USD 3.2 BLN worth of real estate sold in Tbilisi in 3Q26 - G&T

The main theme of the summit was "Developing Regional Financial Corridors at the Intersection of Policy, Finance, and Technology." The event was co-organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Finance & Technology Network (GFTN).The summit brought together high-ranking officials from various countries, leaders of central banks and investment firms, and heads of international financial institutions and leading technology companies. Their participation provided a platform for discussing global financial trends, technological innovations, and prospects for regional cooperation.Over the course of the two-day summit, participants discussed key trends shaping the global financial sector, opportunities to strengthen regional financial connectivity, the development of cross-border payments, digital currencies, artificial intelligence, open banking, financial technologies, and ways to maintain financial stability amid geopolitical challenges. Particular attention was devoted to the development of regional financial corridors and the deepening of international cooperation.During the summit, the Governor of the National Bank of Georgia, Natia Turnava, spoke about the significance of the international event, noting that meetings of this scale provide Georgia with an opportunity to showcase its macroeconomic stability, economic growth, and investment potential to international partners. In her assessment, the summit was highly successful, particularly in terms of expanding opportunities for attracting international investment, given the participation of international investors and investment funds.The Vice Governors of the National Bank of Georgia, along with representatives of various NBG departments, actively participated in the summit. During panel discussions, they addressed the interoperability of regional payment systems, the development of cross-border payments, prospects for the banking sector, and the strengthening of regional financial ties. A key focus of these sessions was enhancing cooperation with international partners and exploring new opportunities for financial sector development.A major highlight of the Tbilisi Finance Summit was the signing of memorandums of understanding and the launch of new initiatives aimed at deepening international cooperation.Specifically, a Memorandum of Understanding on establishing a scholarship program for future leaders in financial technology was signed by Tbilisi State University, Pave Bank, a digital asset and institutional bank, and the Singapore-based Global Finance & Technology Network (GFTN). The agreement provides for the launch of a Georgia-Singapore exchange program, offering Georgian students the opportunity to study at Singapore Management University (SMU) and gain exposure to the international fintech ecosystem.The summit also featured AIFC Connect: Tbilisi 2026, an event organized by the Astana International Financial Centre, the National Bank of Georgia, and GFTN, with the support of the Embassy of the Republic of Kazakhstan. The meeting aimed to deepen financial cooperation between Georgia and Kazakhstan, expand mutual access to capital markets, and facilitate cross-border investments.The summit also hosted the Global Use of RMB event, organized by Bank of China, the National Bank of Georgia, and GFTN. The event aimed to promote international investment and financing opportunities in Chinese yuan (RMB) and strengthen financial cooperation between China, Georgia, and other countries.During the summit, the National Bank of Georgia and Bank of China signed an agreement under which Bank of China will provide the NBG with essential services for conducting operations in the China Interbank Bond Market (CIBM). This will enable the National Bank of Georgia to expand its investment operations in the Chinese bond market.The event also hosted the Demo Day of the international Fintech Hackathon, during which local and international participating teams presented technological solutions to challenges facing the financial sector. Teams that won in various categories received cash prizes awarded by GITA, along with opportunities to attend global technology events in Dubai and Singapore.The Tbilisi Finance Summit is an important international platform that strengthens the global positioning of Georgia's financial sector, promotes regional cooperation, fosters innovation, and creates new investment opportunities. The summit is set to become an annual event, continuing to foster international dialogue and strengthen cooperation across the financial sector.

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As part of the assessment, the Agency examined the relevant product markets for the construction of residential and non-residential buildings, as well as the construction of hydroelectric power plants. The GCCA also evaluated potential horizontal overlaps in the market for the construction of solar power plants.The market analysis established that the target undertaking is not currently active in the construction of solar power plants, maintaining only a prospective project in this sector. Consequently, the transaction is not expected to alter the market’s Herfindahl-Hirschman Index (HHI). Furthermore, solar power plant construction accounted for a negligible share of LLC “Peri”’s aggregate service volume in Georgia in 2025. In view of these findings, the Agency concluded that a more detailed assessment of this market was unnecessary.Regarding the construction of hydroelectric power plants, the overall market volume reached GEL 596,476,037 in 2025, with an HHI of 525.8, indicating a low-concentration market structure. The Agency's evaluation confirmed that the concentration results in no change to the market structureRegarding the market for the construction of residential and non-residential buildings, 286 undertakings operated in the sector in 2025. Total market volume amounted to GEL 3,521,049,167, with an HHI of 938.85, reflecting a moderately concentrated market. The Agency confirmed that the proposed transaction will not alter the market structure or competitive dynamics.On the basis of this analysis, the Agency concluded that the concentration does not significantly affect competition in the relevant markets and is compatible with the competitive environment.FYI: In accordance with Georgian legislation, concentration is subject to notification to the Agency if the aggregate (total) joint income of its participants on the territory of Georgia, exceeds 20 million GEL and the joint income of at least two persons participating in the concentration exceeds 5 million GEL for the previous financial year. In case of bypassing the Competition Agency subject to the mandatory notification, before the Agency reviews the notification or despite the negative conclusion, the person with the obligation to submit the notification shall be fined.In 2026, the GCCA approved a total of 13 concentrations.

