Georgia's President Mikheil Saakashvili conceded defeat on Tuesday for his United National Movement (UNM party) in the country's parliamentary elections, adding his party would go into opposition.

"As the leader of the United National Movement, I declare our party will go into opposition," he said in a special address, acknowledging the victory of the opposition Georgian Dream in the October 1 polls.

"For me there were fundamental unacceptable views held by the Georgian Dream coalition," he said. "There are big differences between us. And we consider its views are completely false. But democracy works that way, so the majority of the Georgian people have decided this, and we respect their choice," he added.