Georgia’s residential real estate market continues to grow: in April 2026, apartment sales in Tbilisi and Batumi showed double-digit growth, and foreign buyers remain a key driver of demand, particularly on the Black Sea coast.
According to data from the Recov.ge platform, developed by Colliers Georgia, 3,603 apartment transactions were recorded in Tbilisi in April 2026, a 12.7% increase compared to the same month last year. The market’s total transaction value grew by 28.3% to reach $310 million.
Growth in the capital was recorded in both the primary and secondary markets. The number of transactions in new projects increased by 14.6% year-over-year, including a 10.7% increase in the primary market and a 20.4% increase in the secondary market for new construction. Transactions involving older apartments also rose—by 6.2%.
Prices in Tbilisi also continued to rise. In April, the weighted average price per square meter for new apartments rose by 10.2% in the suburbs, by 2.2% in the wider city center, and by 12.1% in the city center. Overall in Tbilisi, the price of primary market transactions increased by 11.2%, and in the secondary market by 11%.
At the same time, the capital’s market remains predominantly domestic. In April 2026, Georgian citizens continued to dominate among buyers in both older and new developments, while foreign buyers accounted for 10.7%.
In Batumi, the market is more dependent on foreign demand. In April 2026, 1,292 apartments were sold in the city, which is 12.3% more than a year earlier. The market’s total value grew by 27.4% to reach $85 million. For comparison, 1,165 apartments were sold in Batumi in April 2025, and 1,234 in April 2024.
The new-construction segment saw the most active growth. Sales of apartments in new projects increased by 12.3%, while transactions involving existing housing decreased by 5.4%. Growth in the primary market was 13.3%, and in the secondary market for modern projects, 11.6%.
The weighted average price per square meter in new buildings in Batumi rose by 11.3% year-over-year in April, reaching $1,351. Price growth was 15.2% in the primary market and 9.4% in the secondary market.
The main feature of Batumi remains the high share of foreign buyers. In April 2026, foreigners accounted for 47% of transactions involving both older and new apartments, as well as 90% of the total increase in the number of transactions. This means that foreign demand was the primary driver of the market’s acceleration.
According to Galt & Taggart data for the first quarter of 2026, the share of foreigners in the Batumi apartment market was even higher: Georgian citizens purchased 37% of apartments, while foreign buyers accounted for 63% of transactions. Buyers from European countries constituted the largest group, accounting for 18% of all sales. Another 16% of transactions were made by citizens of Ukraine, Russia, and Belarus. Buyers from Israel accounted for 10%, from Turkey—4%, from Arab countries—3%, and from other countries—about 12%.
This structure indicates that Batumi remains an investment market focused on external demand, short-term rentals, and the purchase of resort real estate. In contrast, Tbilisi remains primarily a residential market: according to TBC Capital, about 80% of purchases in the capital are for residential purposes, whereas in Batumi, about 85% of purchases are for investment purposes.
In the longer term, the Georgian market continues to normalize following the surge in 2022, when demand rose sharply due to migration flows. According to TBC Capital, in 2024–2025, demand growth slowed to 5.6–6.0% per year, and in 2026, the company forecasts residential real estate market growth of approximately 4.5%.
In 2025, according to TBC Capital, 78,500 real estate transactions were registered in Georgia, which is 6% more than the previous year. Of these, 49,200 transactions were in the secondary market, and another 29,300 were in the primary market. The average housing price in Tbilisi reached $1,312 per square meter, increasing by 4.1% over the year, while in Batumi it reached $1,395 per square meter, which is 16.5% higher than the previous year’s level.
Georgia remains attractive to foreign buyers due to its relatively low entry barrier, growing tourist traffic, straightforward transaction processes, and high rental yields compared to many European markets. However, rapid growth in supply, particularly in Batumi, and a gradual decline in rental yields may limit further price growth.