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For violations of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) legislation, the largest fine - 98,000 GEL - was imposed on "Moneto Change" LLC (owned by Ana Gegelia), which failed to record 14 transactions in the electronic system.The violations and misconduct by the other five entities ("Pagaa," "Moneta," "Tetri," "Lobzhanidze," and "Mariamidze") are nearly identical. The regulator accuses these market participants of violating rules concerning monitoring, record-keeping, and reporting.In most cases, transactions at these currency exchange points were not archived or entered into the electronic system. Furthermore, services were repeatedly provided without proper verification.This year, the NBG has announced sanctions against approximately 70 currency exchange booths. Some of these entities are now forced to exit the market or downsize their networks.Currently, there are 671 such points remaining in the market (compared to 720 previously).

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During the reporting period, the number of residential real estate transactions in Tbilisi grew by 18% year-on-year, totaling 34,434 units. In September 2026 alone, the number of apartments sold increased by 10%, with 4,254 transactions recorded.Based on data for the first nine months of 2026, the average sale price for apartments reached $1,353 per square meter (+4% year-on-year). In September, the average sale price rose to $1,373 (a 3% year-on-year increase). By category (average sale price over the last 12 months, $/sq.m): Luxury: $4,319 Premium+: $3,121 Premium: $2,374 Comfort: $1,621 Economy+: $1,208 Economy: $865 Regarding the rental market, the average rental price for the period of January–September 2026 decreased by 3% year-on-year, reaching $10.1 per sq.m, while the yield on real estate fell by 0.6 percentage points to 8.2%. In September alone, the rental price stood at $10.3 (a 1% increase), and the yield was 8.2% (0.2 percentage points lower compared to the previous year).In terms of market segmentation, sales of older apartments increased by 13% year-on-year in September 2026 (3,496 transactions). Conversely, sales of new apartments declined by 3%, totaling 758 transactions. This decrease is primarily attributed to apartments priced below $1,500 per sq.m. As a result, new apartments accounted for 18% of total sales. Over the nine-month period, growth was recorded in both segments: sales of existing apartments increased by 23%, while sales of new apartments rose by 3%.A report by TBC Capital notes that the potential market supply, represented by the residential floor area covered by issued construction permits, decreased by 10% during the first nine months, amounting to approximately 854,000 square meters.This decline was primarily driven by developments in the Isani, Gldani, and Didi Dighomi districts. The largest shares of construction permits were issued for the Nadzaladevi and Didi Dighomi districts (17% each), followed by Saburtalo (15%).

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With regard to the annual core inflation, the prices increased by 4%, while the annual core inflation without tobacco amounted to 3.9%.The annual inflation rate was mainly influenced by price changes for the following groups:Transport: the prices for the group increased by 21.9 percent, contributing 2.54 percentage points to the overall index. Within the group the prices increased for operation of personal transport equipment (30.3 percent), transport services (14.5 percent) and purchase of vehicles (1.7 percent);Food and non-alcoholic beverages: the prices in the group increased by 3.1 percent, contributing 1.07 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.2 percent), meat (7.6 percent), oils and fats (7.0 percent), coffee, tea and cocoa (5.7 percent), vegetables (4.1 percent), bread and cereals (4.0 percent), milk, cheese and eggs (0.6 percent). At the same time, prices decreased for fruit and grapes (-4.5 percent), sugar, jam, honey, chocolate and confectionery (-3.3 percent), mineral waters, soft drinks, fruit and vegetable juices (-1.2 percent);Housing, water, electricity, gas and other fuels: the prices for the group increased by 10.1 percent, contributing 0.98 percentage points to the overall index. The prices were higher for the subgroups of actual rentals for housing (12.8 percent), maintenance and repair of the dwelling (11.9 percent), electricity, gas and other fuels (10.6 percent);Health: the prices increased by 8.4 percent, contributing 0.69 percentage points to the overall index. The prices were higher for the following subgroups: out-patient services (11.7 percent), medical products, appliances and equipment (9.4 percent);Education: the prices for the group decreased by 12.0 percent, contributing -0.53 percentage points to the overall annual inflation rate. The prices decreased for tertiary education (-32.9 percent). At the same time, prices increased for pre-primary and primary education (8.8 percent), secondary education (6.6 percent) and education not definable by level (5.5 percent).

