Real estate in Georgia that is valued at millions
30 October, 2014
Real estate in Georgia that is valued at millions
Finding real estate to suit your needs is no longer a problem in today’s Georgia. There exist multitudes of webpages and agencies that offer apartments and private homes as well as office or commercial space. We have recently become interested in the most expensive living spaces available and addressed several real estate agencies to find out. After getting introduced to the field, we arrived at the conclusion that although real estate is the most expensive in Tbilisi, although other cities
aren’t far behind the capital – Kutaisi, Batumi and Black Sea coast in general are all quite pricy.


When living or office space is in good condition and well-equipped, one square meter of it can cost up to $2000-2500. Founder of one of the agencies, who asked to stay anonymous, said the following: “Currently we have several houses for sale that are priced at 3 million dollars; one of them is located in Krtsanisi. Its owner has been selling it for a long time, but the buyers are not exactly in a rush, because buying such expensive property is not an easy process. As my observations show, usually this kind of property is purchased either by foreigners or Georgians living abroad. In Georgia, you can count the number of people able to pay several million dollars for a house on your fingers”.
We also contacted Avtandil Gugeshashvili, founder and director of “Beruka LLC”, who openly talked on recent developments in the real estate business.
Avtandil Gugeshashvili: “Before the war in 2008, our real estate market was quite profitable and demand for more expensive homes was also high. But after the war, it all got worse. At this stage, our country is stagnating when it comes to selling real estate. Many people want to sell their stuff, but not many want to buy it, which makes matters quite complicated. Prices have grown in comparison to the previous year. Although it is hard to say what caused this, I suspect that it has something to do with both construction companies and homeowners raising their rates. As for expensive homes, they are divided in two categories – apartments that are part of apartment blocks and private homes, with their own yards and even farmsteads. As a rule, private homes cost far more. Then there are also buildings that aren’t homes, yet are quite expensive, such as hotels, factory buildings, plots of land – all these cost a fortune to obtain. And the price increases with size – the larger the area, the more expensive real estate is. Currently, real estate agencies have found some serious competition in webpages. Why would a buyer bother with an agency when he can do all his business on the internet? Homeowners place an ad on the webpage and potential buyers read everything they need there”
Kakha Mikaia, manager of “Relto LLC”, noted in a conversation with bpn.ge that plots of land or commercial space often end up costing far more than a home: “For example, currently there is a plot of land for sale in Poti, near the port, that costs $1 300 000. It includes a building and some installations. Another place where we have expensive real estate is Kakheti, where a large area costs up to $ 700 000. As for expensive homes, we have one for sale in Tbilisi’s Mtatsminda district. It is worth 2 million dollars. The same price tag is carried by an apartment in Vake district, which occupies an entire floor. Selling such expensive property is very hard; it takes a lot of effort to find a man who would seriously invest such an enormous sum of money into real estate.”
The situation is no less interesting when it comes to renting property. According to Tatia Zamtaradze, representative of “Tbilisi Rent LLC”, sometimes it is more expensive to rent an apartment rather than buy it. “Sometimes the rent ranges from $3000 to $5000, but that’s only for the best, most comfortable apartments that are usually found in Vake, Saburtalo, Sololaki, at Vera and Tbilisi’s central districts. These expensive apartments are usually rented by foreigners; sometimes businesses employing them cover the costs. Although it should be noted that demand for such expensive apartments is lower this year” – says Tatia.

Author: Khatuna Chigogidze
Print
Other Stories
Inovative and reliable online shop in Georgia - Momitane.ge
Status of Georgia as a business and tourism interesting country is growing from year to year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
Georgia second among the fastest growing tourist destinations in Europe
Georgia is among the fastest growing tourist destinations in Europe. The data is published by the UN World Tourism Organization.
