Tbilisi new-build home prices up 5.9% a year in Q3 2026, Geostat index shows

The National Statistics Office of Georgia (Geostat) published its Residential Property Price Index (RPPI) for the third quarter of 2026 on 23 October 2026. The index rose 1.5% compared with the second quarter and 5.9% compared with the third quarter of 2025. Against the 2020 average, the index was up 66.2%.

The numbers and their basis

• Total index: 1.5% quarter on quarter, 5.9% year on year, 66.2% above the 2020 average.
• Flats: 1.2% quarter on quarter, 5.6% year on year, 63.1% above the 2020 average.
• Detached houses: 2.7% quarter on quarter, 7.0% year on year, 72.7% above the 2020 average.

In the previous release, for the second quarter of 2026, Geostat reported quarterly growth of 0.9% and annual growth of 4.9%, with the index 63.8% above the 2020 average. Annual growth for flats rose from 4.8% to 5.6%, and for detached houses from 5.5% to 7.0%.

The index covers only new residential property in Tbilisi, flats and detached houses, and is calculated from prices in lari. Geostat builds it from offer prices collected by web scraping of advertising websites (myhome.ge and ss.ge), using a hedonic method that tracks the price of a typical dwelling.

What it means for investors

For buyers and holders of Tbilisi new-build property, the release shows asking prices rising faster in the third quarter than in the second. Annual growth of 5.9% compares with annual consumer inflation of 5.6% in September 2026, also reported by Geostat; the two measures differ in coverage and period, so the comparison is indicative only. Detached houses rose faster than flats on both a quarterly and an annual basis.

The policy rate is unchanged: on 21 October 2026 the National Bank of Georgia kept its monetary policy rate at 8.25% and raised its central inflation forecast for 2026 to 5.4%, against a 3% target. Our property sector page keeps the market and rules data for Tbilisi and Batumi.

What remains uncertain

Offer prices are not transaction prices, and the index does not cover resale homes or cities outside Tbilisi. Because the index is in lari, returns measured in foreign currency also depend on the exchange rate.

What to watch next

Geostat's calendar lists data on issued construction permits for the first three quarters of 2026 on 30 October 2026 and the October consumer price index on 3 November 2026. The National Bank's next monetary policy meeting is on 16 December 2026.