TOP INVESTMENT PROPERTIES | GEORGIA Spring 2022 International Edition
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WHAT IS THE POTENTIAL OF GEORGIAN REAL ESTATE ON THE INTERNATIONAL MAP? Real estate is usually regarded as one of the most resilient sectors for investment. This was once again highlighted during the pandemic. Recent statistics show that global demand for real estate, and residential properties in particular, has been growing rather than falling. What is happening in Georgia, and how does the country look on the international map? What can the modern Georgian projects offer foreign investors, and how attractive is our investment climate? Answers to these questions can be found in the TOP PROPERTIES GEORGIA digital catalogue. Focussing on international investors, we selected high-end real estate projects that are attractive in terms of return on investment. Let us look at a general example: high-end investment real estate in Georgia, which is attractive for foreign buyers, provides 15% annual return on investment, meaning that the cost of purchase can be recovered within 5-7 years. It is worth noting that the rapid growth of tourism in Georgia was accompanied by dynamic development of the investment apartment business, which was competing with hotels. Despite the sharp fall in visitor numbers due to the pandemic, there was persistent demand in this segment. In the current endemic period, demand for investment real estate is growing again. This means that prices are also on the rise. Investment properties are a business with annual income for the owners, but there is another important argument in their favour: the price for this type of real estate increases by more than 200% in the period between the start of construction and its completion (3-4 years). We should also not forget about the liberal investment environment in this country, which includes the following: • Registration of real estate ownership in approximately 15 minutes; • Annual return on investment of 13-15%; • 0% real estate tax; • Rental tax of only 5%; • Right to residence for non-residents purchasing real estate with a value of more than $100,000, including their family; • No restrictions on the purchase of real estate by non-residents. Another important factor to note is that property prices in Georgia are still quite low, but they are growing. Current forecasts show that real estate prices in Georgia will be equal to those in Eastern European countries in a few years. This sends a strong signal to potential buyers – now is the time to invest in Georgian real estate! The positioning of Georgian real estate on the international map is very important. A lot of work to this end is carried out by the national branch of the International Real Estate Federation – FIABCI-Georgia, which was established in 2019 at the initiative of the local real estate investment hub Property Georgia. In the process of recovering from the effects of the pandemic, the leading Georgian real estate players have achieved the most important goal: they have managed to adapt to the ‘new reality’ and create or improve digital platforms and other new services. Digitalisation of real estate remains one of the leading means of conducting activities on international markets. Digital, physical and hybrid activities all have their own roles in the process of achieving specific goals. TOP PROPERTIES GEORGIA presents real estate development projects that are currently under the radar of international investors. Learn more about them, make an investment and reap endless benefits!
LIKA KARDAVA FIABCI-Georgia President, Managing Partner of Property Georgia
KATE TABATADZE FIABCI-Georgia CEO, Managing Partner of Property Georgia
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TOP INVESTMENT PROPERTIES | GEORGIA
The idea of creating Alliance Centropolis was born before the pandemic. The $ 380 million investment project is located on the seaside of Batumi, 50 meters from the sea. It should be noted, that Alliance Centropolis will host the first WTC exhibition center in the region. It’s the largest association in the world, represented in more than 100 countries, thus, it unites up to 300 organizations, which will put Batumi next to the attractive cities for investment, such as: New York, Hong Kong, Dubai, Tokyo and Sydney. World Trade Center and exhibition space will be a mediator for businesses in the global marketplace, allowing any entrepreneur to present their product and to connect with interested people from around the world at the World Trade Center's large-scale events. In addition to sharing their business experience in this space, they will also have the opportunity to popularize their products and establish new business connections. The project consists of 3 blocks: Block A will host the 5-star Hyatt Centric Boulevard Batumi hotel of the international brand Hyatt, while the other two blocks will include investment apartments, an exclusive shopping and business center. Services Of Alliance Centropolis: Infrastructure of Alliance Centropolis: • 24/7 reception; • Local, 3-level underground parking; • Alliance Concierge and Butler; • Casino; • 24/7 Security and CCTV; • Luxury Restaurant, lobby and bar. • Exclusive room services; • Lounge; • Auto Services. • Indoor swimming pool; • Spa and Wellness center; • Fitness center; • Entertainment center; • Cinema; • Co-working space; • 10,000 sq.m. recreational area; • Alliance Centropolis Private Beach. In addition to its multifunctional features, Alliance's unique location, architectural aesthetics, and the World Trade Center in one establishment, promises stable, non-seasonal activity, which also contributes to its year-round occupancy. It substantially enhances the project's investment attractiveness and regional significance.
