Real estate specialists in Georgia have concluded that a decline in housing prices is not expected anytime soon. Leo Chikava, who heads the Data and Research Department at Colliers, has analyzed the apartment market situation in Tbilisi and Batumi and released his forecast for the coming year.
Current Figures and Expectations
According to Chikava, the average price per square meter in both cities currently stands at $1,500. The expert emphasizes: no apartment price reduction is anticipated in 2026. Market balance will be maintained by two opposing yet complementary trends:
- Growth factor: Tighter bank financing for new construction projects in 2025 will reduce the volume of new supply, creating conditions for price increases.
- Containing factor: A large number of properties launched during the 2022 construction boom are entering the secondary market.
Together, this will prevent market oversaturation, thus ruling out a price decline scenario.
How Property Sales in Tbilisi and Batumi Have Changed
During the first four months of 2025, Tbilisi saw a drop in apartment demand. Chikava links this to political instability. Batumi, however, was not affected by this downturn. Starting in May, sales momentum picked up in both locations, and expectations are that year-end figures will surpass those of 2024.
Who Buys Housing: Differences Between the Capital and the Coast
Analysts note striking differences in the buyer profile between Tbilisi and Batumi, highlighting the distinct nature of these markets:
| City | Buyer Category | Share of Purchases (%) |
|---|---|---|
| Tbilisi | Citizens of Georgia | 90 % |
| Tbilisi | Citizens of Israel | 4 % |
| Tbilisi | Citizens of Russia | 2 % |
| Batumi | Citizens of Georgia | 50 % |
| Batumi | Citizens of Russia | 16 % |
| Batumi | Citizens of Ukraine | 9 % |
In the capital, the market is 90% oriented toward local residents. Meanwhile, in Batumi, the share of foreign buyers is significantly higher - Russian and Ukrainian purchasers together account for a quarter of all transactions.
