Executive summary
Tbilisi’s residential real estate market started 2026 with strong activity. According to Galt & Taggart’s market review and public registry data, 3,641 apartments were sold in Tbilisi in April 2026, while 14,548 transactions were registered in the first four months of the year. The total value of apartments sold reached USD 1.3 billion.
These figures show that demand for residential property in Tbilisi remains strong. However, an active market does not send the same signal to everyone. For buyers, it means more choice and a greater need for careful comparison. For investors, it creates opportunities, but also requires more disciplined selection. For developers, it increases the importance of trust, quality and livable environments. For service businesses, it creates new demand across a wide chain of related services.
BTU researchers explain that Tbilisi’s apartment market should be viewed not only as a set of real estate transactions, but as a broader economic signal. When apartment sales rise, activity grows not only in construction, but also in renovation, furniture, home appliances, interior design, banking products, insurance, legal services, property management and rental services.
The key question for Georgia is how the activity of the housing market can translate not only into higher sales, but also into better living environments, higher-quality services and more informed decisions for buyers.
The Georgian context: “Should I buy an apartment now or wait?”
In Tbilisi, buying an apartment is not only a financial decision. It is also a family decision, a life-planning decision, a security decision and often a long-term investment decision. One person may think it is better to take out a mortgage than continue paying rent. Another may believe that prices are already too high and waiting would be wiser. A third may see an apartment as an investment – something to rent out and generate income. A fourth may already be calculating renovation, furniture, appliances and maintenance costs.
In everyday Georgian conversations, the apartment question often begins with one phrase: “How much is the price per square meter?” But this question is no longer enough. Today, a buyer must also ask: What is the quality of the building? Who is the developer? When will the project be completed? Is it close to transport? How will the neighborhood develop in the next few years? Can it be rented out easily? What additional costs will follow? How reliable is the developer?
In an active market, the cost of a wrong decision also increases. When there are many projects, many offers and rapidly changing prices, the most important factor is not a fast decision, but a well-informed one.
What the first four months of 2026 show
In the first four months of 2026, Tbilisi’s residential real estate market was in an active phase. The sale of 3,641 apartments in April and 14,548 transactions in January-April show that demand remains high.
The total value of apartments sold – USD 1.3 billion – is particularly important. It indicates that the market is active not only in terms of the number of transactions, but also in terms of financial volume. Residential real estate in Tbilisi remains one of the most active areas for both personal housing decisions and investment decisions.
However, this growth does not mean that every project is equally attractive. In an active market, differences become clearer between strong and weak locations, completed and unfinished projects, reliable and less reliable developers, fairly priced and overpriced properties.
BTU researchers highlight one important point: an active market is not only an opportunity. It is also an environment where the quality of decision-making becomes more important, because mistakes can become more expensive.
What the growth of the secondary market shows
In April, sales in the secondary market increased by 17.2% year-on-year and reached 1,857 apartments. This is a particularly important signal.
The activity of the secondary market often means that some buyers prefer completed, visible and immediately usable apartments. Such properties can be attractive both for quick relocation and for rental purposes.
For buyers, the main advantage of a secondary-market apartment is visibility: the building already exists, the location can be evaluated, the neighborhood is visible, infrastructure is real and the risk is easier to assess.
For investors, a secondary-market apartment may be especially attractive when it is already ready for rental or can become an income-generating asset after limited renovation.
This does not mean that the secondary market is always better. Older buildings may require additional renovation, legal checks, energy-efficiency assessment or infrastructure-related expenses. But their key advantage is that the buyer sees an actual asset rather than only a promise.
The primary market remains strong, but trust is becoming decisive
In April, sales in the primary market increased by 4.6% year-on-year and reached 1,784 apartments. Delayed registrations may influence primary-market statistics, but demand for new projects remains visible.
In the primary market, buyers evaluate more factors: the developer’s track record, construction timeline, payment terms, completion quality, legal clarity, infrastructure and future value potential.
In this environment, developers that create not only apartments but well-planned living environments will have an advantage – with parking, green areas, shared spaces, commercial facilities, security and infrastructure needed for everyday life.
Buyers are increasingly not just buying walls. They are buying a way of life: how they will get to work, where they will park, where children will play, how noisy the neighborhood is, whether schools, kindergartens, stores, transport and daily services are nearby.