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TOP INVESTMENT PROPERTIES | GEORGIA Alliance Privilege is another multifunctional project by Alliance, which is located on the historic and world-renowned Batumi Boulevard. The initial cost of Alliance Privilege is 80$ Million Dollars and the construction of the project is set to be completed in 2023. The first 12 floors of the 54-storey multifunctional complex will host the world-famous 5-star hotel Marriott, while the other floors will include high-end investment apartments. The architectural niche of the project plays an important role in shaping Batumi lifestyle and investment culture. Due to the unique location of Alliance Privilege, remarkable sea and city views can be seen from all apartments. Infrastructure Of Alliance Privilege: • Local, 3-level underground Parking; • Casino; • Fitness Center; • Spa and Wellness Centre; • Swimming Pool; • Private beach of Alliance Privilege • Restaurant, lobby and bar; • Lounge. Services Of Alliance Privilege: • 24/7 reception; • Alliance Concierge and Butler; • 24/7 Security and CCTV; • Transport Services; • Exclusive room services; • Auto Services.
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TOP INVESTMENT PROPERTIES | GEORGIA Alliance Highline is a pure multifunctional complex, which is built in Tbilisi, particularly, in Vake. Like other projects of the Alliance, location is one of the most distinctive features of the Alliance Highline. The apartments offer views of the prestigious part of the city and the project is close to the surrounding recreational zones, which allows you to live in the center of Tbilisi, as well as, in an environmentally healthy area. The project’s initial investment is 75$ Million Dollars and is set to be completed in 2023. Created with unique architectural decisions, Alliance Highline is an important part of the modern urban aesthetics of Tbilisi. The project will consist of 3 blocks, Block C will host the world's largest international brand hotel - Wyndham Garden, and Blocks A and B will include high-end investment apartments. Similar to Alliance’s other multifunctional complexes, the project is handled by an international management company. Alliance Highline infrastructure and services are designed for a high standard and modern lifestyle. Infrastructure Of Alliance Highline: • Local, 4-level underground Parking; • Fitness Center; • Spa and Wellness Centre; • Swimming Pool; • Recreational zones; • Restaurant, lobby and bar; • Lounge. Services Of Alliance Highline: • 24/7 reception; • Alliance Concierge and Butler; • 24/7 Security and CCTV; • Transport Services; • Exclusive room services; • Auto Services.
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TOP INVESTMENT PROPERTIES | GEORGIA
DREAMLAND OASIS - is the first luxury residential complex in Georgia of such scale. Located on an area of 100.000 m2 in an ecologically clean subtropical zone, on the Black Sea coastline, just 9 km from Batumi. The closed territory of the complex combines the Dreamland Oasis hotel, 885 private apartments and more than 50 objects of its own operating infrastructure. 585 apartments completed. 300 apartments under construction.
Complex operating infrastructure for different ages includes: outdoor and indoor pools, modern water park, various bars and restaurants, children's entertainment playgrounds, own boulevard for walks along the coastline, bowling, game room, 3D, 7D, 9D cinemas, tennis courts, soccer field, basketball and volleyball playgrounds and much more. In 2024 is planned to complete the biggest SPA center in Georgia. Modern “TURN KEY" apartments are offered for purchase. "TURN KEY" means that they will be completely ready for living: with complete repairs, furnished, with appliances, with accessories and interior items.