Effective March 1, 2026, Georgia also raised the minimum real estate investment threshold for obtaining a temporary residence permit to $150,000. This may shift demand toward more expensive properties and long-term investors, but at the same time reduce interest among some buyers focused on smaller apartments.
In 2025, 9,582 work permits were issued to foreign nationals and stateless persons, and 3,310 were revoked. Thus, 6,272 migrant workers remained in the country, accounting for 0.14% of the 4.5 million workers needed to fill the labor market, a well-informed government source told the Interfax-Ukraine news agency.
The State Employment Service also confirms the small share of foreigners in the domestic labor market. According to the agency’s statistics, prior to the full-scale invasion, employers received approximately 21,000 work permits for foreigners annually.
“After 2022, this figure decreased and has not yet reached pre-war levels. For example, 4,720 permits were issued in 2024, and 7,483 in 2025. This is more than half the number issued before the start of the full-scale war,” the Employment Service’s website states.
The State Migration Service provides slightly different statistics. As of December 31, 2025, there were 47,684 foreigners and stateless persons (temporary residents) registered in Ukraine. Of these, 8,440 temporary residence permits were issued for the first time in 2025.
However, all agencies agree that the share of foreigners in the domestic labor market is negligible. After all, when processing documents, aside from the employer’s consent, numerous issues arise regarding visas, SBU checks, residence permits, and other matters, which is why only a fraction of workers actually come to Ukraine.
Thus, despite labor migration, the labor market is increasingly feeling a shortage of workers.
“That is why it is now necessary to develop a new migration policy, taking as an example the legislation of countries that are successful in this regard, such as Canada, Australia, or Israel. Then there will be no speculation, and the problem of securing a workforce for Ukrainian businesses will be resolved,” the agency’s source emphasized.
Although, in his opinion, it is certainly best to focus on preserving the domestic labor force so that Ukrainians return from the EU rather than leave for it. And only after that, once we understand how many workers are lacking and in which sectors, should we attract foreign workers for specific projects, establishing rules for employer companies and ensuring oversight of them by the State Labor Service.
Foreign buyers have become the main driver of growth in Batumi’s residential real estate market: in April 2026, their share of apartment transactions reached 47%, approaching half of the total market. This confirms that Georgia’s largest Black Sea resort is increasingly transforming from a local housing market into an international investment hub.
According to data from the Recov.ge platform, 1,292 apartments were sold in Batumi in April 2026, which is 12.3% more than in April 2025, when 1,165 transactions were recorded. The total market volume for the month grew by 27.4% and reached $85 million.
This growth was accompanied by a noticeable increase in the price per square meter. The weighted average price in new Batumi developments rose by 11.3% year-over-year to $1,351 per square meter. Prices in the primary market rose by 15.2%, and in the secondary market by 9.4%. At the same time, demand is concentrated specifically in new and modern projects: sales in new developments rose by 12.3%, while interest in the existing housing stock declined by 5.4%.
The key driver of growth is foreign capital. Non-residents accounted for 90% of the net increase in the number of transactions in April. Leo Chikava, Head of Research and Data Analysis at Colliers Georgia, notes that the share of foreign buyers has remained stable in the range of 44–47% in recent months, and during certain periods, foreign buyers have already surpassed local buyers in terms of activity.
Batumi differs significantly from Tbilisi in terms of demand structure. In the Georgian capital, domestic buyers remain the main driving force of the market: according to Galt & Taggart, in a January survey of developers, Georgian buyers accounted for about 77% of primary sales in Tbilisi. In Batumi, the situation is reversed: foreign demand is much more significant, and the share of foreign buyers in the surveyed projects reached 52%.
Among the most active foreign buyers in Batumi are citizens of Israel, Russia, and EU countries, as well as buyers from Ukraine, Belarus, and other post-Soviet states. According to Global Property Guide, citing Galt & Taggart, in 2025, buyers from the EU and Israel each accounted for 13% of sales in the surveyed projects in Batumi, while buyers from Ukraine, Russia, and Belarus together accounted for 11%. The exact share of Ukrainians is not disclosed in this report.
