Three investor strategies, worked end to end with the same math we publish everywhere else — anchored to rents we actually collect and transactions we actually closed. The first completed client case study is below. As more journeys complete, they replace these blueprints.
The investor: a private investor from the UK, recently relocated to Georgia and already a Tbilisi Home client.
What happened: a 10-room hotel arrived through an agent at €620,000. We traced the ownership, found the owner's real price of $480,000 and a foreclosure in progress, and reached the bank's recovery team on the day it repossessed the building. We closed at the bank's head office on Christmas Day, then structured the buyer so that $80,000 of VAT came back in cash. Six months later an independent appraisal valued the asset at $744,000.
Appraised value is an opinion of value, not a sale. Renovation since purchase is separate. Full method, sources and risks on the case study page.
The client: a Singapore-based company in the games industry, relocating about 75 employees from across Asia to Tbilisi.
What happened: one showing day with two minibuses and 23 apartments, re-planned on the spot when the team rejected Chugureti's older buildings for Saburtalo's newer ones. Over eight weeks we showed 126 apartments and signed 75 furnished one-year leases, each in the employee's own name, with 75 different owners. We then handled 310 support requests over the following year and found the company a 780 m² office. The company paid nothing for the housing search.
Rents are the 2025 rates agreed on these leases. Most employees renewed after the first year. Full method, sources and limits on the case study page.
The buyer: a foreign private buyer who wanted an apartment in Tbilisi and the right to stay beyond a visitor's year. Anonymized.
What happened: a shortlist of qualifying apartments prepared before arrival, the appraiser and notary booked in advance, purchase and registration in the buyer's own name, and a residence permit granted on the basis of that ownership, all inside one week of landing. Nothing about the process was unusual. Every piece was ready before the plane did.
Rules as published on our residency page, August 2026. One week is what preparation makes possible, not the norm.
The parties: a foreign owner living abroad who would not return to sell, and a foreign buyer in another country who would not fly in to buy. Both anonymized.
What happened: each gave a power of attorney to Tbilisi Home's founders, Jeff and Nino, signed at a notary in their own country and apostilled. One sale agreement went to both principals for written approval. The buyer paid the seller directly, bank to bank. The agreement was signed at a Tbilisi notary under both powers and the title registered in the buyer's own name. Neither party took a flight. No money passed through Tbilisi Home.
Powers of attorney followed the wording on our buyer and seller template pages.
"Generate monthly rental income." Buy at or below district-average price → furnish well → rent long-term → collect monthly. Blueprint 01.
"Build wealth over 5–10 years." Premium location → quality asset → patient hold → benefit from scarcity. Blueprint 02.
"Own property and establish a connection with Georgia." A $150,000+ qualifying purchase → renewable residence permit for the family → income while you decide. Runs through either blueprint.
The investor: international private buyer, ~$150k budget, wants stable income with zero local involvement — the property must work while they live abroad.
The strategy: a 2-bedroom near Saburtalo's metro and university corridor, bought near the district average, furnished to international-tenant standard, managed under our 8% full-management service.
Net: 95% occupancy, 8% management, 5% rental tax, maintenance reserve. Same engine as the calculator — run this exact scenario yourself.
The investor: $400k+ budget, thinks in decades not months. Yield matters less than owning a scarce, resellable asset with the best tenant pool in the city.
The strategy: high-floor quality stock in Vake — embassy district, international schools, executive tenants. Vake apartments appreciated +7.8% in the year to Q4 2025 (Geostat) while holding the city's deepest resale market.
Why it works: limited central supply · strong foreign demand · premium resale depth · $150k+ purchases carry residence-permit eligibility.
The investor: comfortable with a 3–6 month project in exchange for built-in equity. The Tbilisi edge: renovation costs a fraction of what the market pays for renovated product.
The strategy: older central apartment bought below district average → full renovation at 2026 contractor rates ($150–330/m²) → furnished → re-rented and revalued as modern stock.
Equity creation ≈$20–35k is a scenario, not a promise — it depends on buying below average and controlling the renovation. Both are precisely the work we manage.
The numeric anatomy of a value-add project. Photo documentation from our next completed renovation will live here — we'd rather show you real walls than stock images.
Bulk acquisitions typically price below unit-by-unit market value — the discount is the margin. Sourcing runs through owner-direct channels and developer relationships; see large-investor mandates.
We publish only real, attributed, specific quotes — collected with permission from clients we actually serve. No "great service!" filler. First quotes are being gathered now.
Sophisticated investors don't trust a market with no downside. Tbilisi has real risks — knowing them is how you price a deal correctly.
Prices rose citywide in 2025, but asking rents fell ~11% the same year (TBC Capital) as supply caught up post-2022. Yields compress when rent softens — our underwriting uses current rents, not peak-year rents.
No property is occupied forever. We model 95% occupancy (≈18 vacant days/year) as standard, and our management fee is charged only on collected rent — vacancy costs us too.
Property trades in USD but tenants often pay in GEL. The lari has been broadly stable in recent years, but currency movement affects converted returns — leases can be USD-denominated to reduce exposure.
Older stock needs a real reserve — we budget 1–1.5% of property value annually and show it in every projection. A calculator that ignores maintenance is lying to you.
Rules move: the residency-by-investment threshold rose from $100k to $150k in March 2026. We track changes and update this platform's published figures — check dates on every number.
Identify opportunities, analyze risks honestly, and build strategies aligned with each investor's goals — then operate the asset so the plan survives contact with reality.
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