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Residential Real Estate Prices in Tbilisi Have Increased by Nearly 60% Over Five Years: +1.5% Quarterly, +3.3% Annually

Residential Real Estate Prices in Tbilisi Have Increased by Nearly 60% Over Five Years: +1.5% Quarterly, +3.3% Annually

In the fourth quarter of 2025, the Residential Property Price Index (RPPI) increased by 1.5% compared to the previous quarter, while the annual growth rate reached 3.3%

Residential real estate prices in Georgia continue to rise, as confirmed by the latest data published by the National Statistics Office of Georgia.

According to the study “Residential Property Price Index in Georgia, Q4 2025”, in the fourth quarter of 2025 the Residential Property Price Index (RPPI) increased by 1.5% compared to the previous quarter, while the annual growth rate reached 3.3%.

Notably, compared to the average level recorded in 2020, the price index has risen by 59.4%, underscoring the substantial increase in residential real estate prices over recent years.

Apartments and Private Houses

An analysis of price dynamics across apartments and private houses reveals the following trends: in the fourth quarter of 2025, compared to the previous quarter, price growth was observed in both segments – 1.3% in the apartment segment and 2.1% in the private house segment.

On an annual basis, compared to the fourth quarter of 2024, prices increased by 3.5% for apartments and by 2.5% for private houses. Relative to the 2020 average, apartment prices have increased by 56.6%, while prices for private houses have risen by 64.8%.

These figures indicate that price growth persists across both segments. In the short term, private houses are appreciating at a faster pace; however, on a year-on-year basis, apartments demonstrate stronger growth. From a long-term perspective, private houses exhibit higher overall price growth, highlighting their investment potential.

Prices by Tbilisi Districts

Data published by Geostat indicate significant variation in prices across Tbilisi’s districts. In the fourth quarter of 2025, the highest median price per square meter for newly built (completed) apartments was recorded in Mtatsminda and Vake, while comparatively lower prices were observed in Nadzaladevi, Gldani, and Samgori.

Specifically, apartment prices per square meter in GEL were as follows:

Mtatsminda – 6,738; Vake – 5,874; Chugureti – 4,353; Saburtalo – 4,313; Krtsanisi – 4,181; Didube – 4,054; Nadzaladevi – 3,978; Isani – 3,854; Gldani – 3,731; Samgori – 3,549.

For private houses, prices per square meter in GEL were recorded as follows:

Mtatsminda – 4,594; Vake – 4,311; Saburtalo – 3,504; Didube – 3,369; Samgori – 3,121; Isani – 3,110; Chugureti – 3,088; Gldani – 2,985; Krtsanisi – 2,830; Nadzaladevi – 2,660.

The reported figures represent asking prices (so-called offer prices). The data are compiled through automated extraction from online sources (web scraping) and the calculation of median values.

Apartment Condition and Prices

The analysis further demonstrates that an apartment’s condition black frame, white frame, or green frame has a significant impact on the price per square meter. The highest prices are observed for green frame apartments, followed by white frame units, while black frame apartments remain the most affordable category.

As of Q4 2025, the average price per square meter in GEL was:

Green frame – 4,318 GEL; White frame – 3,577 GEL; Black frame – 3,260 GEL.

As of Q4 2024, the corresponding prices per square meter in GEL were:

Green frame – 4,085 GEL; White frame – 3,562 GEL; Black frame – 3,230 GEL.

During the 2024–2025 period, price growth was recorded across all frame categories; however, the most pronounced increase occurred in the green frame segment, indicating rising demand for fully or partially finished apartments.

Geostat data clearly demonstrate that the residential real estate market in Tbilisi remains active. Although the pace of price growth appears relatively moderate in the short term, the market continues to exhibit a sustained upward trend over the long term. These findings are particularly relevant for local buyers, investors, and real estate development companies.

(For reference: the RPPI index coverage is limited to the city of Tbilisi and includes only the new residential real estate market, encompassing both multi-apartment buildings and private houses.)

If you are considering investing in real estate in Georgia, Kedaro Group is ready to provide you with professional guidance.