With prices starting from just $33,300 including full finishing and furniture, Riviera Apart-Hotel is the perfect opportunity for smaller investors looking to benefit from the high yields that are currently available from purchasing property in Tbilisi.
Riviera Apart-Hotel will be part of an existing 16-storey building which is located on the banks of the River Mtkvari in the Didube area of the city. The developer has purchased the top two floors of the building in order to create an Apart-Hotel backed with a full hotel management service. With no other tall buildings in front of the project, front-facing apartments at the project benefit from glorious views over the river to the green hillside of Mtatsaminda Hill on the opposite side of the river. Located just 150m from Tsereteli Metro, this location offers quick and easy access to all parts of the city. It is also located just 150m from the Dinamo Stadium, so apartments here are sure to be in high demand whenever there are international matches played here.
Although the Apart-Hotel consists of just 18 apartments, there is still a good variety of apartments available, ranging in size from 22.2m2 up to a large 73.5m2 suite with a massive terrace. Prices here depend upon the floor and views, ranging from $1500 per m2 up to $1650 per m2. This means that the starting price here is just $33,300. Unlike the majority of apartments in Georgia, these prices including full finishing and furniture, which means that there are no additional costs here apart from the $20-80 fee to register the apartment at the Ministry of Justice once it has been completely paid for.
Another factor which makes Riviera Apart-Hotel unique is the fact that the project will be fully managed as an affordable hotel. A receptionist will be on-hand 24/7 to handle check-ins, check-outs and guests’ inquiries and the project also has a restaurant for the convenience of guests, offering breakfast, lunch and dinner on a large veranda which offers beautiful river views. The location also offers plenty of free on-site parking.
The management company takes care of all services and splits all revenues with owners of the apartment in a ratio of 60/40 in the owner’s favour. This is a totally ‘hands free’ investment where the monthly receipts will be deposited into a bank account of the owner’s choosing. With a room rate of just $35 per night (lower than the price of the average hotel room in Tbilisi today), forecast net revenues for apartments here are a minimum of 11% at 65% occupancy and 12.8% at 75% occupancy.
Completion of the Riviera Apart-Hotel is scheduled for June 2020 – just in time for next year’s high season. Buyers here have a choice of two different payment plans. One is 30% upon contract, with the remaining 70% spread in monthly installments throughout the remainder of the build. The second option is to pay 50% upon contract, with the remaining 50% upon completion of the rooms.
With such incredibly low starting prices at Riviera Apart-Hotel, the most affordable apartments here are sure to sell out very quickly, so buyers need to act quickly to secure one of them.
- 24/7 Reception
- 24/7 Security
- Children's Playground
- Close to Metro
- Concierge Service
- Mountain Views
- River Views
- Riverside Location
- Roof Terrace