A Tbilisi studio is quoted at 8.03% gross and a two-bedroom at 6.73% — and net is 1.5 to 2 points below either

For the third quarter of 2026 the survey puts a Tbilisi studio at 8.03 per cent gross, a one-bedroom at 7.43 per cent, a two-bedroom at 6.73 per cent, a three-bedroom at 6.93 per cent and four bedrooms or more at 7.02 per cent. The city average is 7.23 per cent. The shape is familiar from other small markets: smallest units earn the most per lari invested, and the curve stops falling once you get past two bedrooms, where the comparison set thins out and family lettings behave differently from short lets.

The guide is explicit that these are gross figures, before taxes, costs and fees, and that net yields are typically 1.5 to 2 percentage points lower. Apply that honestly and the Tbilisi studio quoted at 8.03 per cent is a net 6.0 to 6.5 per cent, and the two-bedroom at 6.73 per cent is a net 4.7 to 5.2 per cent. That is still a real return, but it is a different conversation from the one a listing headline starts. Any serious comparison against a bond, a deposit or a property in another country has to be made net against net.

Georgia's national average gross yield was 7.25 per cent in the third quarter of 2026, down from 7.42 per cent in the first quarter. Tbilisi at 7.23 per cent and Batumi at 7.28 per cent are now effectively level on a city average, which is a change from the long-standing assumption that the coast pays more. The survey is reviewed twice a year, with the next update scheduled for February 2027, so this is a half-yearly reading rather than a live one. A yield falling while prices hold is a sign that purchase prices are rising faster than rents, not that rents are falling.