In 2025, the Batumi market had already surpassed the $1 billion mark in total value of apartments sold, and the number of transactions reached 17,053, which is 14.7% more than the previous year.
For foreign buyers, Batumi remains attractive due to a combination of a relatively low entry price, its seaside location, a high proportion of new projects, rental potential, and a relatively lenient real estate purchase regime. Against this backdrop, the city competes not only with Tbilisi but also with resort markets in Turkey, Montenegro, Bulgaria, and Cyprus.
Bali authorities are tightening controls on foreigners by stepping up checks on compliance with visa regulations, residency rules, and employment laws on the island. The decision stems from a rise in violations by foreigners and the province’s shift toward a “quality tourism” model, under which authorities aim to attract affluent and law-abiding visitors rather than simply increasing overall tourist numbers.
Among the recorded violations, 2,026 cases led to the immediate revocation of residence permits and forced deportation. Another 1,323 foreign nationals were officially barred from entry and added to Indonesia’s long-term national blacklist. The remaining violators were sent to temporary detention centers or received substantial fines.
Bali’s immigration authorities have also launched a 24-hour hotline through which residents and businesses can report possible violations of immigration rules by foreigners. This includes, in particular, visa overstays, illegal employment, violations of stay conditions, and other activities not permitted under the type of visa.
Authorities are paying particular attention to foreigners who work or conduct commercial activities on tourist visas. The Indonesian Immigration Service has warned that even unpaid advertising or promotional activities may be considered a violation of visa regulations if they are effectively related to work or business promotion. Bloggers, influencers, and content creators have come under increased scrutiny.
Bali authorities are also preparing additional entry rules for foreigners. Starting in 2026, tourists may be screened for financial solvency, length of stay, and stated travel plans. Bali Governor Wayan Koster stated that one element of “quality tourism” could involve verifying tourists’ savings from the previous three months.
Bali remains one of Asia’s most popular tourist destinations, but mass tourism is straining the island’s infrastructure, housing market, transportation, and cultural sites. In recent years, local authorities have increasingly emphasized the need to protect traditions, public order, and the economic interests of local residents.
For foreigners, this means that travel to Bali is becoming more regulated. Tourists need to pay closer attention to their visa validity periods, refrain from working without the appropriate permit, observe local rules of conduct, and be prepared for stricter checks of documents and the purpose of their stay.
Tighter controls are also significant for the real estate and relocation markets. Bali remains a popular destination for remote workers, entrepreneurs, and long-term renters; however, the authorities are sending a clear signal: residency on the island must correspond to visa status, and attempts to use a tourist visa for actual work or business may result in fines, deportation, and a ban on entry.
In April 2026, foreign buyers accounted for 649 real estate transactions in Cyprus, or 40.3% of the total number of registered sales, according to the Cyprus Mail, citing data from the Cyprus Department of Lands and Surveys. A year earlier, foreigners accounted for 552 transactions, or 39.3% of the market.
A total of 1,611 real estate sales were registered in Cyprus in April, which is 15% more than in April 2025. From January to April 2026, total sales rose by 14% to 6,320 transactions, compared to 5,541 during the same period last year. Sales to foreigners over the four-month period increased to 2,693 transactions from 2,223 a year earlier.
According to data from the Cyprus Department of Lands and Surveys, among the registered sales contracts involving foreigners in April, 197 properties were purchased by buyers from EU countries and 452 by buyers from non-EU countries. For January–April, the figure stood at 872 properties for EU citizens and 1,821 properties for buyers from third countries.
Paphos remains the most active region in terms of foreign demand. In April, 84 properties were registered there with contracts from EU buyers and 141 properties from non-EU buyers. In Limassol, the figures were 33 and 151 properties, respectively; in Larnaca, 37 and 98; in Nicosia, 29 and 40; and in Famagusta, 14 and 22.
