“There Are Currently 87,000 Apartments Under Construction in Tbilisi” – Colliers Georgia
Real estate market players assess the first quarter of 2026 as successful, noting an increase in transactions compared to January–March of the previous year.
As Levan Chikava, Head of Research and Data Services at Colliers Georgia, told Business Partner, apartment sales had declined during the same period last year due to ongoing political developments in the country, but this trend has improved in 2026.
“As for the impact of the ongoing war in the Middle East, not enough time has passed since its onset to form a clear picture. However, if the conflict becomes prolonged, it will have a certain effect on Georgia’s residential real estate market,” Chikava noted.
Market experts expect that in the long term, if the war continues, demand for apartments from buyers in Middle Eastern countries and Israel will increase in both Tbilisi and Batumi.
Moreover, according to Colliers Georgia, 50–60% of real estate buyers in Batumi are foreigners, with the majority coming from Russia, Ukraine, and Israel. In contrast, foreign buyers account for a negligible share of transactions in Tbilisi, where approximately 90% of real estate buyers are Georgian citizens.
According to official statistics from Colliers Georgia, 10,550 apartments were sold in Tbilisi and 3,758 in Batumi in the first quarter of 2026. Annual growth in transactions in both cities stands at approximately 17%.
Alongside transactions, prices are also rising. However, according to industry experts, the pace of price increases in the capital has slowed in recent years, fluctuating at around 10% annually. In Batumi, price growth is more pronounced.
Chikava explains this trend with two key factors:
“In Tbilisi, supply significantly exceeds demand — currently, there are 87,000 apartments under construction in the capital, representing an 84% increase compared to 2021. As a result, the market is more stable and price growth is more moderate. In Batumi, however, due to very high demand from foreign investors, apartment prices are increasing at a much faster rate,” he explained.
According to the latest data, the average price per square meter in Tbilisi ranges between $1,300 and $1,500, depending on the type of apartment, while in Batumi it exceeds $1,600.
