Tbilisi yields 8.5 percent and ranks third in its region — Ankara and Astana are both ahead

Galt & Taggart's April 2026 real estate review, reported by Commersant, put annual rental yields across eleven cities as follows: Ankara 9.6 percent, Astana 8.8, Tbilisi 8.5, Tashkent 8.1, Yerevan 6.9, Baku and Chisinau both 5.3, Riga 4.3, Bucharest and Sofia both 4.2, Vilnius 3.9 and Tallinn 3.6. Tbilisi's own numbers in the same review: average rent of 10 dollars per square metre for an apartment of 50 to 60 square metres, up 0.4 percent on the month.

Tbilisi sits 1.1 points behind Ankara and 0.3 behind Astana, which is close enough that measurement differences could reorder them. The larger gap is downward: 1.6 points over Yerevan and 3.2 over Baku, its two nearest capitals by distance. That is the comparison that matters to someone choosing between the three South Caucasus and Caspian markets, and it says Tbilisi is not competing with its neighbours on yield so much as outrunning them. The Baltic and Balkan cities at the bottom of the list are a different proposition entirely: lower yield in exchange for European Union membership and the lending costs that come with it.

Different houses publish different yields for the same city in the same year, and the reason is method rather than disagreement about facts. A gross yield depends on which districts are sampled, which apartment sizes, whether rents come from listings or signed contracts, and whether the price side uses asking prices or registry data. None of these choices is wrong, and all of them move the answer by a point or more. The practical response is to use a published yield as a comparison between cities inside one dataset, and to calculate your own number from the actual rent and the actual price when the decision is about a specific flat.

A gross yield is rent divided by price, and it says nothing about the costs that turn that figure into what reaches your account: service charges, platform commissions, management, void periods, repairs and tax. It also says nothing about currency. A yield earned in lari and spent in euros is a different asset from the same yield earned in euros, and the cities on this list sit on very different currency regimes. Use the ranking to decide which markets deserve a closer look, then do the net calculation in the currency you actually live in.