Ortachala City is a major new project which offers affordable apartments within easy walking distance of Old Tbilisi. It’s an ideal choice for anyone on a limited budget who wants to be in a central location. It is also an excellent option for smaller investors looking to profit from Tbilisi’s booming short-term rental market.
Ortachala shares many of the same benefits as Vake – the most exclusive (and expensive area of the city). Similar to Vake, Ortachala features tree-lined streets with a steep and beautiful hillside at its rear. Also similar to Vake is the fact that there are many embassies in the area, including the British, French and Japanese embassies. Here you will also find some of the best hospitals in the city. However, Ortachala has several advantages over Vake. Whereas Vake is quite far from Old Tbilisi, from Ortachala, it is less than 20 minutes’ walk to the sulfur baths and entertainment options of Old Tbilisi. Traffic in Ortachala is also mild, so you can reach the Old Town in less than five minutes by taxi.
The project consists of five different towers set around a central courtyard, which contains gardens and a children’s playground. There is also secure parking here for an additional cost of $6,000 per place. The towers vary in height from seven floors up to fifteen floors. Block 4 is the lowest of the floors, containing seven storeys and will be the first to complete – currently scheduled for December 2018. Block 5, with 15 storeys, will be the next to be finished, in March 2019. The final three blocks are scheduled to complete together in September 2019, at which point, the entire project will be finished.
The project is set up a hill in a generally low-rise part of Ortachala. This means that all apartments other than those on the lowest floors will have beautiful views to the green areas surrounding the project.
Apartments at Ortachala City come in a variety of sizes, from compact and affordable, up to more roomy units for long-term living. One-bedroom apartments range in size from 45m2 up to 62.2m2, while two-bedroom apartments start at 66.1m2 and go up to 91m2. There are no three-bedroom apartments in Block 4, but those looking for this size of apartment can find 108.5m2 apartments in Block 5 once it is complete in March 2019.
All apartments in Ortachala City are supplied on a ‘white frame’ basis. Buyers would need to add a minimum of $150 per m2 in order to purchase a finished apartment.
The payment terms for this project is 30% upon contract, with the remaining 70% spread throughout the remaining construction period, in either monthly or quarterly installments. So those who do not have all of their cash together would be advised to look at buying in one of the three blocks scheduled for completion in December 2019.
The project comes from a leading developer who have already successfully delivered several projects over the past few years. Their construction quality is high, using top-quality insulated concrete blocks to lower heating and cooling costs.
Although the first block at Ortachala Residence is still several months away from completion, the project is unusual in that the Cadastrial Codes for all apartments have already been allocated. This means that the project is ideal for anyone looking to buy primarily for obtaining Residence in Georgia. This means that, if buyers were to purchase one of the larger one-bedroom apartments or any of the two-bedroom apartments worth over $35,000 in ‘white frame’ condition and paid 100% of the purchase price on contract, they could immediately register the property and start the application process for obtaining Residence.
In addition to being an ideal choice for anyone looking to obtain Residence, the low starting prices here and close proximity to Old Tbilisi makes Ortachala City an ideal investment, with net yields of 15% achievable.
- Children's Playground
- Mountain Views