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Mortgage Apartments in Tbilisi
Tbilisi stands out as one of Georgia’s most picturesque and dynamically developing cities, attracting not just tourists but also investors. Its blend of rich history, cultural diversity, and modern amenities makes it a unique place for living and investing. The real estate market in Tbilisi offers a wide range of properties to suit various needs and budgets, from ancient homes in historic districts to modern residential complexes with cutting-edge facilities.
In recent years, the Georgian government has taken active steps to attract foreign real estate investments by simplifying property acquisition procedures for foreigners. This approach, combined with well-developed infrastructure, quality of life, and relatively low property prices compared to other European capitals, makes Tbilisi an appealing destination for both personal residence and rental investments.
Pros and cons of buying an apartment on mortgage
| Pros | Cons |
| + Accessibility of housing: A mortgage allows you to purchase a home now, without waiting to save the full amount. | - Long-term commitment: A mortgage imposes long-term financial commitments, binding the buyer for many years. |
| + Investment in property: Rather than renting, where money “goes nowhere,” monthly mortgage payments are invested in acquiring property. | - Interest on mortgage: The amount paid in interest over the life of the mortgage can significantly increase the total cost of the property. |
| + Foreigner-friendly: In Georgia, the conditions for issuing mortgages to residents and non-residents are practically the same. | - Risk of foreclosure: If you fail to keep up with mortgage payments, there is a risk of losing the property to the bank. |
How to choose a mortgage in Tbilisi?
- Assess your financial capability: It's crucial to realistically evaluate your budget by calculating the size of the down payment and the monthly payment you can afford.
- Research the market: Compare mortgage lending terms across various banks in Tbilisi.
- Interest rate: Pay attention to the interest rates offered by the banks.
- Loan term: Consider how long you are willing to commit to a mortgage. A longer loan term reduces the monthly payment but increases the total amount paid in interest.
- Additional requirements and insurance: Some banks may require additional guarantees or co-signers. It’s important to consider such requirements when choosing.
How to choose an apartment for a mortgage purchase in Tbilisi?
Firstly, determine your needs and preferences: number of rooms, desired neighborhood, available infrastructure, and access to transportation. Also, consider the future potential of the area in terms of development and property value increase.
Pay attention to the age of the building, the legal clarity of the property, and the history of the developer. Assessing the quality of construction, materials used, engineering systems, and the overall condition of the building and surrounding area is also crucial. It is highly recommended to visit the property in person to assess all aspects thoroughly.
To simplify the process of choosing and comparing different real estate options, utilize Korter.ge, which offers a comprehensive catalog of properties in Tbilisi with detailed descriptions, photos, and pricing. Korter.ge allows you to easily filter searches by various parameters such as price, area, and number of rooms, significantly saving time and simplifying the process of finding the ideal apartment.
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Prices for new buildings in Tbilisi areas
| Isani | from $1,623 per m2 |
| Chugureti | from $1,868 per m2 |
| Nadzaladevi | from $1,350 per m2 |
| Mtatsminda | from $2,432 per m2 |
| Vake | from $2,206 per m2 |
| Didube | from $1,446 per m2 |
| Krtsanisi | from $1,769 per m2 |
| Saburtalo | from $1,661 per m2 |
| Samgori | from $1,188 per m2 |
| Gldani | from $1,169 per m2 |
Prices for apartments in Tbilisi areas
| Isani | from $26,000 |
| Chugureti | from $26,000 |
| Nadzaladevi | from $35,615 |
| Mtatsminda | from $35,000 |
| Vake | from $1,000 |
| Didube | from $39,000 |
| Krtsanisi | from $26,441 |
| Saburtalo | from $20,619 |
| Samgori | from $28,200 |
| Gldani | from $24,225 |
Prices for new buildings in other cities
| Tsavkisi | from $1,350 per m2 |
| Mtskheta | from $2,442 per m2 |
| Rustavi | from $923 per m2 |
| Manglisi | from $1,000 per m2 |
| Bazaleti | from $919 per m2 |
| Telavi | from $796 per m2 |
| Gori | from $779 per m2 |
| Gurjaani | from $3,535 per m2 |
| Gudauri | from $2,264 per m2 |
| Bakuriani | from $1,437 per m2 |
| Borjomi | from $1,044 per m2 |
| Kutaisi | from $1,065 per m2 |
| Kobuleti | from $1,859 per m2 |
| Shekvetili | from $1,783 per m2 |
| Ureki | from $1,278 per m2 |
| Chakvi | from $2,170 per m2 |
| Makhinjauri | from $1,704 per m2 |
| Zugdidi | from $971 per m2 |
| Poti | from $750 per m2 |
| Batumi | from $1,854 per m2 |
Prices for apartments in other cities
| Tsavkisi | from $486,000 |
| Mtskheta | from $520,000 |
| Rustavi | from $25,110 |
| Manglisi | from $49,000 |
| Bazaleti | from $31,500 |
| Telavi | from $24,720 |
| Gori | from $28,160 |
| Gurjaani | from $65,000 |
| Gudauri | from $36,000 |
| Bakuriani | from $19,760 |
| Borjomi | from $31,590 |
| Kutaisi | from $28,000 |
| Kobuleti | from $25,000 |
| Shekvetili | from $37,500 |
| Ureki | from $30,470 |
| Chakvi | from $23,270 |
| Makhinjauri | from $24,375 |
| Zugdidi | from $34,125 |
| Poti | from $35,000 |
| Batumi | from $75 |