TBILISI REAL ESTATE EXPANSION: EMERGENCY BRIEFING 🚨‼️
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- čas přidán 19. 11. 2022
- Is Tbilisi's Real Estate Market in a Bubble territory? If that's what's going on then when will it burst? In this video I will address the many questions I've been getting the past few months in regards to tbilisi real estate.
Website www.sterling.ge
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Tell me in the comments if you liked this video and what other kinds of videos you would like to see.
Thanks for the gifted insights, and good to see you back.
Thanks Jack!
Hi Mr.sannani how r u? Love the way u present ur points.
Thanks
Hi sanan,I'll arrive Tbilisi next week and I'll contact you then.
Sure please reach out via www.sterling.ge
Hey Sanan... great insight, your enthusiasm makes so much difference.
Two questions...
1. The GEL has greatly appreciated over the USD in the last year, is that affecting the dollar value of the property ?
2. The mortgage rates have almost trippled, should we not expect a price decline next year ?
Yes property prices have increased by 20-30%
Mortgage rates have increased only by 1% in both EUR and USD. It’s now 5-6.5% EUR and 7-8% USD.
Nobody knows if the prices will continue to go higher or if it will drop. But whichever way it goes it’s likely to be only by 5-15% growth/decline
@@SananSanani how much do apartments cost monthly maintenance fees? $ do you know? and how much do you guys charge for renovations?
Thank you for the interesting video Sanan. Can you please explain terms ‘white frame’ and ‘green frame means’, and difference between the two? It seems to be particular to Tbilisi apartments.
www.sterling.ge/black-white-and-green-frame-condition-apartments-and-their-comparisons/
@@SananSanani once again, very useful information for us newbies to Tbilisi:
@@SananSananiAnother related question. Understand demand and prices have been on the rise but….Could you please provide a ballpark figure per square metre for centrally located apartments (Vake, Vera, Sololaki etc…) suitable for expats.
Difference between white and green frame apartments would have to be at least $500/sqm to justify cost of design and renovation?
Nice video :)
You don't do anymore short term rentals by Airbnb or other platforms? Only long term now personal or for your customers? I'm planing buying a small Appartment first to check out the market maybe like 20-30k and then more and then let it manage by your team. :)
I haven't done airbnb rentals since 2018-2019 so this must mean you are a Day 1 Subscriber :) Good to see you back. We are only doing long term rentals for me and my clients properties for a number of reasons. We still however manage long term rentals for our clients and will gladly manage yours as well. Cheers.
@@SananSanani ah okay then I misunderstood something I just assumed it because of the smartlock etc what you think should be the minimum size of an Appartment?
@@patrick1992 our clients 40sqm apartment which was purchased for $50k is rented at $700 per month.
I was in Montenegro mid year and there was similar dynamic with Russian and Ukrainian expats. Longer term rental demand for quality 1BR apartments in good coastal locations at €/$700, higher return than Airbnb and less hassle. Main difference though, apartment prices a lot more than double the price you refer to above. I imagine the quality of expat/digital nomad/tourists are the same. Food for thought.
Great info! One question what's the best websites to view property listings in Georgia? perhaps you could make a video on your favourites. Cheers
myhome.ge
ss.ge
Thanks. Take that for now, I’ll make a video navigating on it when I have time.
@@SananSanani perfect, thanks so much 🙌
Hi Sanan nice video, what's your view on alliance highline tower C Wyndham grand project is it worth investment when market is at peak point?
I have seen your email, I will respond to you there.
Interested in your thoughts on whether it is better from a tax perspective to own real estate in Tbilisi in individual name or a Georgian LLC as a foreigner?
I’ve made a video on this: czcams.com/video/ULcYNBEIRqI/video.html
How close are bank valuations today to the purchase price? & is 10%roi still the target (to cover finance & other costs)?
Pretty close. I wouldn’t pay more than the banks evaluation. I aim for 5-20% less than the banks evaluation.
ROI is now 8-10% for a finished product, you could still get 12-14% if you buy a black/white frame below market value and renovate it.
My question is what's the minimum amount to buy an appartment. Can I begin with 50k or 60k. Or should it be higher.
Hey Oscar $50-60k should be enough to start
Thanks for the answer. If God wills I hope I will meet u once I'm ready.
How much does it cost on average to go from white frame to fully furnished nowadays?
Somewhere around $450-650 per sqm for a turn key apartment up to international standards, the size of the apartment and number of rooms also play a factor in the price per sqm.
@@SananSanani I guess renovation costs have also doubled compared to pre COVID-19.
Thanks!
@@SananSanani If you purchase an apartment in an apartment building (under construction), do you automatically become an owner of the proportional part of the land on which the building exists!
Does this need to be addressed in the prepurchase/purchase agreement?
@@sbadrawi2011a it depends on the developer. Usually you become a partial owner of the shared land and then there’s votes or it’s a powerless entity with the developer calling the shots. You’ll know from the pre purchase agreement usually.
@@SananSanani I agree with you as I have noticed that with big projects where there are facilities/services involved then the developer is calling the shots and it is clearly stated in the prepurchase agreement.
However, with small regular constructions I have never seen that matter addressed and hence the question. Someone told me that it is not mentioned because it is automatic according to Geirgian law!
Hi i am Interested in buying rental property in Tbilisi. I am from India. Need your advice.
Are you currently in TBS?
@@SananSanani I am in Kakheti right now.
@@rajbirsinghwarraich1020 Visit the hub co working space during the week and ask for me at the reception