Georgia’s Tourism Revenues to Reach $5 Billion in 2026 — Galt & Taggart Forecast

Analysts Expect Record Growth and a Shift Toward a More “Premium” Tourism Model

Analysts at the investment company Galt & Taggart have raised their forecast for Georgia’s tourism revenues in 2026 from $4.9 billion to $5 billion, which would mark a new historical high for the country. The expectations are based on steady growth in tourist flows and structural changes in demand, shifting toward a more affluent segment from the EU, Israel, and Asian countries. Total visits are expected to reach 6.1 million.

Tourism Revenues in Georgia in 2025

By the end of 2025, international tourism revenues in Georgia exceeded $4.69 billion, up 6% compared to 2024, according to the National Bank of Georgia. In a longer-term perspective, the current level of revenues is almost nine times higher than the COVID low of 2020, when revenues fell to $541.7 million.

The largest contribution traditionally came from the third quarter, which generated $1.66 billion. Around $1.1 billion was recorded in April–June, and $1.05 billion in October–December. The lowest volume was in January–March, at $826 million, although even this figure exceeded the same period in all previous years. These record results have consolidated tourism as one of the key sources of foreign currency inflows for the Georgian economy.

Revenue Structure by Country

Russia remained the largest source of tourism revenues, at around $694 million. Turkey ranked second with $605.9 million. Israel took third place, showing one of the highest growth rates — up 34.3% year-on-year to $586.3 million.

A significant contribution was also made by Azerbaijan ($223.3 million) and Armenia ($169.5 million), with growth of 32.5% and 7.7% respectively. Georgia’s Ministry of Economy and Sustainable Development also отмечает growth in revenues from tourists from the European Union — up 15.6% to $660.4 million — as well as from Saudi Arabia, up 15.8% to $141.3 million. Positive dynamics have also been recorded across a number of other markets.

Earlier, the National Tourism Administration reported that the total number of visits to the country in 2025 exceeded 7.8 million, which is 5.9% higher than in 2024. The regional structure for the year shows Europe’s dominance, with 6.86 million trips. Asia-Pacific countries accounted for 512,737 visits, the Middle East for 232,626. The figure for the Americas increased by 11.1% to 78,043 trips.

Hotel Sector

Galt & Taggart analysts note that positive dynamics persist in Georgia’s hotel segment. In Tbilisi, average occupancy increased from 48% in the fourth quarter of 2024 to 58% in the same period of 2025. The average room rate rose from $84 to $87. In Batumi, occupancy increased from 46% to 50%, with an average nightly rate of around $75.

Vice President of McInerney Hospitality International Maia Tsereteli previously stated that the summer tourist season was one of the most successful in recent years: in some periods, hotel occupancy in Batumi reached 90–100%. In September, the rate remained at around 80%, exceeding market expectations. According to her, strong demand for holidays in Adjara persists not only during the peak summer season but also in the off-season, with active bookings already being recorded for all months, including winter.

Conclusion

Analysts at International Investment link the extension of the tourist season to improvements in infrastructure, higher service quality, and an increase in the number of direct flights. These factors help maintain high hotel occupancy not only in summer but throughout the year. Additional support comes from the development of the luxury hotel segment, which is becoming increasingly popular among affluent travelers and investors.

One of the most notable projects in this segment is being developed in the resort area of Gonio, where the branded hotel complex Wyndham Grand Batumi Gonio is under construction. Such properties create a more sustainable income model by reducing seasonality and targeting international demand. As a result, hotel real estate investment projects become less dependent on summer peaks and gain the potential for stable year-round occupancy, which is especially important for medium- and long-term strategies.