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TOP INVESTMENT PROPERTIES | GEORGIA
Sales Office:
+995 577 07 99 70 +995 577 04 18 09 sales@dreamlandoasis.ge www.dreamland.ge www.dreamlandoasis.ge
Types of available apartments for sale: • Studio apartments • 1 bedroom apartments • 2 bedroom apartments MIN area 34m2, MAX area 120m2 All apartments offer beautiful views: panoramic views, sea, mountains, Batumi. The ground floor apartments have their own gardens. The cost of apartments “TURN KEY" from 1800$ per m2 Apartments in the Dreamland Oasis complex is not just an investment in real estate, it is a reliable way to generate additional income without your personal participation in management. By investing in Dreamland Oasis, you can sign an agreement with the Management Company, which will take over the management and operation of your apartment. Thus, you can live and relax in your apartment, and in your absence rent it and receive an average annual income of $ 11,000-12,000. At the same time, the management company provides a guarantee of the safety of your apartment and property located in it. Note: the cost of daily rent of an apartment in the Dreamland Oasis complex is 3-3.5 times higher than in the city of Batumi, this fact is explained by the presence of wide existing infrastructure, the status of the unique resort for families and the lack of analogues in the coastal zone.
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TOP INVESTMENT PROPERTIES | GEORGIA
Gumbati Group started positioning itself on the market as a construction company in 1998. Due to high standards of construction, it soon gained customer trust and is holding a leading position in this field to this day. The Gumbati Group has added real estate development as it’s new direction since 2005. The company continues to grow and develop, mastering related fields and offering customers a full package of modern services such as “Gumbati Design” and “Gumbati Art”. Company has built 500,000 sq.m. Commercial and Residential space. The Gumbati Group has received ISO certificate (9001-2015) in Quality Management. The "Gumbati Residence" project is being built in Gonio, in the first line of the shore, surrounded by contrasting mountain and sea views. The uniqueness of this project lies within the terrific location, modern architectural style, and highest quality of customer service. Some main perks of the complex are an outdoor pool, lounge, indoor restaurant, fitness and spa centers, open-air cinema, casino, and 2-storey underground parking. The 12-storey aparthotel comprises 103 apartments of different sizes. All apartments have magnificent panoramic sea views. The apartments are handed over in fully renovated condition with furniture and appliances. After the completion of the project, the complex will be managed by a "managing company", which will provide management (rental) of the owner's apartments to receive passive income. The date of project completion and delivery of apartments: December 2023. For more information contact us: +995 555 100 100 welcome@gumbatigroup.ge
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TOP INVESTMENT PROPERTIES | GEORGIA
„Mziuri Gardens“ is a new unique project on the Black Sea coast, in the health resort of Makhinjauri, located just a few meters from the sea, on the territory of the former sanatorium. MRMU International is a Georgian-British venture capital company that makes strategic investments in the country's economy. A unique infrastructural project such as „Mziuri Gardens„ has a worthy place in the company's portfolio. CROWNE PLAZA, a chain of 5 * international hotels, will be located in „Mziuri Gardens“ together with the apartments. In the process of project preparation, the peculiarities of the local landscape were taken into account as much as possible and the focus was on its preservation. That is why most of the area is dedicated to the recreation area and landscaping. The investment nature of „Mziuri Gardens“ is universal, it is practically a hybrid investment, because the customer becomes part of not only the apartment but also the unified business. „Mziuri Gardens“ is an unalternative investment project today in Adjara it can be said, in the real estate market of Georgia. „Mziuri Gardens“ is making the investment to restore and develop the former banlological resort of Makhinjauri and Adjara. The resort will be accessible to the residents of the complex, as well as to any international or local visitors. The date of project completion and delivery of apartments: 2023 May For more information contact us: +995 32 2 043 434 | 593 755 050 info@mziurigardens.ge
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TOP INVESTMENT PROPERTIES | GEORGIA
"Mtatsminda Panorama" is an exclusive and the most prestigious ongoing project on the Georgian residential property market, located in the central and historic part of Tbilisi. The project is being executed by KTW Development and meets all modern standards and requirements. Bespoke design solutions and the exceptional attention to every detail, create a perfect mix of space, natural light and luxury. Project is a unique with its delightful views, where in the 360-degree panorama is placed old Tbilisi and Mtatsminda mountain. The project includes: • Underground parking; • Commercial and office space; • Green, well-maintained yard; • Children's attractions; • 24-hour security solutions, including video surveillance system and security personnel. One of the main advantages of "Mtatsminda Panorama" is its location. It is being built on Mtatsminda, in the central and ecologically clean part of Tbilisi, at 500 meters above sea level. Thanks to convenient location, you will have main infrastructural points nearby: • 100 m. to Rustaveli-Mtatsminda ropeway station; • 500 m. to the lower station of the funicular tram; • 400 m. to Rustaveli Avenue; • 1.4 k. to Freedom Square. Contact information: 13-17 tarieli str., Tbilisi (032) 223 77 00 | (+995) 598 02 00 22 sales@ktw.ge MTATSMINDA PANORAMA
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TOP INVESTMENT PROPERTIES | GEORGIA
The 40-storey multifunctional complex PANORAMA is located on the first coastline of the Black Sea. The project has a variety of multifunctional spaces, from recreational to entertainment and professional spaces, ideal for any occasion.