Who is buying apartments in Tbilisi?
In January-April 2026, 75% of apartment sales in Tbilisi were made by Georgian citizens. Israeli citizens accounted for 11%, Russian citizens for 3%, and citizens of other countries for the remaining 11%.
This shows that the main foundation of Tbilisi’s residential market is still local demand. Foreign buyers continue to play a role, but the core movement of the market depends on decisions made by Georgian citizens.
This is especially important for developers, banks and service businesses. If the largest share of demand comes from local buyers, then the product must respond to their real needs: affordability, access to transport, proximity to schools and workplaces, payment terms, family infrastructure and real everyday comfort.
The sustainability of Tbilisi’s market will depend largely on how well it aligns with the income, needs and lifestyle of local buyers.
What this means for buyers
For buyers, an active market means more choice, but also the need for more careful decision-making. When the market moves quickly, apartments with good locations, high-quality projects and realistic prices may sell fast.
But speed should not become the main argument. Buyers should not compare only the price per square meter. They should also evaluate construction quality, completion timeline, developer reliability, location, access to transport, neighborhood development potential, parking, shared spaces, proximity to schools or metro stations, and future rental or resale potential.
The most important question for a buyer is not only “What is the price per square meter?” but also: “What do I receive for this price today, and what value will this property have in the future?”
What this means for investors
For investors, the main signal is the market’s financial volume. Transactions worth USD 1.3 billion in four months show that residential real estate in Tbilisi remains an active investment direction.
However, an active market does not automatically mean easy returns. For investors, precise selection becomes more important: where they buy, at what price, in which segment, with what rental potential and how easily the property can be sold later.
The growth of the secondary market shows that demand is strong for ready and immediately usable apartments. The primary market, on the other hand, gives investors the chance to enter a project at an earlier stage, though this also brings higher risks – construction timeline, quality, registration and future market price.
For investors, the best approach is not simply to rely on price growth, but to assess the real use scenario of the property: who will rent it, at what price, for how long, what expenses it will require, how liquid it will be and what risks may emerge.
What this means for service businesses
The growth of apartment sales matters not only for the construction sector. Every new real estate transaction creates additional demand for related services.
The most practical opportunities appear in renovation, interior design, furniture, home appliances, lighting and décor, legal services, banking and mortgage products, insurance, property management, rental services, cleaning, short-term rental management and daily services for residential complexes.
This means that real estate market growth creates a broad service chain. Businesses that understand the buyer’s needs after the apartment purchase can respond quickly to new demand.
For Georgian businesses, this creates an important opportunity: the apartment buyer needs not only property, but also a full pathway – from legal checks to renovation, from furniture to insurance, from rental setup to property management.
What this means for developers
For developers, market activity is a positive signal, but competition is also increasing. Buyers are becoming more informed and no longer make decisions based only on price.
In the next stage, competition will increasingly move toward quality: who has a stronger reputation, better location, more flexible payment terms, better infrastructure, a more comfortable living environment and more realistic promises.
Developers must understand that buyers are not only buying apartments. They are buying everyday life – transport, noise levels, yards, parking, safety, neighborhood, children’s spaces and the chance that the property will maintain its value in the future.
What Georgia should consider
Tbilisi’s residential real estate market is one of the country’s important points of economic activity. An apartment sale is not just one transaction – it is connected to construction materials, banking, insurance, legal services, renovation, furniture, home appliances, employment and urban development.
If the market develops in a healthy way, it can support economic activity, service-sector growth and employment. If the market grows too quickly and without balance, risks may appear around prices, quality, affordability and urban pressure.
Georgia’s main task is to make sure that housing market activity becomes not only sales growth, but also better living environments, higher-quality services and more transparent decision-making for buyers.
BTUAI assessment
BTUAI assesses that Tbilisi’s residential real estate market showed strong activity in the first four months of 2026. The growth of transaction value to USD 1.3 billion and the increase in the number of transactions show that demand remains strong. However, the quality of decisions is becoming more important for buyers, investors and developers alike.
The most interesting opportunity appears for businesses that turn residential real estate growth into services: renovation, interior design, furniture, home appliances, legal consulting, banking and insurance products, property management, rental services and everyday services connected to residential complexes.
BTU researchers summarize the main conclusion as follows: the growth of apartment sales in Tbilisi means not only an active real estate market, but also new demand for businesses and professionals who turn residential space into real life, comfort and services.
