Tbilisi's residential real estate market continued to show mixed trends in May 2025, according to TBC Capital’s latest report. A total of 3,304 apartments were sold in the capital during the month, marking a 5% increase compared to May 2024. The average sale price per square meter rose by 6%, reaching USD 1,266.

Despite rising sales prices, rental rates declined significantly. The average rental price fell by 12% year-on-year to USD 10.6 per m².

Sales Trends

• New apartment sales dropped by 13%, totaling 619 units.

• Older apartment sales grew by 10%, with 2,685 transactions.

• Mid-sized apartments (50–75 m²) remain the most in demand, comprising 44% of total sales.

• Only 5% of sales involved units larger than 125 m².

District Performance

• Most active districts: Didi Digomi and Saburtalo led in sales volume.

• Sharpest declines in sales were recorded in:

  • Mtatsminda (−27%)

  • Didube (−26%)

  • Samgori (−21%)

Price Highlights

• Vake remains Tbilisi’s most expensive district, with an average price of $2,178 per m².

• Saburtalo: $1,382 per m²

• Krtsanisi: $1,329 per m²

Construction Activity

From January to May 2025, permits were issued for 621,000 m² of residential construction—an 11% increase compared to the same period in 2024. This indicates a continued expansion in housing supply, reflecting developer confidence in the market’s long-term outlook.