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Lion Finance Group (BGEO LN) shares closed at GBP 120.30/share (-0.25% w/w and -16.28% m/m). More than 299k shares traded in the range of GBP 119.60 - 127.20/share. Average daily traded volume was 60k in the last 4 weeks. The volume of BGEO shares traded was at 0.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 45.48/share (-3.64% w/w and -15.54% m/m). More than 284k shares changed hands in the range of GBP 45.48 - 50.05/share. Average daily traded volume was 58k in the last 4 weeks. The volume of TBCG shares traded was at 0.51% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 43.60/share (+5.19% w/w and -7.33% m/m). More than 234k shares traded in the range of GBP 41.40 - 46.00/share. Average daily traded volume was 39k in the last 4 weeks. The volume of CGEO shares traded was at 0.71% of its capitalization.

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The International Conference on Digital Finance brings together representatives from the financial sector, the business community, international financial institutions, and technology companies. The event serves as a platform for discussing the development of digital finance, the implementation of innovations within the financial sector, and the deepening of international cooperation, as well as for sharing experiences.In her welcoming remarks, Nino Jeladze discussed the development of Georgia’s economy and financial sector, the country’s investment appeal, and its potential to emerge as a regional financial hub. Georgia’s geographical location and its historical role as a link between Europe and Asia offer the country the opportunity to become a significant hub for regional financial integration and cross-border cooperation."Georgia’s banking sector is well-capitalized and liquid, providing a solid foundation to support the country’s economic growth. Furthermore, Georgian banks are expanding their operations beyond national borders and strengthening their regional presence. In 2025, approximately 33% of the foreign direct investment (FDI) in Georgia was directed toward the financial sector - a testament to international investors' confidence in the development potential of both the sector and the country," noted Nino Jeladze.At the conference, the Vice-Governor of the National Bank of Georgia (NBG) discussed the steps taken by the NBG to foster the development of financial innovations.This includes the implementation of a licensing framework for digital banks, under which three digital banks are already operating in Georgia, as well as the establishment of a comprehensive framework for the mandatory registration and supervision of Virtual Asset Service Providers (VASPs), which has led to the registration of over 40 providers, including international operators. Nino Jeladze also highlighted the specific regulatory framework for the initial offering of stablecoins, which sets out requirements regarding market access, reserve backing, transparency, and consumer protection. According to her, the National Bank’s objective is to combine the promotion of innovation with clear regulations and effective supervision, thereby fostering trust in digital finance and ensuring the resilience of the financial system."The future of finance entails more than just the adoption of new technologies. It involves creating a financial system that is more accessible, efficient, sustainable, and reliable. At the National Bank of Georgia, we recognize that innovation and financial stability must go hand in hand. It is our responsibility to foster an environment where new ideas can emerge, businesses can thrive, and consumers can benefit from better financial services, all while ensuring the integrity, security, and stability of the financial system," noted Nino Jeladze.

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The number of employees in Research and Development increased by 2.2 percent and amounted to 16 552, of which 14 390 were researchers. 55.1 percent of researchers are women and 44.9 percent are men.67.5 percent of researchers have a doctoral or equivalent degree, 29.8 percent - a master’s or equivalent degree and 2.7 percent - a bachelor’s or equivalent degree.As for the distribution of researchers by age, the highest rate for women falls in the age group of 45-54 years (22.9%), while for men it falls in the age group of 65 years and older (24.4%).The largest share of researchers work in social sciences, totalling 3 250 (22.6%), while the smallest share work in agricultural and veterinary sciences, where 474 persons (3.3%) are employed.

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