Astoria is a beautiful tower project which started construction in early 2018 and is scheduled for completion in May 2020. For a buyer looking for an affordable apartment with beautiful views and an excellent payment plan, Astoria is a great choice.
Astoria is a 19-storey tower development, with two floors of offices at its base, located just to the east of the River Mtkvari on the borders of Isani and Ortachala. As a result of its excellent location and attractive pricing, the majority of apartments at Astoria are already sold out. The remaining units are all located on the highest floors – the 14th through to the 19th. Due to this fact, all of the remaining apartments have beautiful views. One side of the tower has beautiful views across the river towards Tbilisi Old Town, while others look over the river to the green hillsides above Ortachala.
In addition to the stunning views, other facilities offered to owners here include 24-hour security and a private garden area with a children’s playground located on top of the two floors of commercial property. Next door to the project is the famous Astoria restaurant, which has excellent Georgian food at affordable prices Underground parking is also available for an additional cost of $6,000 for clients who would like to pay in installments.
In total, Astoria will contain 119 apartments, with just seven apartments per floor. Due to strong sales, four out of the seven different sizes and layouts of apartments are already sold. Remaining are one-bedroom apartments of either 43m2 or 63m2, or two-bedroom apartments of 75m2.
Prices per m2 here depend both upon the floor that the apartment is located on plus the sizes. The 43m2 apartments have the lowest prices, ranging from $665 per m2 up to $705 per m2. The 63m2 apartments range from $675 per m2 up to $715 per m2, while the 75m2 apartments range from $725 per m2 up to $755 per m2. All of these prices are for apartments delivered to ‘white frame’ standard, which means that buyers need to add an additional $150 per m2 for the finishing.
Astoria is the perfect project for anyone who does not have all of their finances ready immediately. Unlike the majority of projects in Georgia which require a 30% contract payment, with the remaining 70% spread across the remainder of the build in equal monthly installments, at Astoria, after the 30% contract payment, there is nothing more to pay until construction completes in May 2020, at which point the remaining 70% becomes payable.
The excellent location and beautiful views also make Astoria a good project for anyone looking for a good rental income as well. With the project being located just ten minutes’ by taxi from the heart of Tbilisi’s Old Town, apartments here are suitable for renting to tourists on a short term basis. With a daily rate of just $34 in the summer (less than the average across all of Tbilisi) and $29 per day in the winter, we’re forecasting an annual net yield on this project of 12.45% for the 43m2 apartments.
With only four of the most affordable 43m2 apartments remaining on the project, buyers need to act quickly if they would like to secure one of them.
- 24/7 Security
- Children's Playground
- Mountain Views
- River Views
- Riverside Location