Avlabari Square is a project that is totally unique in Tbilisi.  The project occupies an enviable location in the popular and historic Avlabari district of the city – famous for the buildings that seem to cling to the top of the steep hillside above the River Mtkvari.  The location is so central that it is less than 600m from the start of Shardeni and the famous sulphur baths.  Holy Trinity Cathedral is just 400m from here. Closer still is Avlabari Metro Station – less than 200m from here – and then it’s just one stop to Liberty Square.  Such is the popularity of Avlabari with tourists that the location of Avlabari Square is ringed with dozens of boutique hotels and guest houses.

But it’s not just the location of Avlabari Square that makes this project so unique – it’s the concept.  Avlabari Square is a low-rise project consisting of 220 apartments spread among four seven-storey buildings, each with gabled roofs set around a large, 5100m2, piazza area.  The ground floor is double-height and is all commercial space.  The interior area of the project is planned as being filled with cafes, bars and restaurants – similar to the Wine Factory in Vera or a more upmarket version of Fabrika.  Despite its proximity to the city centre, Avlabari currently has relatively few upmarket bars, cafes and restaurants, so Avlabari Square is sure to become one of Tbilisi’s major leisure destinations upon completion.

In addition to the convenience of having a wide selection of bars, cafes and restaurants literally on your doorstep, Avlabari Square will also host a co-working centre, plus 24/7 security and a concierge service.  There will also be a 120 room hotel on the site – which shows how in-demand the apartments here will be from tourists.  Parking is also available for an additional price of $15,000 per space.  Maintenance fees for the project will be set at $0.80 per m2 per month.

Avlabari Square began construction in November 2019 and is scheduled for completion in September 2022.  There is a wide selection of different unit types to choose from here.  One-bedroom apartments start at 47m2 in size, going up to 86.1m2.  Those looking for a two-bedroom apartment have the widest range of sizes to choose from.  These start at 80.3m2, increasing to 117.6m2.  The vast majority of two-bedroom have space for two-bathrooms, one of which would be an en-suite to the master bedroom.  Those looking for larger sizes still can choose a three-bedroom duplex penthouse, which start at 187.1m2, going up to a massive 365m2 options.

Prices at Avlabari Square range from $1350 to $1750 per m2, depending upon floor, view and size of the apartment.  With the ground floor commercial units being 5.8m high, even the first floor of residential units is the equivalent of being on the third floor in similar developments.  All apartments at Avlabari Square will be delivered in ‘green frame’ condition, which means that buyers should allocate an additional $300 per m2 of the interior space for finishing.

Apartments at Avlabari Square will start being handed over for interior works from 15 June 2022, depending upon which building the apartment is located in.  Because the apartments are so close to completion now, there is no extended payment plan – buyers would need to pay 100% on contract.  For those that need financing, however, the project offers guaranteed mortgages for foreigners through TBC bank.  Buyers need to pay a total of 30% of the cost of the apartment on contract and can then take the remaining 70% as a loan over a maximum period of 10 years.

With Avlabari Square sure to be a destination location due to the attractions of the piazza area, plus the close proximity to the very centre of Tbilisi’s Old Town, Avlabari Square makes for an ideal investment.  Sales at Avlabari Square have already been rapid, so investors should act quickly in order to secure one of the best remaining apartments.

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