Now I have a potential co-investor and we are looking to buy one apartment in Tbilisi (or Batumi) under construction, wait until it is completed, and sell it for a profit (hopefully).
As I had done initial market research for some potential value deals in Tbilisi, I found this quite an interesting offer located in the city outskirts but meantime well connected to the rest of the city - Samgori Ecocity project by Meti developer company.
Invest in Tbilisi Real Estate - New Projects under construction
I held initial talks with the developers and was quite satisfied with the offered terms for apartments at Samgori Ecocity, Now was the right time to go and see all for myself. I was offered a $650 price per m2 - white frame. 0% interest monthly installments up to 20 months.
This morning I was in the gym when decided to shout out a message to Ralph, a German friend here in Tbilisi. I just didn't want to go alone but wanted to have good company. Also, we weren't met for some time. Ralph agreed, and in a couple of hours, we were wandering around in Samgori.
I didn't have many clues about Samgori, but of course, I knew about its existence, also that there is a subway line connecting this neighborhood to the city center, some shopping malls, a market, and a lot of car spare part markets. Also, the neighborhood is located pretty close to the Tbilisi international airport. Pretty much all of my knowledge.
Arriving on the site I was quite pleasantly surprised by what I saw - a solid residential building under construction, in the middle of .. construction site.
I took out my drone to make a quick overview of the building and surrounding area.
From the top it looked quite decent. just later I learned that Navtlugi market is located just behind the building which is quite nice if you prefer getting fresh veggies every day.
From my understanding in the past some factories have been located here, which makes the neighbourhood among the lowest priced for real estate. I see it as a big value actually.
As i'm looking for the top floor at this project, this is pretty much the view we could have if owning the property. In the future I hope infrastructure will develop and many, many more residential buildings will arise here.
After the initial inspection of the neighborhood and evaluation of the development project, we went for a little stroll in the neighborhood and dived into the Navtlugi market
I was hoping to find a nice cafeteria, we could sit enjoy a cup of cappuccino and talk, but didn't find such a place, instead, we enjoyed a cup of Turkish coffee in the Navtlugi market.
My thoughts are very positive about this real estate project and I hope to proceed with it in the short future.
Feel free to contact me via blog or Linkedin if you are interested in Tbilisi real estate investment
Samgori EcoCity updates: For the next chapter in this property story, see my December 2022 Samgori EcoCity update.
Interested in property or life in Georgia? For a serious question, partnership idea or something specific you would like to discuss, you can contact me here.
