Tbilisi's housing market continues to demonstrate steady growth, despite a slowdown in pace. In 2025, the market turnover reached $3.57 billion, which is 12.6% higher than the previous year's figure. A total of 42,388 apartments were sold, with an average price on the primary market in December of $1,373 per square meter. However, the dynamics have changed: while the primary market grew by 20.2% year-on-year in 2023, in 2025 growth slowed to 4.0%. This indicates that Tbilisi's market has completed a phase of sharp growth and transitioned to more calm, predictable development.
Along with the shift in growth rates, investor strategy has also transformed. The profit margin, which previously formed through resale of completed housing, is now increasingly shifting to the difference between the apartment's cost at the foundation stage and the price when the complex is put into operation. Growing competition between developers creates many opportunities for a good deal if you buy an apartment in the early stages of construction. This is why more and more investors are focusing on the construction stage, when prices are still lower.
Developers offer flexible financing schemes that attract foreign and domestic investors. The down payment for purchasing an apartment in a developing complex is typically only 10%, with the remainder paid in installments until construction is completed. An important advantage is that banks are not involved in such transactions—they are made directly with the developer, which relieves the buyer of having to pay bank interest.
An example of this approach is Maqro City Tbilisi, located in the Samgori district. This is a large luxury residential complex with an area of 100,000 square meters, built according to the "city within a city" principle. Nearly half of the territory, specifically 45,169 square meters, is allocated for recreational areas. The complex is designed for 4,000 apartments located in 17 buildings. Construction is planned to be completed in two phases: the first in June 2028, the second in June 2029.
One of the significant advantages of Maqro City is the full finish of apartments before transfer to the owner. Each apartment is equipped with laminate flooring, underfloor heating, a built-in kitchen, a finished bathroom, and other elements. This allows the owner to avoid lengthy and expensive renovations and immediately begin renting out the housing, generating income. The developer offers seven different payment plans, starting from a minimum down payment of 10% of the apartment's cost and ending with full payment, at which the buyer receives a 15% discount.
The Samgori district, where Maqro City is being built, demonstrates particularly strong demand for residential real estate. In 2025, 6,049 apartments were sold there, which is the second indicator across all of Tbilisi. The average rental cost in the district is $8.4 per square meter, and additional factors such as proximity to the metro and specific amenities of the complex significantly increase demand and, accordingly, rental rates.
Rental income is a key factor attracting investors to Tbilisi despite the slowdown in real estate price growth. The average rental yield in Georgia's capital is 8.6% per year—this is higher than in Riga (4.4%) or Tallinn (3.6%), and is on par with similar indicators in Yerevan and Tashkent. A combination of low entry price against a European background, interest-free installment plans from the developer, and potential yield of around 9% makes an investment in Tbilisi real estate a rational financial decision based on simple arithmetic, rather than on theoretical prospects.