PANORAMA will provide:
• 5 star hotel • International apartment rental management company • Lobby & Reception • Business lounge • Restaurants and bars • Sky bar on the 40th floor • Outdoor pool, spa and fitness center • Casino • Entertainment centers • Aboveground and underground parking spots • Commercial spaces ** The project will be handed over fully furnished, renovated and fully equipped with household technology and necessities ** The apartments will meet international standards and contemporary style; ** The complex is connected by pedestrian crossings to a 3-level pier with bars and restaurants.
Payment Conditions:
• Minimum down payment; • Internal, interest-free installment up to 44 months. Project construction stage: Active Project Completion Date: December 25, 2025 PANORAMA - Create your future today! www.towergroup.ge +995 422 22 22 22 sales@towergroup.ge
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TOP INVESTMENT PROPERTIES | GEORGIA
NEXT GROUP YOUR INVESTMENT
IN A LUXURY LIFESTYLE
514 111 111 www.nextgroup.ge Development company Next Group builds 5-star Residences in partnership with international brands - Wyndham and Radisson. We design an exclusive, ambitious and reliable investment environment in Batumi, the first line of the seaside.
Next Group is offering an actual opportunity to partner with international brands. With Next Group you can become the owner of a branded apartment in a 5-star hotel and earn a steady income while our team takes full care of your property.
6 ONGOING PROJECTS - INVESTMENT SUM OF 350 MILLION
WYNDHAM RESIDENCE your 5-star residence at the coast of the Black Sea HIGHEST RETURNS - Annual return up to 15% Services & Facilities In collaboration with international brands - Wyndham and Radisson, Next Group creates the first most demanded investment product in Georgia offering 5-star services in compliance with international standards.
Services: Private beach Casino Open swimming pool Fitness center Panoramic restaurant Conference hall
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TOP INVESTMENT PROPERTIES | GEORGIA Project advantages
ECO-VILLAGE TABAKHMELA
Unique concept – it’s one of its kind in Georgia with such content Authentic design – Each villa with all public spaces attached have exceptional design Green zone and unique climate – High level of oxygen in the air and coniferous forest nearby Unique views – Panoramic views of the city, Kazbegi mountain, forest and hills around Location – 30 minutes from freedom squere, with 3 main roads from 3 different areas of the city and 2 secondary roads to Shavnabada forest and Kumisi lake Neighborhood with similar values – People who respect themselves, nature and people around, thinking about future Eco and high quality building materials with energyefficient solutions – Certified eco building materials produced in the factories working on renewable energy sources, solar panels for each villa and integrated approach of energyefficiency Private yards and public spaces – Yards from 500 sq.m and 6000 sq.m public spaces with all necessary infrastructure Security and safety – Project will be guarded by security police on 24/7 basis, with smart CCTV and fire protection/detection/alarm system Design and Construction – Design and Construction is done using best international practice and methodology by ISO 9001:2015 certified construction company Maintenance and Operation – Project will be operated and maintained after completion to maintain infrastructure and cleanliness Profitability of the investment – Based on the survey of the adjacent area and other projects, alike real estate prices are rising from 35 to 50% annually. By purchasing villa at the early stage of the project in one year period estimated profit is from 60 to 80 percent, due to lack of availability on the market. Also, average monthly rent for long-term contracts is projected as 2500 USD and 3500 USD for short-term rent. Based on the Airbnb statistics average daily rent rate for similar villas is 155 USD.
