Housing Market Trends in Georgia: Comparison of Prices in Tbilisi and Batumi

Recently, in an interview with Realting, the founder of the Geo Estate agency spoke about what is the situation in the residential real estate market in Georgia. Today, we will tell you about the results of the housing market in Tbilisi and Batumi at the end of 2024, as well as at what price you can buy housing in these cities.

According to the National Statistical Service of Georgia, the index of residential property prices in the country for the 4th quarter of 2024 increased by 5.2% compared to the 3rd quarter of 2024. If compared to the 4th quarter of 2023, the price increase was 10.4%. In general, over the past 5 years, prices for buying a home in Georgia increased more than 1.5 times.

The National Statistical Service of Georgia sets out separate price indices for apartments and private houses:

• In the 4th quarter of 2024, the apartment price index in Georgia increased by 4.7% compared to the previous period and amounted to 151.37 points. Compared to the 4th quarter of 2023, apartment prices increased by 9.8%.
• The price index for private houses in the 4th quarter of 2024 was 160.71 points, quarterly growth was 6.7%, and annual growth was 12.3%.

Dynamics of Real Estate Prices in Tbilisi

According to Galt & Taggart (the leading investment bank in Georgia) in Tbilisi in 2024, 40,350 apartments were sold, which is 1.1% more than in 2023. The most productive month in 2024 was December — about 4100 apartments sold. The least number of apartments were sold in March and June — about 3000 apartments in each month.

Galt & Taggart experts divide the apartment sales market into 3 types:

• Primary sales market — apartments sold directly by construction companies and developers.
• Secondary sales market in new projects — apartments sold by individual owners in projects built under a building permit issued after 2013.
• Secondary sales market in old projects — apartments sold by individual owners in projects built under a building permit issued before 2013.

Based on the above-described division, 50% of apartments sold in 2024 were on the primary market, 26% of apartments were sold on the secondary sales market in old projects, and the remaining 24% were on the secondary sales market in new projects.

Average prices of apartments sold in Tbilisi in December 2024:

• Average price on the primary market — 1320 USD/sq.m (+7.1% compared to December 2023).
• The average price on the secondary sales market in new projects is 1252 USD/sq.m (+6.5% compared to December 2023).
• The average price on the secondary sales market in old projects is 1063 USD/sq.m (+14.1% compared to December 2023).

Dynamics of Real Estate Prices in Batumi

According to the Galt & Taggart report, 15,884 apartments were sold in Batumi by the end of 2024. The largest number of apartments were sold in October 2024 — more than 1,500 apartments, the smallest number was in January — about 1,100 apartments.

In 2024, 57% of all apartments sold in Batumi were on the primary market, the remaining 43% of apartments were on the secondary market.

Average prices of sold apartments in Batumi in December 2024:

• The average price on the primary market is 1470 USD/sq.m. In 2024, the average price per square meter increased by 11.4%;
• The average price on the secondary market is 1229 USD/sq.m. In 2024, the average price per square meter increased by 5.6%.

Real estate prices in Tbilisi and Batumi in 2025

REALTING analyzed the ads posted on the platform about the sale of residential real estate in Tbilisi (the capital of the country), as well as in the most popular resort city on the Black Sea coast — Batumi.

Average sales prices of residential real estate in Tbilisi as of the end of March 2025

Average sales prices of residential real estate in Batumi as of the end of March 2025