In Georgia, the majority of new apartments are sold in what is known as ‘white frame’ basis. This means that they come with bare concrete walls, floors, ceilings, no bathroom, etc. It costs around $150 to $160 per m2 of the interior of the apartment, not including the balcony as there is no work necessary on balconies. The exact price depends on the size of the apartment; larger apartments cost less per m2 than smaller apartments as there are greater economies of scale.
At Tbilisi Property, we have a skilled team of tradesmen working exclusively for us who have already successfully finished dozens of apartments. For a one-bedroom apartment, it typically takes around six weeks to make the finishing.
The finishing includes all walls, floors, ceilings, plus a full bathroom. It includes radiators and a gas-fired boiler plus air-conditioning units. What is not included, however, is a fully-fitted kitchen and appliances and all movable furniture. The extra costs involved here are an additional $1,000 for the fitted kitchen and appliances, plus $5,000 for all additional furniture. Not only does this include all of the major items of furniture (e.g. bed, wardrobes, sofas, etc.), but also all of the smaller items necessary for someone to start living in the apartment – items such as a change of bed linen, cutlery, cooking utensils, etc.
All furniture is specially curated by our in-house interior designer to ensure that all items match perfectly.
So what does a fully finished apartment look like with all of the finishing and furniture in place? Below are pictures of an apartment that was finished for a client who bought in the Krtsanisi Twins project (which has been our best-seller for investor clients).
One of the advantages of buying an apartment in ‘white frame’ condition and having our team look after the finishing and furnishing is that you get to choose the look of our apartment. Generally a simple clean and minimal design is best for apartments that are going onto the rental market – no one has ever complained that white walls look ugly! However, if you are looking to live in the apartment yourself and have specific ideas as to how you would like it to look, then we can accommodate all of your requests. If you are looking for Italian marble floors and gold-plated toilets, however, then the price is likely to be quite a bit higher than $150 per m2!
Another advantage of having us professionally design, finish and furnish your apartment is the added value that you receive from the service. Such modern apartments rent for substantially higher prices than is the case with apartments that are finished and furnished by amateurs. The other advantage is the capital appreciation that comes once the apartment is ready for living. You can expect a capital increase in the range of 15% once the apartment is completely key ready.
Have you bought a ‘white frame’ apartment from an agent other than us? We can still arrange the finishing and furnishing for you. Please contact us today for us to view your property and give you a quotation.