For buyers, the main opportunity is to use an active market to choose a location and property with strong residential, rental or long-term value potential. For investors, the main task is not only to follow the growth trend, but to properly assess risk, location, liquidity and service needs.
Key findings
- In April 2026, 3,641 apartments were sold in Tbilisi.
- In January-April, 14,548 transactions were registered.
- The total value of apartments sold reached USD 1.3 billion.
- The value of the market increased by 22.4% year-on-year.
- Sales in the secondary market increased by 17.2% year-on-year in April and reached 1,857 apartments.
- Sales in the primary market increased by 4.6% year-on-year and reached 1,784 apartments.
- In January-April, 75% of sales were made by Georgian citizens.
- Market growth creates demand for renovation, furniture, appliances, interior design, legal services, banking products, insurance and property management.
Data snapshot
Main market indicators
Apartments sold in Tbilisi in April 2026 – 3,641.
Transactions in January-April 2026 – 14,548.
Total value of apartments sold in January-April – USD 1.3 billion.
Year-on-year growth in the value of apartments sold – 22.4%.
Primary and secondary market
Secondary-market sales in April – 1,857 apartments.
Year-on-year growth in the secondary market – 17.2%.
Primary-market sales in April – 1,784 apartments.
Year-on-year growth in the primary market – 4.6%.
Buyer structure
Georgian citizens – 75%.
Israeli citizens – 11%.
Russian citizens – 3%.
Citizens of other countries – 11%.
Methodology
This article is based on Galt & Taggart’s research on Tbilisi’s residential real estate market, public registry data for April 2026 and January-April 2026, and BTUAI analytical processing.
The analysis evaluates transaction volume, total market value, primary and secondary market dynamics, buyer structure and opportunities emerging for service businesses connected to residential real estate.
The text has been adapted for the Georgian context and focuses on buyer decision-making, investment risk, developer competition, quality of living environments and the growth potential of service businesses related to real estate.
Limitations
This material is analytical and educational in nature. It does not constitute investment, financial, legal, real estate or tax advice. Before buying, selling or making an investment decision regarding a specific property, relevant specialists, lawyers, financial experts and real estate professionals should be consulted.
The data reflects the situation in April 2026 and January-April 2026. Market dynamics may change depending on interest rates, mortgage conditions, construction pace, regulations, exchange rate movements, migration flows, tourism and changes in household income.
Sources
Galt & Taggart research on Tbilisi’s residential real estate market.
Public registry data for April 2026 and January-April 2026.
BTUAI analytical processing for the context of Tbilisi’s residential real estate market, buyer behavior, investment risks and service business opportunities.
Frequently asked questions
What does the growth of apartment sales in Tbilisi show?
It shows that demand for residential real estate remains active and that the market is moving with significant financial volume. However, growth does not mean that every project is equally attractive.
What does this mean for buyers?
Buyers have more choice, but when making a decision they should assess not only price, but also location, quality, developer reliability, infrastructure and the future potential of the property.
What does this mean for investors?
The market is active, but not every project is equally attractive. Location, price, rental potential, liquidity and risks are especially important.
Why is the growth of the secondary market important?
The growth of the secondary market suggests that some buyers prefer ready, visible and quickly usable apartments. This matters both for quick relocation and for rental purposes.
Who gets new opportunities?
New opportunities emerge for providers of renovation, interior design, furniture, home appliances, legal services, banking, insurance, property management and rental services.
Keywords
Tbilisi real estate; apartment sales Tbilisi; residential real estate Georgia; primary market; secondary market; Galt & Taggart; public registry; property investment Georgia; renovation and interior design; apartment market Georgia; property management; rental services; BTUAI; Business and Technology University.
Citation format
BTUAI Research Team. “Tbilisi Apartment Sales Are Rising: What It Means for Buyers, Investors and Service Businesses.” Business and Technology University, BTUAI.ge, 2026.
Prepared by the academic team of Business and Technology University and the BTUAI Research Team.
Tbilisi, Georgia
BTUAI is an analytical platform of Business and Technology University that studies the impact of artificial intelligence, digital transformation, innovation, startup ecosystems, data analytics and emerging technologies on business, the economy, education and society. BTUAI materials are designed to explain complex technological and economic changes in a clear, reliable and Georgia-focused way.