immediately take over the full volume of installment-based sales.
Diasamidze adds that setting clear criteria for “qualified developers” would help make the market more transparent and manageable. “We don’t even know the total size of internal installment loans today. It may not be risky, but it needs clarity,” he said. “As always in a maturing market, consolidation is inevitable, and buyers will naturally shift toward stronger companies.”
