Apartments at the Excavation Stage in Tbilisi: How Prices Have Grown Over the Past 5 Years and What’s Happening Now

Buying an apartment at the excavation stage in Tbilisi remains one of the most straightforward and effective investment strategies. The concept is simple: an investor enters a project at the very beginning, when prices are at their lowest, and exits at a later stage, benefiting from capital appreciation.

At the same time, the market has changed noticeably over the past few years. There was steady growth in 2020–2021, followed by a sharp surge in demand in 2022–2023. In 2024–2025, the market has become calmer, yet price growth for new developments in Tbilisi has not come to a complete stop.

In this article, we analyze how prices for apartments purchased at the excavation stage in Tbilisi have actually changed, present real figures for 2020–2025, and explain what conclusions investors should draw in 2025.

Why the Excavation Stage Delivers the Highest Price Growth

The main advantage of buying at the excavation stage is the low entry price. At the start of sales, developers seek to attract initial funding and therefore offer the most favorable terms. This is where the core growth potential is created.

From there, a cumulative effect takes place. As construction progresses, the project becomes more reliable. Buyers see tangible progress, trust in the developer increases, and demand grows. At the same time, construction risk decreases, and prices rise accordingly. That is why buying during construction in Georgia remains a logical strategy not only for experienced investors, but also for those entering the market for the first time.

This mechanism is particularly relevant for Tbilisi. The city continues to attract relocants, rental demand remains high, and high-quality projects in good locations are released to the market in limited supply. As a result, apartments purchased at early stages consistently appreciate as the project approaches completion.

Real Price Growth Cases: 2020–2025

Case 1. Saburtalo, Studio Apartment for Investment

In 2020, studio apartments at the excavation stage in Saburtalo could be purchased in the range of $900–1,000 per m². By the time these buildings were completed in 2023, prices in the same projects had reached $1,400–1,600 per m².

This represents an average increase of 45–60%. Such units were actively used for apartment resale in Tbilisi, both through assignment of rights and after property registration. Saburtalo remains in demand today thanks to its universities, offices, and stable rental market.

Case 2. Avlabari, One-Bedroom Apartment with a View (1+1)

Projects launched in Avlabari in 2021 entered the market at approximately $1,100–1,200 per m². Today, similar apartments are valued at $1,700–1,900 per m².

Growth here is driven by location, proximity to the city center, and tourist appeal. View apartments continue to sell faster than the market average, especially when the building is close to commissioning.

Case 3. Didi Digomi, Family-Oriented Apartment

In Digomi, entry prices in 2022 were around $750–850 per m². By 2025, prices had increased to $1,200–1,350 per m², again reflecting growth of approximately 45–60%.

An additional driver here is demand from families and tenants seeking more affordable districts with new developments and infrastructure.

It is important to note that price growth does not occur evenly month by month. The most significant jumps typically happen during active construction phases and at the moment the building is commissioned.

What Has Driven Price Growth the Most

Price growth occurs where several factors align simultaneously.

First, location. Central districts and developing areas with established infrastructure grow faster. Saburtalo, Avlabari, and certain parts of Digomi and Isani remain at the top of demand.

Second, unit format. Studios and 1+1 apartments continue to lead in liquidity, which directly impacts the profitability of new developments in Tbilisi, both for resale and rental.

The timing of entry is also critical. The first 10–20% of sales in a project usually offer the highest growth potential.

Equally important is the developer’s reputation. Buyers are willing to pay more for clear timelines, transparent contracts, and experienced companies.

Finally, macro factors continue to play a role: strong rental demand, limited supply in desirable areas, and sustained interest from foreign buyers.

All of these factors continue to shape the current real estate market in Tbilisi.

Where Growth Is Limited

The weakest price growth is typically seen in projects:
– located in inconvenient or remote areas with poor transport access;
– lacking infrastructure or offering only minimal amenities;
– experiencing extended construction timelines;
– developed by companies with questionable reputations.

When Is the Best Time to Exit a Project?

In practice, the most balanced option is selling via assignment at around 50–70% construction completion. At this stage, a significant portion of the price growth has already been realized, while risks are substantially lower than at the very beginning.

Selling after the building is commissioned reduces risks almost to zero, but part of the growth is already reflected in the price. This option is more often chosen by investors who plan to rent out the apartment and exit later.

In some cases, it makes sense not to sell immediately, but to generate rental income first. This approach is relevant if the market temporarily slows down or if the property demonstrates strong rental yields.

What Investors Should Consider in 2026 When Buying at the Excavation Stage

In 2026, buying apartments during the construction phase in Georgia will remain a viable strategy, but the market has become more selective. It is no longer enough to simply purchase a project at the excavation stage — it is essential to understand where you are investing and why.

Those who succeed today are investors who think not only about entry price, but also about who and how they will sell the property later. In addition, planning an exit strategy in advance is especially important. Some investors still buy without a clear understanding of whether the goal is resale, rental, or a hybrid approach. In practice, having a predefined strategy allows investors to stay calm amid market fluctuations and make informed decisions: to sell, rent, or wait for another growth phase.

The legal and financial aspects of the transaction also deserve special attention. In 2026, investors increasingly use installment plans, combine multiple units, and exit projects through assignment. Therefore, it is crucial to understand contract terms, potential fees, and exit rules from the outset.

Buying apartments at the excavation stage in Tbilisi remains a practical and effective investment tool today. With the right project selection and strategy, exiting a deal can be both fast and highly profitable. At the same time, it is important to consider not only the entry price, but also future liquidity, demand for a specific layout, and possible exit scenarios.

That is why investors are increasingly relying on analytics rather than promises. Careful project selection, timeline planning, and professional support make it possible to profit from market growth instead of being dependent on market volatility.

The BD Realty team helps analyze projects, assess growth potential, and support transactions at every stage — from entry at the excavation phase to exit from the project. Leave a request to receive a free consultation and a tailored selection of investment properties.