In the real estate market, two factors determine the price:How many apartments are for sale? andHow many people want to buyIn 2026, these two indicators are moving in opposite directions in Tbilisi — and that’s why this topic is important for all buyers.
What’s happening with the permits?
According to Galt & Taggart’s analysis (GBC, 2026), the area of residential construction permits in Tbilisi has been decreasing over the months. The residential space for which permits were issued in January–May 2026, compared to the previous year, was approximately34% less There was, and the decline continued for several consecutive months.
A permit today means an apartment on the market in 2–3 years. In other words, a decrease in permitsReduction of future deliveries – “Means:”
And the request?
At the same time, sales are increasing: in the first five months of 2026, the value of transactions increased by ~22%. Growth is driven by the availability of mortgages, economic growth, and foreign buyers.
What could happen to the price?
When supply decreases and demand increases, the pressure on prices is upward. However, this does not automatically mean a sharp increase in prices:
- There are already many projects on the market. — Buildings constructed with permits will continue to be added in the coming years.
- Analysts expect moderate growth. — Galt & Taggart predicted single-digit growth by 2026.
- Mortgage rules are changing — The National Bank’s regulations affect how many people can make purchases.
What does this mean to you?
If you are buying a newly constructed property
- Check out the developer’s past projects and compliance with deadlines.
- Pay attention to the condition in which the apartment will be handed over to you — white, black, or green frame.
- In the case of an installment plan, read the agreement: currency, penalties, and payment deadlines.
If you’re selling
- Demand is high — a well-prepared listing sells quickly.
- Set the price based on the market: An inflated price will keep the listing on hold for months.
- Use theSample statements — Comprehensive information boosts buyer confidence.
Frequently Asked Questions
Why are building permits decreasing?
The reasons may include changes in permitting policies, land costs, financing expenses, and developers’ focus on completing projects that have already been started.
When will the reduction in permits be reflected in the price?
Typically, after a few years, when the projects that have just started are supposed to enter the market.
Would it be better to buy it now?
When buying a home, the most important factors are the budget, the location, and the documents. “Timing the market” is risky. — Make a decision based on your financial capacity.
Sources: Galt & Taggart, Tbilisi Residential Real Estate (GBC, March–July 2026).
the article is informative and does not constitute financial, tax or legal advice. Consult with a specialist before making an important decision.
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