Tbilisi houses outran flats last quarter, and Mtatsminda reached 7,004 lari a metre

The figure is Geostat's price index for newly built residential property in Tbilisi, covering apartments in multi-unit buildings and private houses. In the third quarter of 2026 it rose 1.5% against the previous quarter and 5.9% against the same quarter a year earlier. Set against the 2020 average, it is up 66.2%. Because the index tracks new build only, it is not the same thing as the resale market, where older stock in the same district can move on a different rhythm. Read it as a reading on what developers are achieving, not as a valuation of your own flat.

Apartments rose 1.2% on the quarter and 5.6% on the year. Private houses rose 2.7% on the quarter and 7.0% on the year. That gap is small in absolute terms but consistent across both the quarterly and annual readings, which makes it harder to dismiss as noise. For anyone weighing a plot and a build against a finished flat, it is a point in favour of the house — though a single quarter is not a trend, and houses are a thinner, less liquid market in Tbilisi than apartments are.

Apartment prices per square metre in the quarter ran from 7,004 lari in Mtatsminda and 6,046 in Vake down to 3,657 in Samgori and 3,830 in Gldani, with Krtsanisi at 4,635, Saburtalo at 4,444, Didube at 4,168, Chughureti at 4,121, Isani at 4,032 and Nadzaladevi at 3,932. For private houses the order shifts: Vake tops the list at 4,517 and Mtatsminda follows at 4,430, while Krtsanisi drops to 2,961 and Nadzaladevi sits at the bottom with 2,798. That Krtsanisi is mid-table for flats and near-bottom for houses is the kind of detail that matters when you are buying a specific thing in a specific street rather than a city average.

In November 2025, the founder of the Georgian Real Estate Agency told BMGTV she expected prices to rise by about 5% across 2026, citing construction costs, scarcer land and steady demand. The Q3 reading of 5.9% year on year came in a little above that. One quarter of one index does not settle the year, and the resale market may yet tell a different story, but the gap between a mid-single-digit forecast and a mid-single-digit outcome is narrow enough that sellers holding out for a dramatic repricing are probably waiting for something the data does not support.