Tbilisi (GBC) - According to Galt & Taggart research, in February 2026, demand in the Tbilisi residential real estate market remained at a high level and sales increased in both the primary and secondary markets. This indicates strong activity at the beginning of the year and reflects the continuation of the dynamics of the second half of 2025. On the supply side, the volume of issued permits has decreased for the fifth consecutive month, which is a sign of stabilization of the sharply increased supply in previous periods. Against the background of strong demand and a decrease in permits, price growth continued at an accelerated pace in February.
Demand
In Feb-26, demand remained solid on both primary and secondary markets, indicating strong start of the year and following the trend from 2H25. On the supply side, the living area of issued permits continued to fall for the 5th month in a row, signalling a normalization after previously elevated levels. Prices continued to grow with accelerated pace on both primary and secondary markets, supported by strong demand and slower permit issuance.
Demand In Feb-26, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 3,822 units, of which:
• Sales on the secondary market increased significantly by 19.2% y/y to 1,864 (up 8.6% y/y in 2M26).
• Sales on the primary market, where data are impacted by delayed registrations, was up 11.2% y/y to 1,958 (up 7.8% y/y in 2M26).
G&T’s real-time survey of developers, which captures current trends on the primary market, shows a significant 26.6% y/y increase in Feb-26. Cumulatively, primary market sales were up 24.1% y/y in 2M26. This largely reflects a low base effect from last year, driven by domestic political instability in Tbilisi. In total, 6,786 transactions were registered in Tbilisi in 2M26, bringing the residential market value to US$ 595mn (+16.7% y/y).
Supply
In Feb-26, construction permits were issued for 10 residential projects, with total living area reaching 60,283 sq.m (-44.7% y/y). Notably, the living area of issued permits has contracted for the 5th consecutive month, suggesting easing supply pressures after periods of high issuance. Overall, living area of permits in 2M26 was down 50.7% y/y.
Prices
In Feb-26, primary market price continued to rise with high growth rate, increasing by 0.9% m/m to US$ 1,398 per sq.m. The average price on the secondary market (for new buildings built with permits issued from 2013) was up 0.6% m/m, reaching US$ 1,304 per sq.m.
Rents
In Feb-26, price for renting an average (50-60 sq.m) apartment in Tbilisi was at US$ 10.1 per sq.m (-1.8% m/m), keeping rental yield high at 8.6%.