# Tbilisi Residential Monitor — Q3 2026, official data as of 24 October 2026 *Produced 2026-10-24 by running Part 2 of `../02-real-estate-monitor.md` on `2026-10-24-real-estate-monitor-inputs.md`. All figures from that pack.* ## Key takeaways - Geostat's residential property price index for new Tbilisi flats reached 163.1 in Q3 2026 (2020 average = 100), up 5.6% year-on-year (YoY) and 1.2% quarter-on-quarter (QoQ). - Price growth has accelerated for three straight quarters: the total index rose 3.0% YoY in Q1 2026, 4.9% in Q2 and 5.9% in Q3. - Detached houses have pulled ahead of flats: +7.0% YoY and +2.7% QoQ in Q3, against +5.6% and +1.2% for flats, having lagged flats in Q1 (+1.8% against +3.3%). - Registered purchases in Tbilisi reached 62,670 by 22 October 2026, 89.5% of the 70,039 recorded for the whole of 2025 (NAPR, annual series). - First registrations of flats and units in Tbilisi reached 39,388 by 22 October, 89.7% of the 2025 total of 43,928 — the public proxy for new supply coming onto the register. - Construction permits in Tbilisi stood at 2,653 for January–June 2026 covering 3.14 mn m², 59.4% of national floor space; the permits series has not been refreshed since 30 July 2026 and the I–III QQ update is due 30 October. - Asking prices and rental yield are **not reported this quarter**: the listing site the script reads is behind a bot-protection challenge, which this project does not work around. ## 1. Prices Geostat's Residential Property Price Index (RPPI) for flats stood at 163.1 in Q3 2026 (2020 average = 100), up 5.6% YoY and 1.2% QoQ, after 161.2 in Q2 2026 and 154.5 in Q3 2025. The total index reached 166.2, up 5.9% YoY and 1.5% QoQ. The index covers the market of new residential property in Tbilisi and is measured in national currency, so the figures are GEL price changes, not dollar ones. The three-quarter sequence is the quarter's main fact. The total index rose 3.0% YoY in Q1 2026, 4.9% in Q2 and 5.9% in Q3; flats 3.3%, 4.8% and 5.6%. Each step is larger than the one before. Detached houses and flats have changed places. Houses rose 1.8% YoY in Q1 2026, below flats at 3.3%; by Q3 they were at 7.0% against 5.6%, and their QoQ rate, 2.7%, was more than double the 1.2% for flats. The houses index now stands 72.7% above its 2020 average, against 63.1% for flats. ## 2. Asking prices by district — NOT GATHERED No district table, no city-wide asking medians and no gross rental yield this quarter. `scripts/ssge_prices.py` reads `home.ss.ge`. In this run that host answered HTTP 403 with a Cloudflare "Just a moment…" interstitial on both the flats listing path and `robots.txt` itself, so the robots file could not even be re-read before a crawl. The project's hard rule is that bot protection is never circumvented, so the block is recorded as NOT GATHERED rather than worked around. The gross yield is derived from the two asking series and falls with them. `ss.ge/robots.txt` still returns 200 and still disallows only `/images`, `/user/*` and the `/en/` and `/ru/` listing sections. The obstacle is a challenge on the `home.ss.ge` host, not a change to that file. This removes the only non-official source in the monitor. What remains — the price index, the register and the permits workbook — is entirely official statistics. It also narrows the public picture in a specific way: the banks' reports take asking prices from myhome.ge, which blocked automation earlier; with ss.ge now challenged too, no asking-price series for Tbilisi is readable by script from a public page. ## 3. Transactions NAPR's register statistics are annual, with the current year as a year-to-date figure. Every 2026 row in this run carries an as-of date of 22 October 2026. | Registered purchases | 2023 | 2024 | 2025 | 2026, to 22 Oct | |---|---|---|---|---| | Georgia | 160,541 | 157,046 | 164,403 | 140,932 | | Tbilisi | 68,432 | 68,486 | 70,039 | 62,670 | | First registrations of flats/units | 2023 | 2024 | 2025 | 2026, to 22 Oct | |---|---|---|---|---| | Georgia | 48,047 | 77,186 | 68,231 | 62,339 | | Tbilisi | 27,733 | 48,939 | 43,928 | 39,388 | Purchases in 2025, the last full year, were 164,403 