New builds in Georgia are sold differently from most countries: usually as a "white frame" — a concrete shell with walls, windows and utilities brought to the flat, but no flooring, doors, plumbing or kitchen. The price gap against a finished flat looks tempting, yet it rarely covers the cost of the renovation. Below: the finishing stages, the real price gap from our data, and how to vet the developer.
- A white frame is 13–16% cheaper by median: $1,462 against $1,688 per m² — across 120,000 active listings.
- For a 60 m² flat that's about $13,500 off — and a turnkey renovation usually costs more than that.
- A shell can't be rented out and can't be lived in: it takes months of work before move-in.
- The key check isn't the flat but the developer: construction permit, completed buildings, delivery record on past projects.
- Ownership starts at registration — before completion you own a contract, not a flat.
Finishing stages
| Stage | What's there | What's left to do |
|---|---|---|
| Black frame | Load-bearing structure, windows not always | Practically everything, including partitions and wiring |
| White frame | Walls, windows, entrance door, water, sewage and electricity brought in | Screed, plaster, floors, doors, bathroom, kitchen, heating |
| Green frame | Also screed and plaster, sometimes in-flat wiring | Final finishes, appliances, furniture |
| Turnkey | Ready to move in | Usually just furniture |
Developers use these terms loosely, so what matters in the contract is not the label but the list of works and materials. One developer's "white frame" includes screed, another's doesn't — and the difference in money is significant.
What a shell really saves — in data
We detect a flat's condition from listing photos, so we can compare prices directly rather than take sellers' word for it.
| Condition | Listings | Median, $/m² |
|---|---|---|
| White frame (bare walls in photos) | 33,169 | 1,462 |
| Finished | 87,184 | 1,688 |
The gap is $226 per m², about 15%. For a typical 60 m² flat that's roughly $13,500 saved at purchase.
A shell makes sense if you live in Georgia and can supervise the work, can wait several months, and want a specific layout and materials. It makes no sense if you're buying to rent out and expect income soon — an empty shell earns nothing, and renovation timelines managed from abroad almost always stretch.
Vetting the developer
- The construction permit and whether the built height matches the design — discrepancies surface later at commissioning (see construction permits).
- Completed buildings. Not renderings but addresses of buildings that stand and are occupied. Go and see how they look after 3–5 years.
- Delivery record. A year's delay on the previous building is the best forecast for this one.
- The legal entity in the contract: is it the company that built the earlier projects, or a new one set up for this one?
- How ownership is transferred: exactly when the title is registered, and what happens if completion slips.
- Residents' feedback in completed buildings — leaks, lifts, heating and how the management company performs.
Buying off-plan
- Developer instalments look convenient but tie you to their schedule; penalties for late payment are usually harsher than their liability for late construction.
- Put liability for missed deadlines in money in the contract, not in general phrasing.
- Design area versus actual area diverge; the contract needs a recalculation mechanism.
- What the price includes: parking space, storage, utility connections — often charged separately.
- Until registration you hold the developer's obligation, not real estate.
Handover checklist
- Area and layout match the contract.
- Windows: glazing without chips, they open, no draughts.
- Walls and screed: no cracks, square corners — check with a level, not by eye.
- Utilities: water, sewage and electricity at the design points, meters installed and sealed.
- Entrance door, lock, keys.
- Common areas: the lift works, the stairwell is finished, the yard is no longer a building site.
- Documents: handover act, technical passport, grounds for registration.
To assess a specific new build — fair price, what's nearby, duplicate listings — use the listing analysis. To compare prices across districts, see the district pulse.