Ortachala Resort is a unique opportunity for early-bird investors to purchase a property in one of Tbilisi’s landmark projects at rock-bottom prices – roughly half those of competing projects.
Ortachala Resort occupies a hillside location offering beautiful views of the city and covers a massive plot of 12 hectares. The project will, upon completion, consist of 23 low-rise and high-rise buildings spread across the plot, surrounded by green areas which contain a variety of features for the enjoyment of owners and tenants. The facilities will include a swimming pool, fitness centre, children’s playground areas, football and volleyball courts, plus cycling and walking paths shaded by imported trees. The final phase of the project will also include a kindergarten and school, together with a number of commercial outlets for totally self-contained living. You’ll hardly ever need to leave the site! However, due to the location of the project being located less than 2.5km from the historic heart of the city, those that do leave the site will be able to reach the centre in less than ten minutes by taxi.
Underground parking spaces are available for an additional cost of $8,000 to $10,000 per space
As is the case with the majority of projects this large, Ortachala Resort is being completed in phases. Sectors I, II, IV and VI comprise the first phase and are already under construction. Sectors IV and VI are scheduled for completion in December 2022, with Sectors I and II due for completion in December 2023. Phase Two is scheduled to start construction in mid 2023, with the entire project, plus all of the facilities, due to be fully completed during the course of 2027.
The fact that the project consists of such a large number of different buildings has allowed the architects to come up with a wide variety of different apartment sizes, ranging from the compact to the luxurious. One-bedroom apartments start at 43.6m2 and go up to around 60m2 in size. Two-bedroom apartments start at 59.6m2 and go up to over 80m2. Three-bedroom apartments start at 89.6m2 and increase to over 120m2. For those with large families, the project also offers a limited number of four-bedroom apartments of either 109.9m2 or 123.7m2. The vast majority of apartments have balconies. These feature a unique design where they can be closed off during the winter months in order to provide more internal space. There are first floor apartments available with their own private terrace/garden areas.
At the time of writing in January 2022, prices at Ortachala Resort start at an astonishingly low $920 per m2. These prices are for apartments delivered in ‘white frame’ condition, which means that they come with bare concrete walls, floors, ceilings, no bathrooms, etc. Buyers should budget paying an additional $280 per m2 in order to make the interior finishing of their apartments.
Unusually, Ortachala Resort does not offer payment by installments throughout the course of the build. This means that there is only one payment option for foreign buyers, which is to pay 100% upon contract, for which buyers will receive a discount of $20 per m2.
With a combination of low starting prices and small apartment sizes, together with the mortgage option, Ortachala Resort is the ideal first purchase for smaller investors looking for rapid capital appreciation and good rental returns once the project is complete. Due to the proximity of the location to the touristic centre of the city, plus the number of amenities at guests’ disposal, apartments on this project are expected to be exceptionally popular on the short-term rental market. Interested investors are strongly advise to act quickly, however, as prices are scheduled to increase rapidly and regularly throughout the construction period.
- 24/7 Security
- Basketball Court
- Children's Playground
- Fitness Centre
- Football Pitch
- Mountain Views
- Swimming Pool
- Volleyball Court