Shindisi St. Project in Sololaki
Sold as: Black frame
Shindisi street apartment in Tbilisi is now one of the best-performing 2 bedroom apartments on Airbnb in Georgia, The place is located in the district of Sololaki, the quiet & peaceful neighborhood, with historic buildings, cozy cafes, bars & restaurants nearby. This black frame apartment in Sololaki has had a long road to get to where it is now, with 4.96 rated listing and more than $40,000 Revenues generated in just 2 years.
By closely monitoring Georgian real estate market, Mediana team found this potentially great black frame apartment near the end of 2019. We did a thorough rental analysis of similar properties on daily rental market filtered by size, bedrooms, location and considered other details like value for tourists, nearby attractions, positive and negative characteristics of the property and building. The data which we gathered gave us confidence, that if renovated and designed properly this apartment would perform amazing on Airbnb and would be very lucrative for whoever decided to invest in it.
After it’s purchase, with the help of our trusted team of Designers and workers at DoDo Designs, we completed the project for one of our clients and began renting it out on daily rental platforms in October of 2019.
You can see the detailed rental revenues below, considering the 10% yield, these numbers are great, however, keep in mind that these revenues have been generated during the pandemic, when tourism was at its lowest point and are expected to increase once the pandemic travel restrictions become less strict.