In addition, on the supply side, the residential area of issued construction permits continued to increase. Despite the downward trend observed at the beginning of the year, the total area of issued permits almost equaled the same period of the previous year. At the same time, an increasing trend in prices was observed in both segments: in the primary market, the rate of price growth accelerated, while in the secondary market, after stabilizing in previous months, prices began to increase again.DemandIn Jul-26, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 4,475 units, of which:• Sales on the secondary market increased significantly by 18.8% y/y to 2,294 (up 16.6% y/y in 7M26), reaching the highest monthly level after 2022.• Sales on the primary market, where data are impacted by delayed registrations, were up 24.4% y/y to 2,181 (up 19.9% y/y in 7M26).• Our real-time survey of developers, which captures current trends on the primary market, showed that number of apartments sold on the primary market increased significantly by 14.8% y/y. Cumulatively, the number of apartments sold on the primary market was up 30.1% y/y in 7M26. In total, 27,274 transactions were registered in Tbilisi in 7M26, bringing the residential market value to US$ 2.5bn (+27.3% y/y).SupplyIn Jul-26, the area of issued permits continued increasing, up 50.3% y/y (to 182,789 sq.m in 17 construction projects). Despite the earlier 8 consecutive months of declining trend, permit issuance rebounded over the last two months, bringing cumulative permitted living area in 7M26 broadly in line with the previous year, down just 0.3% y/y.PricesIn Jul-26, primary market price growth accelerated to 0.7% m/m, reaching US$ 1,426 per sq.m. The average price on the secondary market (for new buildings built with permits issued from 2013) was up 2.0% m/m, reaching US$ 1,372 per sq.m.RentsIn Jul-26, price for renting an average (50-60 sq.m) apartment in Tbilisi remained high at US$ 10.1 per sq.m (+0.3% m/m), keeping rental yield high at 8.5%.
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According to the National Bank of Georgia, the GEL portfolio is 44 million, and the foreign currency equivalent is 31 million. The retail portfolio of banks has increased by 17.3% annually, including up to 20% in GEL, and +7% in foreign currency Y.Y.The volume of lending to the resident household sector is 40.63 billion GEL.As of 7m/2026, the larization ratio of total loans is 58.7% (7m/2025 - 58.06%).
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Lion Finance Group (BGEO LN) shares closed at GBP 134.20/share (+2.52% w/w and +17.31% m/m). More than 216k shares traded in the range of GBP 130.50 - 135.60/share. Average daily traded volume was 51k in the last 4 weeks. The volume of BGEO shares traded was at 0.50% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 50.50/share (+5.87% w/w and +6.18% m/m). More than 265k shares changed hands in the range of GBP 47.70 - 51.35/share. Average daily traded volume was 55k in the last 4 weeks. The volume of TBCG shares traded was at 0.48% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 44.00/share (+0.46% w/w and +10.00% m/m). More than 207k shares traded in the range of GBP 43.75 - 45.30/share. Average daily traded volume was 42k in the last 4 weeks. The volume of CGEO shares traded was at 0.60% of its capitalization.
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MFO Central has violated the reporting rules: in 1 case, it submitted documentation to the supervisor late. In 2 cases, it submitted information to the NBG incorrectly.Accordingly, it was fined with GEL 2,000 three times and has to pay a total of GEL 6,000.Some of MFO's Pakistani owners also have Georgian citizenship.MFO Central is represented in the microfinance market with up to 6 million GEL capital, 14.2 million GEL assets, including a loan portfolio of GEL 6.8 million. Interest income (2,237,830 GEL) is mainly from the pawnshop (1,365,790 GEL).
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The dividend will be paid in pounds sterling to holders of ordinary shares of TBC PLC of record on the shareholders’ register at the close of business on 23 October 2026.The ex-dividend date is 22 October, the record date is 23 October, the currency conversion date is 6 November and the payment date is 20 November.The GEL/GBP exchange rate to be used for the payment of the 2026 Q2 dividend in GBP will be determined by the 5-day average of the official exchange rate published by the NBG, covering the period from November 2 to November 6, 2026.
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As stated in the joint declaration, the Foreign Ministries reaffirm their full support for Georgia’s sovereignty and territorial integrity within its internationally recognised borders.“August 7th is a date when we remember the grave consequences of Russian imperialism. On this day in 2008, the Russian Federation took military action against Georgia, further damaging Georgia’s territorial integrity by occupying the Georgian regions of Abkhazia and South Ossetia.18 years after the Russian aggression, we reaffirm our full support for the sovereignty and territorial integrity of Georgia within its internationally recognised borders. We welcome the Republic of Naoero’s decision to withdraw its recognition of the so-called independence of Abkhazia and South Ossetia. We urge states that have established diplomatic relations with these entities to follow this example.We reiterate our condemnation of Russia’s ongoing military presence in the occupied breakaway regions of Abkhazia and South Ossetia in violation of international law as well as Russia’s obligations under the six-point agreement of 12 August 2008. Russia’s ongoing militarisation of Georgia’s occupied territories poses a serious threat to the security of Georgia and to regional and European stability.In October 2025, the European Court of Human Rights found the Russian Federation guilty of many violations committed in the occupied breakaway regions, including excessive use of force, ill-treatment, unlawful detention and unlawful restrictions on day-to-day movement across the administrative boundary line between Georgian-controlled territory and Russian-occupied territory. We urge Russia to implement the rulings of the European Court of Human Rights relating to this situation and to fully fulfil the commitments it made on August 12 and September 8, 2008,” the statement reads.Furthermore, the Foreign Ministries of France, Germany, Italy, and the United Kingdom expressed grave concern over the recent agreement signed between Moscow and the de facto authorities of South Ossetia, describing it as a clear violation of international law.“We are concerned about the latest developments in South Ossetia. The “Agreement on Deepening Alliance and Cooperation” signed on May 9, 2026, between Moscow and the de facto authorities of South Ossetia further violates Georgia’s sovereignty and territorial integrity, in clear breach of international law. This document, as well as the appointment of a Russian citizen to head the region, raises concerns about a possible full-fledged annexation of the region, which would not go unanswered.We reaffirm our support for the “Geneva International Discussions” (GID) platform, co-chaired by the European Union, the OSCE, and the United Nations. This is the only framework that will enable the parties to work towards conflict resolution. We commend the work of the European Union Monitoring Mission in Georgia (EUMM), and we will continue to support the role of the mission,” the joint statement concludes.
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