59,000 Apartment Sales and $4.3bn in 2025 — What Georgia’s Real Estate Surge Means for Buyers

Record year for real estate in Georgia: numbers that force a rethink

The real estate market in Georgia recorded a dramatic rise in activity in 2025, and the headline figures are hard to ignore. According to Colliers Georgia, more than 59,000 apartment transactions closed across Tbilisi and Batumi, with total consideration of $4.3 billion, a 7% increase year-on-year. For anyone watching housing prices, investment flows or expat purchasing trends, this is a development that demands attention.

These are not marginal shifts. They reflect changes in demand composition, geographic concentration of deals, and price movements across primary and secondary stock. Our analysis breaks down what happened, why it matters, who is buying, and how buyers and investors should respond.

What the 2025 data shows: high-level breakdown

Colliers Georgia’s report isolates a few core facts that explain the scale and direction of the market in 2025:

• Total transactions: more than 59,000 apartment sales in Tbilisi and Batumi combined.
• Total value: $4.3 billion, up 7% from 2024.
• Tbilisi: 42,267 transactions (+3% YoY), market value $3.3 billion (+15% YoY).
• Batumi: 17,052 transactions (+17% YoY), market value exceeded $1 billion (+34% YoY).

Those figures show two correlated trends: volume growth across the country, and faster value growth in dollar terms, especially in Tbilisi and Batumi. Tbilisi remains the dominant market by transactions and total value, while Batumi is registering the most pronounced rise in activity.

Geography of demand: where sales are concentrated

The spatial distribution of supply and demand matters to buyers and investors because concentration affects liquidity, price momentum, and the availability of new product.

• In Tbilisi, Didi Dighomi, Saburtalo and Samgori accounted for 61% of total supply and demand. That is a striking concentration: three districts were responsible for almost two-thirds of activity.
• Batumi’s surge is tied to high-end, new-project activity, which has drawn foreign capital and pushed resales higher.

If you are targeting investment opportunities, that concentration has practical consequences:

• Areas with heavy turnover tend to offer quicker exits but can also be more exposed to local oversupply and competition from new projects.
• Peripheral or less traded districts may offer lower entry prices but often come with slower rental markets and longer resale timelines.

Price trends: per-square-metre numbers to know

Price movements are the clearest indicator of market pressure. The Colliers data gives us specific per-m² benchmarks for both new developments and older (secondary) stock:

• Tbilisi new projects: $1,484 per m² (average)
• Tbilisi secondary (old) projects: $1,244 per m² (average)
• Batumi new projects: $1,497 per m² (average)
• Batumi secondary projects: $1,196 per m² (average)

These numbers tell a few things:

• New-project pricing is above secondary stock in both cities, reflecting developer pricing power and foreign demand for brand-new units.
• Batumi’s new-project average slightly exceeds Tbilisi’s, which is notable given Tbilisi’s larger transaction base. That mirrors Batumi’s attraction as a coastal investment hub and a magnet for premium product.

For investors comparing prices, translate these per-m² rates into expected purchase sums and run local rental comparables to estimate yields. We do not have rental yield numbers in the Colliers release, so any yield estimate must be built from local rent data and the per-m² purchase benchmarks above.

The foreign-buyer factor: who is driving demand?

One of the most consequential findings is the weight of foreign buyers in Georgia’s housing market.

• Foreign buyers are a major force, especially in Tbilisi’s new developments: 86% of foreign purchases were in new projects.
• The foreign share on the secondary market has grown by 6 percentage points since 2021.
• Georgian buyers’ share in new-project resales has been declining since 2021 and fell to 51% in 2025.

Colliers notes strong interest from citizens of Russia and Ukraine among foreign buyers. For the market this matters in several ways:

• Foreign demand supports higher pricing in premium new builds and raises resale prices in sought-after areas.
• The market becomes more sensitive to geopolitical or regulatory changes that affect cross-border capital flows.
• Currency risk becomes material for foreign buyers who hold assets priced and sold in dollars but earn income in other currencies.

For expat buyers and international investors, that foreign presence improves liquidity for some asset types but increases competition and can push entry prices higher.

Why Batumi is outperforming in percentage terms

Batumi’s 17% rise in transaction volume and 34% increase in market value are the standout relative gains. Several factors explain this:

• Developers launched premium new projects that attracted foreign buyers looking for coastal property and tourism-related upside.
• Lower previous baselines in certain segments can produce bigger percentage gains when activity returns or accelerates.
• Batumi benefits from infrastructure and amenity investments that make it attractive to short-term rental and second-home markets.

For investors focused on capital appreciation, Batumi offers a case study in how new-product cycles and tourism demand can accelerate pricing. That comes with a warning: premium segments can follow quick upward cycles and can also correct if tourist flows or foreign demand slow.

Practical guidance for buyers and investors

We translate these market facts into actionable guidance. Based on the data and our market experience, here is how different buyer types should approach Georgia’s market.

For owner-occupiers and long-term expats:

• Focus on districts with sustained demand like Didi Dighomi, Saburtalo and Samgori if you want resale liquidity.
• Expect to pay a premium for new developments compared with secondary stock; the per-m² averages above are a baseline for negotiation.
• Check homeowner association rules, developer warranties and construction completion timelines when buying off-plan.

For buy-to-let investors:

• Match purchase prices against local rent levels and short-term rental regulations. Use the $1,200–$1,500 per m² range as your acquisition cost input.
• Prioritize units in micro-locations that attract tenants year-round rather than seasonal pockets only.
• Be explicit about taxes, registration costs and property management fees so gross yield does not mislead net returns.

For international investors seeking capital appreciation:

• New projects in Batumi and central Tbilisi drove recent gains, but those segments can be more cyclical.
• Consider diversifying between primary and secondary stock to balance upside potential with resale flexibility.
• Understand exit routes: foreign buyer depth is strong now, but legal or geopolitical changes can affect cross-border demand.

Practical due diligence checklist before signing:

• Confirm title and seller’s ownership documents.
• Check building permits and construction timelines for off-plan purchases.
• Verify the developer’s track record and completion history.
• Obtain a local lawyer experienced in property transactions and foreign investments.
• Run currency sensitivity scenarios if you will pay from or repatriate funds in a different currency.

Risks and constraints you must weigh

We are not optimistic salesmen. The same factors that produced rapid growth create risks:

• Heavy concentration: 61% of Tbilisi activity in three districts concentrates risk.