Apartment sales in Tbilisi increased by 11% year-on-year in May to 3,748 units, while the average price rose to $1,412 per square meter, according to Galt & Taggart. The investment bank said demand in the primary market remained stable despite last year's high base, while the average apartment size sold declined.
Sales in the secondary market rose by 12% to 1,924 units, while primary market transactions increased 9.7% to 1,824 units. In the first five months of 2026, Tbilisi recorded 18,296 apartment transactions worth a total of $1.6 billion, up 22% year-on-year.
On the supply side, construction permits continued to decline for the eighth consecutive month. In May, permits were issued for 23 residential projects totaling 165,484 square meters, down 18% from a year earlier, suggesting the market is stabilizing after a period of rapid supply growth.
The report also noted that apartment rents continued to rise. The average rent for a 50–60 sq.m apartment reached $9.9 per square meter, while rental yields remained at 8.4%.
