Which Districts in Tbilisi Have the Most Expensive or Cheapest Apartments?

Tbilisi’s real estate market has been on a growing trend in recent years. In the fourth quarter of 2024, apartment prices increased by 9.8% compared to the same period of the previous year, while private house prices rose by 12.3%. Compared to the 2020 average, the overall Residential Property Price Index (RPPI) has increased by 54.3%, indicating that the Tbilisi real estate market has been steadily expanding, with prices continuously rising. (Source: Geostat)

Although Geostat calculates real estate prices in Georgian Lari (GEL), most buyers, especially foreigners, assess prices in US dollars. Therefore, we have converted the reported prices using an average exchange rate of 2.7777, which reflects the average rate for the fourth quarter of 2024 based on data from the National Bank of Georgia.

The real estate market in Tbilisi varies significantly by district. The most expensive districts are Mtatsminda and Vake, where the median price per square meter of an apartment is approximately $2,155 and $1,963. These districts see high demand for both apartments and private houses. For example, a 60 m² apartment in Mtatsminda costs around $129K, while a similar-sized apartment in Vake is priced at approximately $118K.

More affordable housing options can be found in Gldani, Nadzaladevi, and Isani, where the median price per square meter for an apartment is relatively lower—$1,285, $1,345, and $1,265, respectively. This means that a 60 m² apartment in Gldani costs around $77K, while in Nadzaladevi, the price is approximately $81K.

Regarding private houses, Mtatsminda remains the most expensive district, with prices reaching $1,610 per square meter. Meanwhile, the most affordable options are in Samgori ($900), Nadzaladevi ($960), and Gldani ($965).

The main reasons for rising prices include increasing costs of construction materials, inflation, higher foreign investment, and growing demand, driven by both local and international buyers. This trend is particularly evident in central districts, where land resources are limited, and demand remains high.

Ultimately, Tbilisi’s real estate market continues to grow, but price differences between districts are significant. For high-budget buyers, Vake and Mtatsminda are attractive options, while more affordable housing is available in Gldani and Nadzaladevi.