+12–15%
More people are buying. Tbilisi recorded ~18,000 apartment sales in Jan–May 2026, up double digits on last year. Demand is not the question in this market.
Live market data for Vake — Tbilisi's most prestigious district — re-anchored to fully-finished apartment prices, with Nino's notes on what each number means for buyers and investors.
The public listing portals blend very different products into a single average: black-frame and white-frame shells, green-frame and fully-finished apartments, developer stock and off-market deals. Mixing them understates what a move-in-ready apartment actually costs and sells for. Every price on this page has been re-anchored by Tbilisi Home to fully-finished apartments, using our own transaction experience in each area. The eight Vake–Saburtalo neighbourhood prices are our verified finished figures; the other district groups and the monthly charts are lifted by the same finished adjustment (about 1.34×) and should be read as indicative. Rents are shown unchanged — rental stock is already finished — so the yields here reflect the true return on a finished apartment, which is lower, and more honest, than a blended-listing calculation would suggest.
Whatever apartment type you pick above, you'll notice the same pattern: a finished Vake apartment costs roughly twice the Tbilisi average, but rents nowhere near twice as much. A finished 1-bedroom here sells for about $241,000 against the city's ~$110,000 — yet it still rents for around $700.
That's not a flaw in the numbers, it's the market telling you what Vake is for. You buy in Vake to park money in the district that sells fastest and falls last — embassies, the park, the university, and no land left to build on. You accept a ~3.5% rental yield instead of the 5–6% you'd get in outer districts, and in exchange you hold the asset every buyer in the city wants when it's time to resell.
So the first honest question I ask every client is: are you buying income or are you buying safety? If the answer is pure monthly income, Vake is probably not your district — and the rest of this page will show you why in the actual data.
Average asking sale prices across Tbilisi's district groups — with Vake itself pulled out so you can see what the prestige premium really costs. Data as of June 2026.
Look at the right-hand card. A finished Vake apartment runs about $3,240 per m² for a 2-bedroom; Vedzisi — a ten-minute walk uphill — is around $2,200, and Saburtalo $2,020. That gap is the "prestige ladder", and it works in your favour twice.
First, when Vake gets too expensive, buyers don't leave — they step one rung down to Vedzisi and Saburtalo, which drags those prices up behind Vake. Owning the top rung means the whole ladder supports your price. Second, if your budget doesn't reach Vake, the rungs just below it historically close the gap over time — that's where I look for value for clients priced out of Vake itself.
One practical warning: "Vake-Saburtalo" in listing portals is a wide zone. The group average (about $172,800 for a 2-bedroom) still includes cheaper edges like Didi Dighomi near $107,000. When someone advertises "Vake district" at a price that looks too good, check the actual address — it's usually the edge of the zone, not Vake.
Two years of average asking prices, split by building type — new buildings, old (Soviet-era and pre-2013) buildings, and apartments still under construction. Hover any month for the exact figures.
The quiet star is the old building. Look at the green line on the 2-bedroom chart: two years ago finished old apartments in Vake averaged around $2,400–2,560 per m²; in recent months they've been trading at $3,270–3,700 — closing most of the gap to new construction. Buyers have run out of new stock in Vake, so they're repricing the old stock. If you own an old Vake apartment, this is the repricing you've been waiting for. If you're buying one, know that the "cheap Vake entry ticket" is disappearing month by month.
New buildings barely moved — and that's normal here. The blue line has held a $3,130–3,700 per m² band for two years. Vake's new-build prices don't spike, because there's hardly any new supply to speculate on: construction permits in Tbilisi fell by about a third last year (TBC Capital), and almost none of that pipeline is in Vake. Flat prices with shrinking supply usually resolve upward, not downward.
The yellow line (under construction) sits above the blue one. In most of Tbilisi, buying off-plan is the discount route. In Vake it's often the opposite — on a finished-value basis recent under-construction 2-bedrooms sit around $4,100–5,000 per m², a premium over finished stock. Developers know a Vake address sells itself, so the classic "buy early, save 20%" logic barely applies here. Off-plan in Vake is about getting the layout and floor you want, not about a bargain.
