2026-09-24 · Markets & Rates
Tbilisi against Dubai: Dubai wins on yield, and it is not close on affordability either
Numbeo's late-September figures put gross rental yields outside the centre at 7.24% in Tbilisi and 8.58% in Dubai. The bigger gap is the price-to-income ratio: 14.59 against 7.75.
The figures side by side
Numbeo's comparison, carrying data dated 21 September for Tbilisi and 23 September for Dubai, gives gross rental yields in the city centre of 6.30% for Tbilisi and 7.60% for Dubai, and outside the centre 7.24% against 8.58%. Price-to-rent ratios follow the same direction: 15.88 and 13.80 in Tbilisi, 13.15 and 11.65 in Dubai. On every one of those four measures Dubai looks the better income buy.
The affordability gap is the striking one
Price-to-income comes out at 14.59 for Tbilisi and 7.75 for Dubai, and mortgage cost as a share of income at 201.26% against 58.98%. Those two say something about local wages rather than about the buildings: Tbilisi property is expensive relative to what people in Tbilisi earn, which is exactly why so much of the market is transacted by buyers earning abroad.
What the table leaves out
Gross yield is not net yield. Dubai carries purchase and registration fees, service charges and agency costs that Georgia largely does not; Georgia carries a currency that moves against the dollar, a smaller pool of tenants and thinner liquidity when you want to sell. Entry price differs by an order of magnitude too, so the same capital buys a very different number of units. None of that appears in a ratio.
How to use a source like this
Numbeo's numbers are contributed by users rather than collected from registries, so they are best read as a rough map, not a valuation. Use them to frame a question — why is the yield gap only about one and a half points when the two markets look so different? — and then answer it with local evidence: actual closed prices, actual signed rents and a written quote for the running costs in each place.
#Dubai #comparison #yields #affordability
Written by us from the source linked above, not investment, legal or tax advice. Figures and rules change — confirm anything that matters before acting on it.
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