Old Tbilisi

About the neighbourhood

Old Tbilisi is the historic core: wooden houses with carved balconies, narrow streets climbing the hillside, the sulphur bathhouses of Abanotubani, and Narikala fortress looking down over all of it.

This is the centre of the city's tourism. The restaurants and cafés of Shardeni Street, Rike Park on the bank of the Kura, and the cable car up to the fortress are all within walking distance, and they bring a steady flow of visitors through the district year-round.

That changes the investment logic compared with Saburtalo: demand here rests on short-term tourist letting rather than long-term residential tenancy. The potential yield is higher, and so are the volatility and the management effort.

About the project

Building in a protected historic fabric is restricted, so new supply is thin. Most transactions are either renovations of older buildings or small projects on the edge of the historic area.

In a renovated building, inspect the structure, plumbing and wiring separately — a restored facade does not imply new services. What you get in return is ceiling height and architectural detail that no new-build offers.

Price and payment

Per-square-metre prices in Old Tbilisi vary widely and depend above all on the facade, the floor and the view. A unit looking at the fortress or the river can be worth considerably more than an identical one in the same building.

If the plan is short-term letting, put seasonal occupancy and management fees into the yield calculation, not just the nightly rate.