And when a line jumps around wildly — read it calmly. Vake is a low-volume, high-value market: some months only a handful of, say, studios are listed, so one luxury listing can swing that month's average by 30%. The trend over 6–12 months is the signal; a single month's spike is usually just one expensive apartment. This is exactly why having a broker who knows the actual buildings matters more in Vake than anywhere else in the city.
Average asking monthly rents for the same two years. This is the income side of your investment — and it behaves very differently from the sale side.
Family-size apartments are the strong side of the rent market. 2-bedroom rents in new buildings have crept up from around $1,000 to $1,200+ a month, and 3-bedrooms from ~$1,350 to ~$1,600. Vake's tenants are embassy staff, corporate relocations and families paying for the school district — long contracts, low vacancy, little drama. Citywide rents actually fell about 6% over the last year (TBC Capital), while these held or grew. That resilience is what you're buying.
Studios are the weak side. Studio rents have drifted from the high-$600s down to the mid-$400s since the 2022–23 relocation wave unwound. A finished studio in Vake gives you the district's highest price per m² on the way in (~$3,700) and its softest rental demand on the way out — the tenant who wants a studio usually also wants Saburtalo's metro, not Vake's quiet streets. For pure Airbnb/studio strategies, I usually point clients elsewhere.
Run the yield math before you fall in love. At today's finished prices: a 1-bedroom bought at about $241,000 renting at $700 returns roughly 3.5% gross — before repairs, furniture, and empty months. The same money split across two apartments in Samgori or Didi Dighomi returns 6%+. Vake wins on capital safety and resale speed, not on monthly income. Decide which game you're playing before you buy, and the whole market makes sense.
Prices are one photo; the cycle is the whole film. Here are the three numbers I watch across the whole city, and what each one means in practice.
More people are buying. Tbilisi recorded ~18,000 apartment sales in Jan–May 2026, up double digits on last year. Demand is not the question in this market.
Far fewer permits are being issued. The area of new construction permits has been shrinking for 8 straight months. Today's demand is meeting tomorrow's smaller supply — that's the squeeze forming.
New builds are a shrinking slice of sales. Only ~1 in 9 apartments sold in May was a new build. The market is repricing existing stock — exactly what Vake's old-building chart above shows.
Put together: demand rising, new supply falling, prices grinding up 3–5% a year rather than spiking. That is a mid-cycle market with a supply squeeze building underneath it. In districts where nothing new can be built — and Vake is the clearest example — the squeeze does the work for the owner: every year of falling permits makes existing stock a little scarcer. The risk case to respect: Tbilisi's boom years were fuelled partly by migration waves that have normalised, and rents citywide are softening. That's why I'd rather own scarce, central and resellable than high-yield and replaceable right now.
Three investor profiles I meet every week — and my honest answer to each.
You want your money in something that won't evaporate, sells within weeks not months, and doesn't need daily management. A 1–2 bedroom in Vake — ideally an old building with renovation potential, the segment being repriced right now — is the classic move. Accept the ~3.5% yield as the price of safety.
You want growth and reasonable income. Look one rung down the ladder: Vedzisi, upper Saburtalo, Bagebi. You keep most of the location logic at finished prices around $2,000–2,200 per m², yields run closer to 4.5–5%, and Vake's overflow demand steadily pulls these areas up behind it.
You want maximum monthly income per dollar. Vake will disappoint you — especially studios. The same budget in Samgori, Didi Dighomi or Gldani buys 2–3 units at 6%+ gross yield. I'll tell you that to your face rather than sell you a prestige address that underperforms your goal.
Send me a listing — or your budget and goal — and I'll tell you what the data says about that exact building, street and price. No obligation, no pressure. That's what a broker is for.
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