Project concept
Project is located at 1100 m from sea level. Local climate supports immune system and allows to ease breathing. According to historical sources Tabakhmela was royal summer residence of King Tamar and royal estates of Orbeliani family. In summer temperature is 8-10 C lower than in Tbilisi. In our project you will see spaces with exceptional architecture built with eco materials, in neighborhood of interesting people, at unique climate zone. Project consists from 30 villas, where aesthetics and modern technological solutions gives opportunity to live in harmony with nature. Each villa has its own yard, with beautiful panoramic views of the city and Kazbegi mountain. You will have access to 6000 sq.m public space exclusively developed for villa owners where you will find sports venues, allseason pool, walking and cycling trails, playgrounds, co-working spaces and bio greenhouse, where you even can plant and gather fruits and vegetables. Also, space dedicated to events with huge terrace, both for work and relax activities, with open air cinema. As an evidence of green and eco concept, only 12% of whole area of 27000 sq.m will be used for construction footprint.
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Prices and Project delivery
There are 3 main options of villas: 160 sq.m, 210 sq.m and 250sq.m. Prices are starting from 426,000 USD for green shell condition, including solar panels. Construction of Villas in Green Shell condition will be finished till 31.12.22, all infrastructure and renovation works will be finished till 30.06.23.
Investment opportunity
Investment from 1,000,000 USD Period: 2 years Annual ROI: 10% Profit in case of becoming investing partner of the project: from 30% sales@idevelopment.ge
+995591649111
www.idevelopment.ge | www.ecovillage.com.ge
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TOP INVESTMENT PROPERTIES | GEORGIA
TOP INVESTMENT PROPERTIES | GEORGIA
RESIDENTIAL MARKET OVERVIEW
In recent years the residential real estate market in Tbilisi is quite healthy and active. The market has absorbed around 90% of newly-supplied flats. The restrictions caused by the pandemic have a short-term effect and the absorption rate in 2021 returns to previous trends.
ABSORPTION OF NEWLY-BUILT RESIDENTIAL APARTMENTS ON THE PRIMARY MARKET, 2015-2021
2015
2016
Completion
2018
2020
Number of Transactions
16,611
15,451
15,542
2019
108%
13,345
83%
16,010
80%
19,341
12,500
2017
17,610
96%
18,340
94%
13,325
9,935
67%
11,524
5,919
11,524
51%
2021
Absorption
SOURCE: TAS.GE, NAPR, COLLIERS GEORGIA
The demand for investment real estate is quite high in both Tbilisi and Batumi. The demand for small-sized flats (with the size below 70 sq m) has increased by 19% in 2021 in contrast with 2019 and by 35% in comparison with 2020. It is worth mentioning that in terms of investment Batumi residential real estate market is more attractive for foreigners. In recent years, the share of non-residents in the number of transactions of residential/non-residential properties in Batumi varies between 20-22%, while in Tbilisi the figure features 5-7%.
NUMBER OF TRANSACTIONS OF SMALL-SIZED FLATS IN TBILISI (BELOW 70 SQ M) 14,314
2019
12,633
2020
17,069
2021
SOURCE: NAPR, COLLIERS GEORGIA
In Tbilisi and Batumi, the yield (the annual income from renting/total price) on residential flats varies between 7%-10%. The variation depends on the type (newly-built/old) and the location of the flats (suburbs/centre). At the beginning of 2022, significant activities are observable in Tbilisi residential real estate market. In the first quarter (Q1) of 2022, the number of transactions registered on newly built and old flats substantially exceeded pre-pandemic and last year’s levels. The demand for residential apartments amounted to 9,458 transactions, growing by 30% in contrast with Q1 2019, while the figure increased by 21% compared to the same period in 2021. The number of transactions in new projects stood at 6,392, exceeding 2019 levels by 37%, while the figure for old flats increased by 17% up to 3,066 units. NUMBER OF TRANSACTIONS BY TYPES
Q1 2019
Q1 2020 Q1 2021
Q1 2022
4,682 4,928
2,523 5,318
2,475 6,392 3,066
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New Projects
Mar-20
Old Projects
