Tbilisi

Tbilisi is the highest-yielding capital city in CASABROVA's coverage: 8–12% STR and 8–9% LTR at roughly $1,000–1,300/m² (≈ €900–1,200/m²) entry. These numbers are real — driven by a large influx of international relocators since 2022, a booming digital nomad scene, and Georgia's visa-free policy for 95+ nationalities. The city has transformed from a backpacker curiosity into a genuine expat hub with Airbnb demand that rivals European capitals at a fraction of the cost.

STR is completely unregulated — no licensing, no caps, no registration requirements. This is both the opportunity and the risk: low barriers mean high competition, and the government could introduce regulation at any time. Year-over-year appreciation of 8% in Tbilisi and 6% in Batumi shows the market is still in expansion phase.

The lari (GEL) is a Tier 3 currency with real volatility — a 10-15% depreciation is possible in a single year, which can erase yield gains for foreign investors. The economy is small, tourism-dependent, and regionally exposed. Property rights are strong for the region but untested under stress. Tbilisi is for investors who want maximum yield, accept emerging-market risk, and plan to manage actively. It is not a passive investment.