About 90 percent of Tbilisi buyers are Georgian citizens — in Batumi it is around half

Figures attributed to Colliers Georgia put the Tbilisi buyer mix at about 90 percent Georgian citizens, 4 percent Israeli and 2 percent Russian. Batumi's mix is reported as roughly 50 percent Georgian, 16 percent Russian and 9 percent Ukrainian. That is not a small difference in emphasis; it is two different markets. The capital's prices rest mainly on Georgian households and Georgian incomes. The coast's prices rest, for about half of all purchases, on people whose decision to buy or not buy is shaped by events outside the country.

Price per square metre tells you what something costs. Buyer concentration tells you how fast that price can change. A market where nine buyers in ten are domestic absorbs a shock in foreign sentiment without much happening to prices. A market where half the demand comes from two or three foreign nationalities can lose a quarter of its buyers because of a rule change, a sanctions decision or a currency move abroad, none of which a Georgian seller can see coming or do anything about. Both markets can be good investments. They are not the same investment, and they should not carry the same expected return.

The same Colliers commentary describes Tbilisi demand as having weakened in the first four months of 2025, with no comparable drop recorded in Batumi over that period, and sales growing in both cities from May onwards. On price, it argues that two forces offset: units launched in the 2022 construction boom reaching the resale market and adding supply, against banks cutting financing for new development in 2025 and thinning future output. The conclusion drawn was that price per square metre is unlikely to correct downward. That is a statement about prices, not about how quickly a given flat sells.

If you are buying in Batumi, the question worth asking an agent is not what the yield is but who the next buyer will be, and in what currency they earn. If the honest answer is a nationality whose access to Georgia or to international payments could change, the price should reflect that, and your exit timeline should be longer than the brochure suggests. Shares like these are estimates from one research house at one point in time and will shift; treat them as a description of concentration risk rather than a precise census, and ask for the current figures before committing.