Bitmain launches world digital mining summit in Tbilisi, Georgia
Bitmain CEO Jihan Wu and Roger Ver, CEO of Bitcoin.com Head Speaker List featuring Circle, DEX.top and Genesis Mining when Digital Mining Leaders Convene In Tbilisi on September 21-23
GAZELLE FINANCE GEORGIA AND TBC BANK HELP THE WESTERN REGIONAL CENTER OF MODERN MEDICAL TECHNOLOGIES EXPAND ACCESS TO QUALITY HEALTHCARE SERVICES IN KUTAISI, GEORGIA
TBC Bank and Gazelle Finance have teamed-up to support Medical City, a leading healthcare provider in the western region of Georgia to launch the Western Regional Center Of Modern Medical Technologies.
Equiavlent to buried treasure – resources that are underused in Georgia
For 2018 the IMF Commission has forecast an annual economic growth for the Georgian economy of about 5,5%.
Does the quality of Georgian wine increase and how the export affects it
If we look at the data collected about modern Georgian wine, we will find out that the Georgian wines produced between 2015-2017 are much better in terms of their quality and Oenologic features rather than the wines produced between 2009-2011.
Japan simplifies the visa requirements for Georgian citizens
Diplomatic and economic relations between Georgia and Japan are now moving to a new phase. Recently Japan has decided to simplify the visa requirements for Georgian citizens.
M&S (Marks and Spencer) and H&M collections to be produced in Georgia
Garments manufacturer MGMTEX will start production of the M&S and H&M trendy collections from this September.
The World Digital Mining Summit to be held in Georgia
The summit is scheduled to take place between 21st-23rd September in the Hualing Hotel, Tbilisi, Georgia.
Galt and Taggart - Tourism Boom Continues in Georgia
Tourism has become one of the key drivers for the Georgian economy. Galt and Taggart has recently published research about the Georgian tourism sector in the first half of 2018.
"The worst dream for Putin is that Russians want to live in Georgia"
This year, visitors to the Adjara region would notice that there is a boom in construction in and around Batumi.
Underground gas storage facility to be built in Georgia
KfW, a German government-owned development bank signed a EUR 150 million promotional loan with the state-owned Georgian Oil and Gas Corporation (GOGC) for the construction of the first underground gas storage facility in Georgia.
New gambling rules for Georgia
Georgian lawmakers are preparing a new draft law relating to online-casinos and gambling that will seek to curb gambling addiction in Georgia.
How expensive is it to visit Georgia?
The Georgian Lari (GEL) is the official currency of Georgia and is the only legal means of payment in the entire territory of Georgia.
Trade with the EU and the Commonwealth of Independent States (CIS) has grown significantly
Trade with the EU and the CIS has grown by 26% and 33.5 % respectively, says GeoStat, the Georgian National Statistics Office.
The unemployment rate decreases in Georgia
The unemployment rate decreased in Georgia by 1,9% and amounted to 12.1% in the 2nd quarter of 2018 compared with the previous quarter,
Memorandum of Understanding to be signed between Georgia and Malaysia
According to the Georgian Ambassador to Malaysia Nikoloz Apkhazava, Georgia plans to sign a Memorandum of Understanding (MoU) with Malaysia.
“Blauenstein Georgia” due to expand in Georgia
“Blauenstein Georgia” is planning to open more shops in Georgia. It is an agriculture company that sells meat products, meat and convenience food.
The amount of Direct Foreign Investment rises in Georgia
According to the information of the National Statistics Office of Georgia, the amount of direct foreign investment in Georgia has risen
It’s going to get  harder for foreigners to get residence permit in Georgia
It’s going to get harder for foreigners to get permit of residence in Georgia.
Mziuri Park in Tbilisi to be renovated soon
It was the dream of prominent Georgian writer Nodar Dumbadze that when the original Mziuri park was constructed and opened in 1892 that it should be a park for children,
PHOTO OF THE DAY
Exchange Rates
GEL Exchange Rate
Convertor
16.11.2018
17.11.2018
USD
1
USD
2.6818
2.6727
EUR
1
EUR
3.0299
3.0268
GBP
1
GBP
3.4332
3.4240
RUB
100
RUB
4.0185
4.0447
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6727
EUR
1
EUR
3.0268
GBP
1
GBP
3.4240
RUB
100
RUB
4.0447
November 2018
Mon Tue Wed Thu Fri Sat Sun
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30