nationally (+4.7% YoY) and 70,039 in Tbilisi (+2.3% YoY). By 22 October 2026 the Tbilisi count stood at 62,670, which is 89.5% of the 2025 full-year total; the national count, 140,932, is 85.7% of its 2025 total. These are ratios of two figures in the table, not annualised estimates: with part of the year still to register, no pace comparison with 2025 is possible from this series, because the public page carries no monthly or quarterly breakdown and no year-to-date figure for 2025 at the same date. First registrations of flats and units — the public proxy for new supply reaching the register — reached 39,388 in Tbilisi by 22 October, 89.7% of the 2025 total. The series peaked in 2024 at 48,939 and fell to 43,928 in 2025. Monthly transaction counts are not on NAPR's public page, and the API accepts no parameters. The monthly counts in the banks' watch reports come from NAPR data that is not published there. ## 4. Supply pipeline | Permits granted | 2024 | 2025 | Jan–Jun 2026 | |---|---|---|---| | Georgia, number | 12,080 | 11,578 | 5,391 | | Georgia, floor space m² | 12,040,430 | 11,397,190 | 5,275,707 | | Tbilisi, number | 5,648 | 5,345 | 2,653 | | Tbilisi, floor space m² | 6,773,742 | 6,423,329 | 3,135,160 | Permits fell in 2025: nationally 11,578, down 4.2% on 2024, over 11.40 mn m², down 5.3%; in Tbilisi 5,345, down 5.4%, over 6.42 mn m², down 5.2%. For January–June 2026 the workbook gives 2,653 Tbilisi permits over 3.14 mn m², which is 49.2% of the national permit count and 59.4% of national floor space — Tbilisi takes half the permits and nearly six-tenths of the area. Its share of floor space was 56.4% for full-year 2025. Two limits on this block. The workbook holds full years plus the current part-year only, so there is no January–June 2025 column and no YoY for the half-year. And the file has not been updated since 30 July 2026: its latest period is January–June, one quarter behind the price index this monitor is built around. Geostat's calendar lists the I–III QQ 2026 permits release for 30 October 2026, six days after this monitor. ## 5. Calendar - **RPPI, Q4 2026** — Geostat has published the index on the 23rd of the month following each quarter through 2026 (Q4 2025 on 23 January, Q1 on 23 April, Q2 on 23 July, Q3 on 23 October). The January 2027 calendar is not yet published. - **Permits, I–III QQ 2026** — listed on Geostat's calendar for 30 October 2026. This will give the first nine-month figure and the first comparable period for a YoY reading. - **NAPR** — refreshed continuously. In this run the 2026 rows carried `PROCCED_DATE` 22 October 2026 and were written on the morning of 24 October. Re-query for an updated year-to-date figure. ## 6. Sources | Institution | Dataset / release | Period | URL or endpoint | Accessed | |---|---|---|---|---| | Geostat | RPPI (2020 average=100), (previous quarter=100), (same quarter of previous year=100) | Q3 2025 – Q3 2026 | `POST https://pc-axis.geostat.ge/PXWeb/api/v1/en/Database/Price%20Statistics/Residential%20Property%20Price%20Index/.px/` | 24 Oct 2026 | | Geostat | "Residential Property Price Index — III quarter of 2026", published 23.10.2026 | Q3 2026 | [PDF](https://geostat.ge/media/83637/Residential-Property-Price-Index---III-quarter-of-2026.pdf) | 24 Oct 2026 | | NAPR | Register statistics, `chartSatisfyRegistration` (purchases; first registration of flat/unit) | 2023–2025, 2026 to 22 Oct | `GET https://napr.gov.ge/api/statistic/landreg` | 24 Oct 2026 | | Geostat | "Permissions granted for construction by regions (Declared data)", last update 30.07.2026 | 2024, 2025, Jan–Jun 2026 | [XLS](https://geostat.ge/media/81802/0503EN020101_Permissions.xls) | 24 Oct 2026 | | Geostat | Statistical release calendar | Oct 2026, Jan 2027 | [calendar](https://www.geostat.ge/en/calendar) | 24 Oct 2026 | | home.ss.ge | Tbilisi flat listings, via `scripts/ssge_prices.py` | — | `https://home.ss.ge/en/real-estate/l/Flat/...` | 24 Oct 2026 — **not gathered**, host behind a bot-protection challenge | QoQ is the change on the previous quarter; YoY the change on the same quarter a year earlier. No figure on this page was entered by hand.