Georgian mortgage rates have fallen for six quarters running, to 11.74 per cent — still above what a Tbilisi flat yields

The published quarterly series runs 13.19 per cent in the first quarter of 2025, then 13.03, 12.91, 12.32, 12.04 and 11.74 per cent in the second quarter of 2026 — six consecutive falls, and a drop of 0.30 points in the most recent step. That is a national average across all mortgage lending rather than a quoted product rate, so it blends currencies, loan terms, borrower profiles and bank. Treat it as the trend line, not as an offer. The page's next scheduled update is November 2026, so the third-quarter figure is not out yet.

Put the two commonly cited Tbilisi figures side by side. Gross residential yields in the city are generally quoted in the 8 to 8.6 per cent range, and net yields land well below that once agency fees, vacancy, maintenance and the 5 per cent rental tax are taken out. An average mortgage at 11.74 per cent therefore sits above both. In plain terms: on average market pricing, a leveraged buy-to-let in Tbilisi does not currently carry itself on rent alone — the gap has to be covered by the buyer's own cash or by a bet on capital appreciation. That is not an argument against borrowing. It is an argument for doing the arithmetic before signing, with the real quoted rate, the real rent and the real costs, rather than with a round number from a brochure.

Mortgage pricing follows the policy rate and bank funding costs with a lag. The National Bank's rate has been held at 8.25 per cent, with its next scheduled decision on 21 October, and headline inflation was 5.6 per cent in September. If that combination holds, the direction of travel in these quarterly averages is more likely down than up — but a six-quarter run of declines is a pattern, not a promise, and the move has averaged well under half a point a quarter. Anyone whose purchase only works at a rate a long way below today's should wait for the rate rather than assume it.