In long-term statistics, the British, Russians, Greeks, and Israelis lead among the largest foreign buyers of real estate in Cyprus. According to data submitted by the Cypriot Ministry of Interior to parliament and published by Open4Business, foreign buyers purchased more than 37,000 properties between 2021 and 2024. The United Kingdom ranked first with approximately 11,800 properties, Russia second with about 4,900, Greece third with about 4,700, Israel fourth with 3,900, and Lebanon fifth with 2,100 properties.
Ukrainians are also among the notable buyers of Cypriot real estate. In the 2021–2024 ranking, Ukraine is listed in 9th place among buyer countries, with Ukrainian buyers being particularly prominent in Limassol and Paphos. Exact quantitative data on Ukrainians is not disclosed in the published summary.
Recent data by nationality for the period from September 2024 to September 2025 confirms the dominance of British, Russian, Israeli, and Greek buyers. In Larnaca, Israelis were the largest group with 850 transactions, followed by Lebanese with 723 and British with 302. In Limassol, Russians led with 846 transactions, followed by Israelis with 571 and Greeks with 261. In Paphos, the British took first place with 890 transactions, followed by Israelis with 683 and Russians with 327.
The growth in foreign demand is intensifying the debate in Cyprus over housing affordability and the rules governing property purchases by third-country nationals.
In April 2026, foreign citizens purchased 1,516 residential properties in Turkey, which is 1.1% less than in the same month last year, according to data from the Turkish Statistical Institute (TurkStat).
Foreign buyers accounted for 1.2% of total housing sales in Turkey. Meanwhile, the country’s overall housing market grew in April: according to TÜİK, 126,808 homes and apartments were sold in Turkey, a 2.6% increase compared to April 2025. From January to April 2026, total housing sales amounted to 476,204 units, an increase of 0.5% year-over-year.
Against this backdrop, foreign demand remains weaker than the domestic market. In the first four months of 2026, foreigners purchased 5,681 properties in Turkey, which is 11.6% less than in January–April 2025. Russian citizens remained the largest foreign buyers of Turkish real estate in April. They purchased 263 properties, which is nearly 15% more than in March. However, on an annual basis, their demand is still lower: in April 2025, Russian citizens purchased 276 properties.
Chinese citizens took second place among foreign buyers in April with 110 transactions, while Iranian citizens took third with 100 transactions. These three countries made up the official top three largest buyers according to TÜİK data.
The demand structure reflects a shift in the foreign segment. Russian buyers remain in first place, but their activity is already significantly lower than the peaks of 2022–2023, when demand was fueled by relocation, sanctions, currency risks, and interest in obtaining residency permits through real estate.
At the same time, buyers from Asia, primarily China, are becoming more prominent in the statistics, which may reflect broader investment interest in the Turkish market.
Ukrainian citizens did not rank among the top three largest foreign buyers in April 2026, so their specific numbers are not listed in the TÜİK brief release. For comparison, in April 2025, Ukrainians ranked third among foreign buyers and purchased 120 residential properties in Turkey.
In 2025, Ukrainians remained one of the most significant groups of foreign buyers of Turkish real estate. At the end of the year, citizens of Russia, Iran, and Ukraine were named among the three largest groups of home buyers in Turkey.
For Ukrainian buyers, Turkey remains an important real estate market for residential purposes, relocation, rental, and investment. However, the overall decline in foreign buyer activity indicates that the factors driving demand in previous years—residence permits, citizenship by investment, currency hedging, and relocation demand—no longer have the same impact.
In Turkey’s domestic market in April, activity was driven primarily by local buyers. Sales of new homes rose by 9.6% to 40,306 units, while sales of existing homes fell slightly—by 0.3%—to 86,502 units.
Thus, the Turkish real estate market showed two distinct trends in April: domestic sales are growing, while foreign demand continues to decline. Russians remain the largest group of foreign buyers, but their activity no longer appears frenzied. Ukrainians, who were previously among the leaders, did not make it into the top 3 in April 2026, which may indicate more cautious buyer behavior or a shift in demand toward other markets.
