Tbilisi Property Sales and Prices Surge: What February 2026 Means for Buyers and Investors

Tbilisi's real estate Georgia market accelerated again in February 2026 — but buyers should read the fine print

The real estate Georgia market in Tbilisi posted another month of strong growth in February 2026, with both transaction volumes and prices rising across primary, secondary and older housing stock. According to Colliers Georgia, 3,801 apartments changed hands in the month, a 20.4% year-on-year increase. The total value of those deals jumped by 34.4% to $311 million. That is an impressive expansion of activity and market value in one of the South Caucasus’ most watched capitals.

I’ve tracked housing cycles in emerging European markets for years, and this report shows an unusually broad-based upswing. The driver is clear: new developments are selling quickly, while resale activity and trades in older buildings are also rising. The market is heating up, but there are practical consequences for buyers, investors and expats that go beyond headline growth.

What the Colliers Georgia data actually says

Colliers Georgia’s February snapshot identifies the following headline moves:

• Total apartments sold: 3,801 (+20.4% y/y)
• Market value: $311 million (+34.4% y/y)
• New developments sales: +21.7% y/y
  • Primary market (developer direct sales): +23.9%
  • Secondary market for new units (resales of recently built apartments): +18.5%
• Transactions in older residential stock: +15.7%

Price growth was visible across districts and segments. For newly built apartments, Colliers reports weighted average sale price rises of 9.1% in suburban areas, 8.2% in the wider centre and 14.7% in central districts. In the primary market the city centre saw prices climb by 15.1%, a move Colliers links partly to developers’ registration delays. Across Tbilisi, average primary market prices rose 10.7%, while secondary market prices increased 6.3%.

Older housing stock also saw price increases: 8% in suburbs, 4.8% in the wider centre, and 11.6% in central areas, producing an average rise of 8.5% citywide for existing apartments.

These numbers mean activity is not confined to one niche: both new-builds and older apartments are in demand. That breadth is what makes the trend noteworthy, but it also complicates strategy for buyers and investors.

Why new developments are leading the charge (and why that matters)

New-builds are the principal engine behind the growth. Sales of newly built units were up 21.7%, with primary-market sales rising 23.9%. Developers are closing deals, and buyers are signing contracts in higher numbers.

Practical implications:

• Developers are incentivized to offer payment plans, early-buyer discounts or stage-based construction pricing to maintain momentum. Those terms can improve cash flow for buyers who can lock in a price now and pay during construction.
• The 15.1% price rise in the city centre primary market is partly due to developers delaying formal registration of transactions. That can affect when ownership transfers legally, which matters for mortgage approvals, tax liabilities and the timing of rental income.
• Resale of recently built units (secondary market for new units) rose 18.5%, showing investors flip or trade completed units quickly. That raises the question of whether some sales are speculative.

From an investor standpoint, rising primary market prices and high developer sales suggest strong demand for new product. For an end-user buyer, there is a need to scrutinize contract terms, completion guarantees and registration timelines, because price appreciation may be accompanied by administrative delays.

Price dynamics by district: where growth is strongest

Colliers breaks down price movement across three broad zones: central districts, the wider centre and suburban areas. The picture is notable for how widely prices climbed:

• Newly built apartments: +14.7% in central districts, +8.2% in the wider centre, +9.1% in suburbs
• Primary market (centre): +15.1%
• Secondary market (new units, centre): +8.2%
• Existing housing stock: +11.6% in central areas, +4.8% in the wider centre, +8% in suburbs

What this means in plain terms:

• Central locations saw the sharpest increases, which is normal where scarcity and demand for city-centre amenities push prices. A 14.7% jump in new-build central prices is significant and changes yield math for short-term investors.
• Growth in suburbs (9.1% for new builds) signals buyers seeking slightly lower price points while still benefitting from new construction. That supports the case for urban-edge projects that combine lower per-square-meter costs with decent connectivity.

For buyers who care about capital preservation and rental cash flow, central purchases can offer appreciation but often compress yields. Suburban new builds may offer better entry points and higher gross yields, depending on rental demand.

What this means for buyers, investors and expats — actionable advice

I want to be practical here. Whether you are buying to live, rent, or trade, the Colliers numbers suggest different tactical moves.

If you are a homebuyer or expat relocating:

• Expect faster price growth in central districts. If proximity to amenities matters, budget for higher purchase prices and factor in registration timing on contracts.
• Consider new-builds if you need modern standards, but confirm developer registration timelines and warranty provisions before signing.

If you are a buy-to-let investor:

• Rising prices reduce gross rental yields if rents lag. Do the math: with city-centre new-build prices up 14.7%, a previously acceptable yield may no longer meet your target.
• Secondary-market purchases in newly built units are active. Those trades can be an entry route to completed, rentable units — but check recent transaction history to detect speculation.

If you are a project developer or institutional investor:

• The market is absorbing new supply, but developers who delay registration risk buyer frustration. Speed and transparency in handover and title transfer are competitive advantages.
• Watch construction pipelines and permit approvals closely.