The average Georgian mortgage is now ₾99,600, and the rate fell to 11.88%

On National Bank of Georgia figures reported in April 2026, commercial banks issued 12,835 mortgage loans in the first quarter of the year, worth 1.28 billion lari in total. The value of lending was up 34% on the same quarter of 2025 while the number of loans was up 20% — the two growing at different speeds is the interesting part, because it means the average loan got bigger. It did: 99,600 lari against 89,500 lari a year earlier, an increase of about 11%. The average interest rate on lari mortgages in March 2026 was 11.88%, down 1.45 percentage points from a year before.

A rate moving from about 13.3% to 11.88% sounds modest and is not. On a loan of the new average size, a cut of roughly a point and a half changes the monthly payment enough to lift the price band a household can reach, which is the mechanism by which cheaper credit turns into higher asking prices rather than into cheaper housing. The average loan rising 11% in a year while the rate fell is consistent with exactly that. Anyone selling into this market should read the rate series rather than the price series, because the rate is what decides how many buyers clear the bank's affordability test.

Two limits are worth stating plainly. The quoted 11.88% is for mortgages in lari; the figure for foreign-currency lending is not in the same release, and the two behave differently because they carry different risks for the borrower. And a mortgage market this size is mostly local: 12,835 loans in a quarter is a domestic housing market being financed, not a foreign-buyer market, which is typically cash or developer instalments rather than a Georgian bank loan. If you are a non-resident buyer, these numbers describe the competition you are bidding against for completed stock, not the terms you will be offered.

Mortgage lending up 34% by value and housing completions at a record are two halves of the same question, and they pull in opposite directions for an owner. More credit supports demand and prices for completed, mortgageable flats in the capital; more completions do the opposite, especially for near-identical new-build units competing in the same rental pool. Which effect reaches your property depends on whether a Georgian household with a bank loan is a plausible buyer for it. If yes, the credit figures matter more to you. If your flat is really a short-let business sold to a foreign investor, they barely touch you.