Unprecedented Growth in Demand for Residential Land in Tbilisi and the Surrounding Areas | Property Georgia

Unprecedented Growth in Demand for Residential Land in Tbilisi and the Surrounding Areas

Demand for residential land has always been high, but it has increased significantly in recent times. More and more people want to change their environment and live outside the city, in a quiet and ecologically clean place where they will have more space for their family. This trend became particularly evident in 2020-2021. According to the study published by Colliers Georgia this month, the number of registered transactions for residential land in Tbilisi and surrounding areas in the first half of 2021 was 822, which represents a 56% increase year-on-year:

“In terms of transactions, the leading locations are Tkhinvala, Tsavkisi and Tabakhmela. The number of transactions in each of these locations in 2021 was around 100. The area around Lisi Lake is as popular and in-demand as ever.”

Data collected by Property Georgia confirms that this section of the market is currently very active, and demand for land is significantly higher than several years ago. This applies especially to the land plots near Tbilisi.

Property Georgia spoke to the Lisi Topography project development consultant Nino Absandze about the current trends.

- Lisi Topography appeared on the market this year. How big is the interest towards this project in the light of the current trends?

- Lisi Topography has only been on the market for a few months, but it has already become a desired residential place in Tbilisi. We are offering people everything that they would normally look for outside the city – private homes that meet all the modern-day requirements in the shape of wider roads, parks, green space and urban infrastructure. The project’s main advantage is its proximity to Lisi Lake. Land sales are proceeding very well.

- What kind of people are looking to buy land in your project?

- Our project attracts people who have spent a lot of time looking for a place to build a private home. Living far away from the city, their workplace and their school was a big obstacle for them.

Most of our customers are looking to sell their property in the city centre and establish a permanent home for their family in Lisi Topography.

- What are the terms for purchasing a plot?

- Land plots are often sold for investment purposes. This is a smart decision, as the value of land near Lisi Lake has increased by 30% in the recent period, and this trend is certain to continue in the future.

For us it is important to sell the land for subsequent development and ensure that the settlement soon looks complete. Therefore, by purchasing a plot in Lisi Topography, buyers commit to building a house within a certain period of time. The exterior look of the building shall be agreed with the company.

- What are your future expectations regarding the demand for land?

- I believe that demand and prices will continue to grow. My advice to people who are thinking about swapping their apartment for a private house would be not to delay this decision. On our part, we are offering them flexible payment terms. Land plots can be paid for in instalments over a period of up to 29 months.

Lisi Topography is a western-style, modern private settlement that is fast becoming one of the most prestigious places to live in Tbilisi.


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