Over the past three years, the most popular location for investors buying with Tbilisi Property has been the Plekhanov/Chughureti area. Both projects that we had on offer in the area – Tsinamdzghrishvili 125 and Plekhanov Palace sold out within a few months of our offering it to our investor clients.
Our latest offer – Ninoshvili 64 – is located right between these two offers and so we are expecting equally strong sales of this project.
There are several reasons why this area has been so popular with our clients. The location is less than five minutes’ walk from Aghmashenebeli Avenue, which is one of the most popular areas of the city with visitors from the Gulf States because of the many cafes and restaurants catering for Middle Eastern tastes. The location is also very close to the Fabrika hostel and bar/restaurant complex. So popular is this area that the owners are in the process of building ‘Fabrika 2’ less than 50m from the location of Ninoshvili 64. This makes the area very popular with younger European buyers and tenants, plus ‘digital nomads’ from around the world. Ninoshvili 64 is also just five minutes’ walk from Station Square and ten minutes’ from Marjanishvili Metro.
Another major factor in the popularity of the area is that prices are very affordable considering how central the location is. Prices here are less than half the price of similar projects on the opposite side of the river – less than 15 minutes’ walk from here.
Ninoshvili 64 is a significantly larger and more prestigious project than our previous two offers in this area. In total, it will consist of 216 apartments across three buildings of five, six and seven floors which are adjacent to one another. The building was originally intended to be am apart-hotel and so is being finished to a very high standard, with the exteriors created from a mixture of styles including brick, wood and stone to give the project a highly distinctive look. The project has 3400m2 of common areas, which means that the project is set among beautiful gardens, which include a children’s playground area plus a sports stadium for basketball and five-a-side football. The amenities inside the building are five-star all the way, with beautiful lobby areas, 24/7 security and a concierge service. There are also roof gardens for communal use with stunning views over the Old Town Parking places are available here for $6,000 to $8,000 depending upon level.
The project was started in 2018 and the exterior of the building is already completed. Completion of the project is currently scheduled for May 2021.
Having been designed as an apart-hotel, the majority of apartments at Ninoshvili 64 are studios and one-bedroom apartments – with a wide range of options to choose from. The studios have 29 and 30m2 options with no balcony, or 33 to 35m2 sizes which have a balcony. Buyers looking for a one-bedroom option have an even wider selection of apartments to choose from, starting at 37m2, going up to 67m2 apartments with large balconies. Those looking for two-bedroom options can choose from apartments starting at 72m2, going up to a 132m2 option with a huge, 36m2 private balcony.
Prices at Ninoshvili 64 depend upon the size, the floor and the view. The starting price is $1030 for the lower floors looking into the courtyard, with the highest price being $1330 for the highest floors with the best views. These prices are for apartments delivered in ‘green frame’ condition, which means that they come with bare concrete walls, floors, ceilings, no bathrooms, etc. Buyers here should allocate an additional $150 per m2 for finishing ($175 per m2 for the studios and small one-bedroom apartments).
The payment plan at Ninoshvili 64 is 50% upon contract, with an additional 25% due in December 2020, with the final 25% only due once the project is completed in May 2021.
The rapid sales at other projects in this area shows that buyers should act quickly to secure the best options on this project.
- 24/7 Reception
- 24/7 Security
- Basketball Court
- Children's Playground
- Close to Metro
- Concierge Service
- Football Pitch
- Mountain Views
- River Views
- Roof Terrace