There are a few good developers who are reliable and build high-quality projects. There are many more developers in town who do not build to the same standards.
The risk you run when you purchase a development that is under construction is that there can be significant construction delays, or the development could simply run out of money and never be finished.
The advantages of buying property in Tbilisi in a new development are that you have some control over the layout and the finishes so you can make the place fit your needs and style. You may also get a discount if you are one of the first people to buy in a new development project.
Developers do not typically post their prices online. Why? Because they want you to call them or register on their websites. One of the reasons they do this (but not the only reason) is so they can avoid paying a buyer’s agent you may be working with.
If you directly call a developer instead of having your agent call first, they will try to cut the agent out of the deal. The purchase price will always be the same to you in the end, but they are trying to save the 1-3% commission they usually offer agents who send clients to them.
There is no financial savings to YOU by purchasing in a new development without using an agent, only a savings to the developer. Agents will help you navigate the process and serve as an intermediary between you and the developer. It is always a good idea to enlist the help of a reputable real estate company when buying new development properties. They are free to you, so why not?
Top Real Estate Developers In Tbilisi
There are lots of different developers who build & sell flats in new residential estates in Tbilisi. Let’s take a look at the most famous and trustworthy companies of them.
Archi
This developer has built residential estates from 2008 and promotes its branding very seriously. Right now, one of its towers is shown in almost every second episode of the most famous Georgian tv-show, My Wife’s Girlfriends.
“If you want to live in a house with a swimming pool, a training hall, a courtyard with a stadium, playgrounds, a kindergarten and a school, remember that Archi can provide all of this”, – writes Archi on its website.
Archi has 19 completed projects and 16 under construction in Tbilisi and one completed residential estate in Batumi. Prices vary from $550 to $2300 per square meter.
Alliance+ Ltd.
In 2005, the newly established Alliance+ Ltd. began building a modern residential estate in Batumi – a revolutionary project in Georgia at the time.
From 2008, the company worked under a different name but switched back to its old name in 2015.
The Alliance Group has built more than 20 residential estates and apartment-hotels with approximately 5000 apartments and over one million square meters of living space.
Alliance Group will finish its current project in Batumi in 2021 where right now prices start from $2200 per square meter. As for their finished flats, the minimal price per square meter is $1100.
M2
Another significant player in the real estate market in Georgia is m2. It was established in 2006 by JSC Bank of Georgia and doesn’t have very many projects. However, lots of people dream of living in one of their flats in Tbilisi.
The main goal of m2 is to create a better quality of life in Georgia and ensure that they are associated with comfort and modern living standards.
Right now m2 has available flats in 3 projects in Tbilisi. In the Hippodrome project the median price per square meter is $1198 and in Kazbegi project is $1124.
Dirsi
Dirsi is the largest residential complex in Georgia, built according to the city-within-a-city concept, located on the Kura River. Dirsi consists of 20 comfortable high-rise apartment buildings with 16 to 26 floors. The buildings were constructed using monolithic-frame technology while the seismic stability reaches 9 points on the scale of Richter.
Real estate development company AS Group Investment commissioned the Dirsi project in early 2017. The company was founded in 2003 and combines several enterprises to carry out a full cycle of work: from the production of building materials to the delivery of finished residential objects. The activities of the developer are not limited to Georgia as the company is also active in Russia and Azerbaijan.
Axis
The AXIS TOWERS project implementation is the result of the partnership between “Axis” and the “Georgian Co-investment Fund”.
Axis was established in 1998. The company has completed 12 projects since then. These projects are distinguished by their scope, diversity, innovative approaches, modern architecture and high quality. The mission of Axis is to create the product that will introduce totally new standards and requirements for today’s lifestyle in Georgia.
The Georgian Co-Investment Fund is a US$6 B private investment fund, with the mandate to provide investors with unique access through a private equity structure to opportunities in Georgia’s fastest growing industries and sectors. Established in 2013, the Fund has allocated capital for investments in the following sectors and industries: Energy and Infrastructure, Hospitality and Real Estate, Manufacturing, Agriculture and Logistics.
Domus Development
The company Domus was founded in 2006. In their flats, in Tbilisi, they create a cozy environment for full comfort. They have really nice projects in Vake and near the old hippodrome. The prices vary from $1100 to $2600 per square meter.
To sum up, these are just a few of the biggest names in development in Georgia. However, there are also other famous developers in Georgia, such as Sky Development, Lisi Development, and others. All with different styles, missions, and pricing.
If you have any questions about development companies and their projects, contact our experienced agent in the field of newly constructed and under construction buildings .