Research & Insights

C&W presents the 2023 overview of the real estate market in Georgia.

In Tbilisi and Batumi, the number of transactions has decreased, although the price per square meter continues to rise, resulting in an overall increase in market value. Additionally, the residential real estate market in Kutaisi and Rustavi is experiencing growth. There has been a decrease in transactions in Bakuriani and Gudauri. Nevertheless, the weighted average price per square meter is on the rise in both mountain resorts.

The tourism sector is steadily recovering post-pandemic and is nearing pre-pandemic levels. In 2023, Georgia welcomed a total of 6,171 million tourist visits, marking a 31% increase compared to 2022.

The average vacancy rate for shopping centers in Tbilisi remains below 15%, with an average rent of $40. In terms of street shopping areas, Rustaveli and Chavchavadze command the highest rents.

Lease and vacancy rates for business centers remain stable. In Q4 2023, the vacancy rate for Class A business centers was 11%, with an average rental value of $30.6 per square meter. For Class B business centers, the vacancy rate was 18%, with an average rental value of $21.5.