Tbilisi by district: asking prices run from about $1,480 to $1,990 a square metre, and the shell discount is the real story

The report covers the third quarter and is built from more than 219,000 live listings on the main Georgian portals, cleaned of duplicates and grouped by district. For newly renovated flats it gives Old Tbilisi at $1,990 a square metre, Vake–Saburtalo $1,890, Didube–Chughureti $1,730, Gldani–Nadzaladevi $1,560, the suburbs $1,550 and Isani–Samgori $1,480. Monthly rent per square metre runs from $11.10 in Old Tbilisi down to $8.80 in Gldani–Nadzaladevi and Isani–Samgori. Gross yields come out between 6.6% and 7.1% across the city, with the suburbs quoted higher at 7.7% on a smaller sample the report itself flags as indicative only.

The more useful column is the one most buyers skip. In Old Tbilisi a newly renovated flat is quoted at $1,990 a square metre, an older renovation at $1,780 and an unfinished shell at $1,550. In Vake–Saburtalo the three steps are $1,890, $1,600 and $1,490. In Isani–Samgori they are $1,480, $1,210 and $1,080, and in the suburbs the shell drops all the way to $980 against $1,550 renovated. That spread is what a renovation budget has to beat. Buying a shell only makes sense if you can finish it for less than the gap, in a district where the finished rent is high enough to justify the work — and the gap is narrower in the centre, where finishing costs are no lower.

Every figure here is an asking price taken from listings, not a recorded sale. Georgia has no public register of closed transaction prices, so nobody — including the report's authors, who say so plainly — can tell you the discount between asking and achieved. The practical consequence is that these numbers are good for comparing one district with another and one condition with another, and bad for valuing your own flat. If you are selling, treat the district figure as the ceiling of the conversation rather than its starting point; if you are buying, assume there is room below the number on the portal and find out how long the listing has been sitting there.