Tbilisi · Batumi
Georgian property that works for you
Ushba Capital sources, buys and manages apartments in Tbilisi and Batumi for private investors.
Why Georgia
A growing economy and steady rental demand
The market has moved from rapid growth to stabilisation: average price growth is forecast at 3–6% a year, so property selection becomes decisive.
The problem
A private investor who buys an apartment alone takes on four risks
- 01
Construction delays
The developer pushes back completion while your money stays locked in.
- 02
Developer-friendly contracts
No penalties for delay, floor area that "may vary", hard to terminate.
- 03
Inflated advertised yields
A private owner's net yield in Batumi is around 3–4% (TBC Capital), not the brochure figures.
- 04
Managing from abroad
Finding tenants, looking after the flat and getting reports from another country is hard.
How we work
Five steps from sourcing to distributions
- 1
Sourcing
Checking the developer, the district and rental statistics.
- 2
Acquisition
Bulk discounts, early-stage entry, legal due diligence.
- 3
Renovation
Standard renovation and furnishing for letting.
- 4
Letting
Long-term lets in Tbilisi, short-term in Batumi.
- 5
Reports and distributions
Annually from rental income; portfolio sale at the end of the term.
Investor protection
How investors are protected
The fund is being registered with the National Bank of Georgia. That sets rules which do not depend on the goodwill of the management company.
Supervised by the National Bank of Georgia
Both the fund and its manager.
Segregated fund assets
Accounted for separately and not exposed to the manager's debts.
Independent valuation and audit
Independent property valuation and an annual audit.
Related-party transactions
Only with investors' consent.
Developer commissions
Developer commissions on fund transactions go to the fund.
About the founder
Denis Gazeev
Founder and Managing Partner
Full investment cycle: sourcing, financial modelling, execution and exit. 3 years in finance and investment analysis. RANEPA, Finance and Credit.
Past results do not guarantee the fund's performance.
Partners
Legal partner
Being selected in October 2026 from leading Tbilisi firms
Rental management
Local operators in Tbilisi and Batumi, appointed before first acquisitions
Auditor and valuer
SARAS-registered auditor; independent property valuation
Fund materials
Request materials
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