Foreign buyers overtake locals in Batumi apartment market

During the same period, the shares of residents and non-residents in total non-cash spending at hotels through TBC Bank channels amounted to 17% and 83%, respectively.In February 2026, non-cash spending by residents at hotels through TBC Bank channels increased by 12% year-on-year, with the average spending amounting to GEL 164.Non-residents' non-cash spending in hotels increased by 34% compared to February last year, and the average transaction volume amounted to 621 GEL.According to a review by "TBC Capital", in February 2026, non-cash spending in restaurants through TBC Bank channels increased by 34% year-on-year. The average transaction volume amounted to 36 GEL.In the same month, residents accounted for 68% of non-cash spending in restaurants through TBC Bank channels, while non-residents accounted for the remaining 32%.In February 2026, non-cash spending by residents in restaurants through TBC Bank channels increased by 25% compared to February 2025. The average spend per transaction was 27 GEL.In the same month, non-cash spending by non-residents in restaurants increased by 59% year-on-year, with the average spend reaching 126 GEL.

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During the same period, residents accounted for 85% of total non-cash spending through TBC Bank channels, while non-residents accounted for 15%.In February 2026, food spending accounted for 29% of total non-cash spending through TBC Bank channels, while spending in restaurants accounted for 16%.In the same month, non-cash spending on food increased by 21% year-on-year, with the average spending per transaction at GEL 17. Inflation on food and non-alcoholic beverages was 10%.According to a review by TBC Capital, in February 2026, the distribution of total non-cash spending on consumer goods and services through TBC Bank channels was 61% and 39%, respectively.In the same month, the share of spending on food in total non-cash spending on goods through TBC Bank channels was 47%.

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In February 2026, the weighted average selling price of old apartments in Tbilisi increased by 8% compared to February 2025 in the suburbs, by 4.8% in the wider center, and by 11.6% in the city center. In old projects across the city, prices increased by 8.5%.In February 2026, the weighted average selling price of newly built apartments in Tbilisi increased by 9.1% in the suburbs compared to February 2025, by 8.2% in the wider center, and by 14.7% in the city center.Prices for newly built apartments in the city center increased by 15.1% in the primary market, which is due to the delayed registration of transactions by developers, while an 8.2% increase was recorded in the secondary market of the city center. The increase in the weighted average price of primary transactions across the city amounted to 10.7%. In the secondary market, the weighted average price across the city increased by 6.3%.In addition, in February 2026, the number of residential apartment transactions in Tbilisi amounted to 3,801 units, an increase of 20.4% compared to February last year. The market size increased by 34.4% to $311 million.

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In the same month, non-cash spending on personal hygiene through TBC Bank channels increased by 22% year-on-year. The average spending was 82 GEL.

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The placement agent for the unsubordinated bonds secured by the leasing portfolio is TBC Capital. The issuer (TBC Leasing) holds Fitch Ratings - BB / with a stable credit outlook, which gives the right to attract funds from the pension fund.As of 18/03/2026, the rate is 10.8%. The rating may change upon maturity, as stated in the issue prospectus.The rating was last changed on 03.12.2025 to ‘BB’ with a stable outlook, the country’s sovereign rating Traces of improvement. (For 06/2025 it was ‘BB’ with negative).The change in 12/2024 is also related to the deterioration of the country's rating.Previously, the ‘BB’ existing as of April was stable, when it was negatived. Then the deterioration of Georgia's rating was caused by political and governance risks, with their potentially negative impact on the Georgian banking sector.TBC plans to issue bonds with a nominal value of up to 240,000,000 GEL. Part of the raised proceeds (up to 115 million GEL) will be used to refinance the previous issue. The rest will be used to grow the leasing portfolio.

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The prices for mining and quarrying increased by 2.2 percent compared to January 2026, resulting in a 0.17 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products decreased by 0.5 percent, contributing -0.38 percentage points to the monthly index change. Within the group, a noteworthy price decrease was registered for food products (-0.5 percent) and basic pharmaceutical products and pharmaceutical preparations (-6.1 percent).Besides, the prices decreased for electricity, gas, steam and air conditioning by 1.9 percent, contributing -0.2 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products: Mining and quarrying: the prices were 34.2 percent higher, contributing 2.19 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (47.6 percent) Manufactured products: the prices increased by 4.1 percent, contributing 3.24 percentage points to the overall annual index increase. There was a notable increase in the prices for food products (10.3 percent) and basic metals (11.2 percent) Electricity, gas, steam and air conditioning: the annual price increase amounted to 1.0 percent, which contributed 0.11 percentage points to the annual index change Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 5.1 percent, which contributed 0.16 percentage points to the annual index growth

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Significant contributions to the real GDP growth in Q4 2025 are related to increase of valueadded of the following activities: Information and communication (22.0 percent), Wholesale and retail trade; repair of motor vehicles and motorcycles (7.4 percent), Education (17.1 percent), Transportation and storage (11.0 percent), Public administration and defence; compulsory social security (8.4 percent), Arts, entertainment and recreation (14.3 percent), Manufacturing (6.2 percent).The largest negative contributor to growth in Q4 2025 was Electricity, gas, steam and air conditioning supply (-5.5 percent).The largest share in GDP by activity is held by Wholesale and retail trade; repair of motor vehicles and motorcycles (15.6 percent) and Manufacturing (9.3 percent), followed by Real estate activities (9.0 percent), Construction (8.9 percent), Information and communication (7.6 percent), Public administration and defence; compulsory social security (6.8 percent), Education (6.5 percent), Transportation and storage (6.4 percent) and Financial and insurance activities (4.8 percent).

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The largest shares of GDP by activity are held by Wholesale and retail trade; repair of motor vehicles and motorcycles (14.8 percent) and real estate activities (9.3 percent), followed by Manufacturing (9.1 percent), Information and communication (8.0 percent), Construction (8.0 percent), Public administration and defence; compulsory social security (6.7 percent), Education (6.4 percent), Transportation and storage (6.1 percent), Agriculture, forestry and fishing (5.9 percent).Significant contributions to the real GDP growth in 2025 are related to increase of valueadded of the following activities: Information and communication (28.7 percent), Education (24.5 percent), Public administration and defence; compulsory social security (9.3 percent), Financial and insurance activities (12.9 percent), Wholesale and retail trade; repair of motor vehicles and motorcycles (3.8 percent), Transportation and storage (8.9 percent), Real estate activities (5.0 percent).The largest negative contributions to growth in 2025 were recorded in the following activities: Agriculture, forestry and fishing (-5.7 percent), Electricity, gas, steam and air conditioning supply (-4.5 percent).

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