In short: 4,330 apartments were sold in Tbilisi in September 2026, 8% more than a year earlier. In nine months 35,033 deals worth $3.2 billion were registered, up 26.3%. New builds in white frame cost $1,434 per square metre on average. Rents rose to $11.3 per m² a month at the start of the academic year, lifting the rental yield to 9.4%. Below are the main figures of the new Galt & Taggart review and what a buyer should look at.
About the research
Galt & Taggart belongs to the same financial group as Bank of Georgia and publishes a monthly review of the Tbilisi housing market. The September 2026 review came out on 3 November 2026: Tbilisi Residential Real Estate, September 2026. Deal data come from the Public Registry, and real demand for new builds is checked with a developer survey: in October 2026 it covered companies with more than 100 projects, about half of the city’s new-build market.
This is the second fresh publication on prices in the capital this autumn. A month earlier Geostat released its Q3 price index, which we covered in our article on Tbilisi prices. The methods differ, so the figures should not be added up or compared directly.
Sales: demand holds after the summer lull
- Total in September: 4,330 apartments, up 8.0% on September 2025.
- Resale: 2,163 deals, up 2.1% year on year, and up 14.0% over nine months.
- New builds, registry data: 2,167 deals, up 14.5%, and up 19.9% over nine months.
- New builds, developer survey: down 26.6% against a very strong September 2025, but up 20.6% over nine months.
- Nine months: 35,033 deals, market value $3.2 billion, up 26.3% on the same period last year.
Sales usually dip in August for seasonal reasons, and in September the market returned to its normal pace. The analysts attribute the drop in the developer survey to last year’s high base rather than weak demand.
New construction: fewer permits
In September 2026, Tbilisi issued permits for 117,252 m² of housing in 19 projects, 39.6% less than a year earlier. Over nine months the permitted area fell by 7.6%.
Permits show how much housing will reach the market in a few years. If the decline continues, fewer new projects will start sales. This is an observation from current data, not a price forecast.
Prices: new builds slightly up, resale pauses
- new builds in white frame: $1,434 per m², up 0.2% in a month and 6.7% in a year;
- resale in newer buildings (permits issued after 2013): $1,387 per m², down 0.9% in a month after two months of strong growth, up 5.9% in a year.
White frame means an apartment without finishing: walls levelled and utilities connected, while the buyer does the renovation. Add the cost of renovation to the price per metre if you plan to live in or rent out the apartment without a long pause.
Rents: seasonal growth and a 9.4% yield
The average rent for a 50 to 60 m² apartment in a new building rose 8.6% in September to $11.3 per square metre, about $620 a month for 55 m². The reason is seasonal: the academic year starts in September and demand for long-term rentals rises for a while. Together with rents, the rental yield rose to 9.4% by Galt & Taggart’s calculation.
Two caveats: this is a gross yield before management, repairs, vacancy and taxes, and September is a seasonally strong month, so rents may be lower in other months.
What this means if you are choosing an apartment in Tbilisi
- Demand is confirmed by deals, not only by listings. Growth in sales and market value over nine months is visible in registry data.
- Count the full price. New builds are usually sold in white frame, so add finishing and furniture to the price per metre.
- For renting out, the district matters. Students and working tenants concentrate near universities, metro stations and business districts.
- Compare new builds and resale. The gap is now about $50 per metre, so completion date, instalments and building quality decide.
Tbilisi projects with prices, layouts and payment plans are in our catalogue, and a manager will help you choose an option for your budget and goal.
Source: Galt & Taggart, Tbilisi Residential Real Estate, September 2026, 3 November 2026. Deal data: National Agency of Public Registry (NAPR).