Mar-21 Mar-22
SOURCE: NAPR, COLLIERS GEORGIA
924
968
900
886
699
725
721
756
517
538
558
600
2019
2020
2021
2022
Suburbs
Inner City
City Centre
SOURCE: NAPR, COLLIERS GEORGIA
THE WEIGHTED AVERAGE PRICE OF OLD FLATS (USD, SQ M) 827
824
618
642
648
528
533
554
798
2019
Suburbs
2020
Inner City
2021
866
668
585
2022
City Centre
SOURCE: NAPR, COLLIERS GEORGIA
March 2022 was even more active for Tbilisi residential real estate market. The number of transactions registered on both new and old flats amounted to 3,713 units, increasing by 45% compared to the same period in 2019 while exceeding last year’s level by 20%. In contrast with March 2019, the number of registered new flat transactions grew by 57%, amounting to 2,523 units. The figure for old flats increased by 26%, up to 1,190 transactions. NUMBER OF TRANSACTIONS BY TYPES Mar-19
2,611
THE WEIGHTED AVERAGE PRICE OF NEW FLATS (USD, SQ M)
The analysis of districts shows that in terms of new projects a substantial increase is recorded in Samgori +69% (1,372 transactions), Didube +52% (492 transactions) and Didi Dighomi/Dighomi +39% (1,381 transactions). As for the old flats, significant growth is observed in Vake +44% (137 transactions), Didube +41% (236 transactions) and Saburtalo +30% (548 transactions). In terms of selling prices, a distinct picture is observable in three different areas of Tbilisi - (1) Suburbs including Gldani, Samgori, Didi Dighomi/Dighomi, Tskneti, Ponichala, Didgori, Nadzaladevi (2) Inner-city Chughureti, Bagebi, Isani, Didube, Krtsanisi (3) City centre - Vake, Mtatsminda, Saburtalo. In the first quarter of 2022, the weighted average price of newly built flats in the suburbs of Tbilisi stood at USD 600 per sq m, reflecting 16% growth compared to Q1 2019. In the city centre and inner-city, the figure amounted to USD 968 and USD 756 per sq m, increasing by 5% and 8%, respectively. As for the old flats, the weighted average selling price of suburbs has increased by 11%, up to USD 585 per sq m. While in the city centre and inner-city the figure amounted to USD 866 and 668 per sq m, growing by 9% and 8%.
1,606
New Projects
947
1,508
809 2,030
1,057 2,523
Old Projects
1,190
SOURCE: NAPR, COLLIERS GEORGIA
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TOP INVESTMENT PROPERTIES | GEORGIA
Segmental analysis of new flats shows that in the first quarter of 2022 a substantial growth is observable in the premium segment. Unlike Economy and Medium segments, the number of transactions recorded on premium apartments amounted to 300 units, exceeding pre-pandemic levels by 93%. In the previous years, on average 800 premium flats were sold in Tbilisi during the year. In 2020 the figure reduced to 540 units. However, in 2021 considerable improvement was observed and at the beginning of 2022 the same tendency was maintained. It should be noted that in 2021, Axis Towers, M2 Hippodrome and King David were the leaders in terms of sales of premium apartments. In the first quarter of 2022, most premium flats were sold in Axis Towers. As of the first quarter of 2022, there was no significant change in the weighted average price in the premium segment. The figure stood at USD 1,510 per sq m, reflecting a 2% decrease compared to the same period in 2019. As for the economy and medium segments, in the first quarter of 2022, the number of transactions equalled 4,747 and 1,344, growing by 27% and 71%, respectively. The weighted average prices for the economy and medium segments stood at USD 594 and USD 955 per sq m, increasing by 9% and 1% in comparison with the first quarter of 2019. NUMBER OF TRANSACTIONS BY SEGMENTS 3,940
3,740
1344
809
786 156
Q1 2019
Economy
4,747
4,464
301
710 179
144
Q1 2020
Q1 2021
Medium
Q1 2022
Premium SOURCE: NAPR, COLLIERS GEORGIA
It is worth mentioning that an upward trend in prices should mainly be attributed to the growing costs for construction materials, as well as increased capital expenditures caused by implemented regulations (changes in Resolution N41). We think that the growing tendency in prices is expected to continue in the short term, which will be further affected by the effects of the Russia-Ukraine War.
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TOP INVESTMENT PROPERTIES GEORGIA Spring 2022 International Edition