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In 2014, the average household income in Georgia for the urban population was 1091.8 GEL per month. Saving 25% of their income, it would take urban families up to 30 years to be able to afford to buy a 45m² flat in the capital, Tbilisi.

Explore how long it will take you to purchase a flat or pay off a bank loan based off your monthly savings for cities throughout Georgia.

Additional time to pay off bank loan
Banks do not give out loans over 15 years
Bank loan with this monthly savings is not possible
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to save up
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to purchase a flat.
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more than the cost of the flat.
Calculate your loan
Methodology
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Methodology
Based on makler.ge data, which was collected between April 2014 and June 2015, we calculated the average flat price per square meter in various Georgian cities and Tbilisi areas. For Ozurgeti, we had to search for additional adversitements from other sources as the number of ads on makler.ge during this time period was too small. As most of the ads are in USD, we converted the cost to GEL using today’s official exchange rate by the National Bank of Georgia as obtained from Lari Explorer API. Please note, calculations do not account for inflation, changes of flat prices, nor bank fees or insurance.

To calculate the duration of the bank loan, we used the following formula:

        Log(M) - Log(M - PR/12)
N = ───────────────────
        Log(1 + R/12)
where:
  • N = calculated number of months of loan
  • M = monthly payment
  • P = loan amount (principal)
  • R = loan rate, which is fixed at 9%
Source for Equation