Property valuation
Independent market value for residential and commercial real estate and land in Tbilisi and across Georgia. Every assignment includes an on-site inspection, current market evidence and a signed report that your bank, auditor or court can rely on.
What we value
Apartments
New builds and older housing stock, in any condition, including black, white and green frame.
Houses and villas
Private houses, country houses and villas, with the land and buildings valued together or separately.
Land
Agricultural and non-agricultural plots, development land and sites with zoning coefficients (K-1, K-2).
Commercial property
Offices, retail space, warehouses, logistics and production buildings.
Hotels and hospitality
Operating hotels and resorts, valued on their trading potential as well as their bricks and mortar.
Development projects
Projects under construction and planned schemes, valued on a residual and as-complete basis.
When you need a property valuation
- Mortgage and secured bank lending
- Buying, selling or negotiating a price
- Financial reporting under IFRS 13, IAS 16 and IAS 40
- Inheritance, divorce and division of property
- Court cases, arbitration and enforcement
- Insurance and reinstatement cost
- Investment decisions and portfolio reviews
How we arrive at the value
Sales comparison approach
We compare the property with recent transactions and offers for similar properties nearby, adjusting for location, size, floor, condition and quality. This is the main method for apartments, houses and land.
Income approach
For rented and income-producing property we capitalise sustainable rent or model future cash flows (DCF), using market yields and vacancy evidence.
Cost approach
For special-purpose and new buildings we estimate depreciated replacement cost, the cost to rebuild today less physical, functional and economic obsolescence, plus land value.
Residual method
For development land we work back from the value of the finished scheme, deducting construction costs, fees and developer's profit.
How a valuation works
Tell us about the task
Send us the property or company, the purpose and any documents you have. We confirm the scope, timing and fee in writing before we start.
Inspection and analysis
We inspect the asset, research the market and apply the methods that fit the purpose of the valuation.
Report and explanation
You receive a signed report in Georgian or English, and we walk you through how we reached the conclusion.
Frequently asked questions
What is the difference between market value and liquidation value?
Market value assumes a proper marketing period and a willing buyer and seller. Liquidation (forced sale) value assumes the property has to be sold quickly, so it is usually lower. Banks often ask for both, and we report both when needed.
Do you need to visit the property?
Yes. An inspection is part of every standard valuation. We check the condition, layout, measured area and surroundings and photograph the property for the report.
Which documents should I prepare?
An extract from the Public Registry, the cadastral plan if available, and contact details for access. For rented property, add the lease agreements and rent schedule.
Will my bank accept your report?
Our reports follow international valuation standards and the format Georgian banks expect. If your bank keeps an approved valuer list, tell us which bank it is and we will confirm before we start.
Other services
Tell us what you need valued
Send a short description and we will reply with a scope, timing and fee, usually within one working day.
- Phone
- +995 599 05 30 00
- info@capstone.ge
- Office
- 12 Pavle Aslanidi St., Tbilisi
Open in Google Maps - Hours
- Monday to Friday, 09:00–18:00