Mira Verde at Tbilisi Hills: a Dubai developer building in Georgia

The project and the estate

Tbilisi Hills is a golf and residential estate in the green hills outside the capital, and it is the closest thing Georgia has to an internationally recognisable luxury address. The amenity list is the usual for this kind of product: an 18-hole golf course, luxury retail, panoramic city views, branded mansions, 24-hour security, restaurants.

Mira Verde's pitch is the balance — twenty minutes to an international airport, but secluded. That is a genuinely useful combination for the buyer this is aimed at: someone based elsewhere who wants a second home they can reach easily and lock up when they leave.

Fully furnished and branded is Mira's model across its portfolio, and it is the right model for this use case. A second home you visit four times a year should not require you to buy a sofa.

What Georgia offers

Georgia is unusually open to foreign property ownership: non-residents can buy residential property freehold with no permit and minimal restriction, the transaction process is fast, and the tax treatment on rental income is light by European standards.

It has also had a period of substantial inbound migration and investment from the region, which supported both rental demand and prices. The country is genuinely pleasant to spend time in and considerably cheaper than the Gulf on a running-cost basis.

The offset is the currency and the geopolitics. Georgian property is priced in local terms in a market exposed to regional instability, and both of those are risks that do not show up on a yield calculation.

The liquidity question again

Tbilisi's prime market is small. The pool of buyers for a branded villa on a golf estate outside the capital is measured in hundreds, not thousands, and a meaningful share of them are the same regional buyers who arrived in the last few years.

That concentration is the risk worth naming. When the buyer pool for an asset class is one demographic responding to one set of circumstances, a change in those circumstances removes the demand and the supply at the same time.

Which brings the same conclusion as Oman: buy it because you want to spend time there and can hold it for a decade. Do not buy it as a liquid store of value, because it is not one.

What to check

Title and registration. Georgia's public registry is efficient and searchable, and a proper title search is quick and cheap. Do it anyway.

The developer's delivery record specifically in Georgia, not in the UAE. A developer with a good Dubai track record is operating in a different regulatory and contracting environment here.

What "fully furnished" includes, itemised, and who replaces it when it wears out.

And the estate's service charge and management structure — a golf estate has substantial fixed costs, and in a small development they divide across few owners.