The Tbilisi price ladder runs from $865 a metre to $4,319

TBC Capital splits the Tbilisi market into six segments and gives an average price per square metre for each over the last twelve months: Luxury $4,319, Premium+ $3,121, Premium $2,374, Comfort $1,621, Economy+ $1,208 and Economy $865. The top rung is almost exactly five times the bottom one. The gaps are not even, either — the step from Economy to Economy+ is about $343, while the step from Premium+ to Luxury is about $1,198. In other words the ladder stretches as you climb it, which is what you would expect in a market where the bottom is competing on price and the top is competing on scarcity.

TBC Capital's market-wide average sale price for the first nine months of 2026 was $1,353 a square metre, up 4% year on year, and the September figure was $1,373, up 3%. Both of those land between the Economy+ rung at $1,208 and the Comfort rung at $1,621 — nearer the bottom of the ladder than the middle. That is the useful corrective to any pitch built on a city-wide average: a typical Tbilisi transaction is an Economy+ or Comfort flat, and a price quoted anywhere near $2,400 is a Premium product, not an average one. Galt & Taggart's parallel figures for September, $1,434 on the primary market and $1,387 on the secondary, sit in the same band.

The segment prices are a twelve-month snapshot, so they do not show movement by themselves — but the transaction data beside them does, and it points at the lower rungs. In September, older apartment sales rose 13% year on year to 3,496 while new apartment sales fell 3% to 758, and TBC Capital attributes that decline primarily to stock priced below $1,500 a square metre. Since $1,500 sits just above Comfort at $1,621 and comfortably above Economy+ at $1,208, the softness is in new-build at the cheaper end specifically, not in cheap property generally — older stock at similar prices sold more, not less. Over nine months the same split holds: existing-apartment sales up 23%, new-apartment sales up 3%.

Two cautions. First, these are averages of a segment, not a valuation of any flat: segment labels are the analyst's classification, the article does not publish the criteria behind them, and a building's label can be contested by anyone selling in it. Second, the segment figures cover twelve months while the price, rent and yield figures in the same release are monthly or nine-month, so mixing them in one calculation will quietly introduce an error. Used properly, though, the ladder answers a question an average cannot: whether a quoted price is high for the city or normal for its segment. Those are very different things, and the gap between $865 and $4,319 is how much room there is to confuse them.