White frame, green frame or turnkey: which to buy for renting out

Which frame should you buy if you plan to rent the flat out?

For most buy-to-let purchases in Tbilisi, a white-frame flat finished to a simple, durable standard costs less in total than a green-frame flat, because the asking-price gap between the two (GEL 706 per m² in the second quarter of 2026, according to Geostat) is larger than the published cost difference of finishing from each stage. A turnkey flat costs more again but starts earning soon after handover. The right choice depends on three things: the full cost per m² of reaching a finish your tenants will pay for, the months without rent while the work is done, and how much supervision you can give from where you live.

What each frame includes, and how to check it in the contract, is explained in our guide to black, white and green frame. This page compares them as investments.

The price ladder in Tbilisi

Three things stand out. The step from white to green frame is about twice the step from black to white (GEL 363 per m² in the second quarter of 2026). The gap between white and green has widened over two years. And Geostat publishes no turnkey category, so for fully finished new flats in Tbilisi there is no current official median. These are medians of listings, not of completed sales, and the green-frame median includes different buildings and locations from the white-frame one, so part of the gap reflects where green-frame flats are offered, not only the works.

In Batumi, Galt & Taggart's new-build prices are now quoted for turnkey flats and no source publishes a white or green frame series. Comparing its last white-frame figures with its turnkey series for the same years gives a gap of about $230 to $240 per m² in 2023 and 2024; that is our comparison of two series, not a figure Galt & Taggart publishes.

What finishing costs

Reliable price data for interior finishing is thin. The most recent figures in the business press, from February 2024, put a mid-range renovation at about $250 per m² and a high-quality one at about $400 to $500, with starting prices of about GEL 455 per m² from white frame and GEL 380 from green frame. The same report said materials had risen by about 30% to 40% in three years and advised a reserve of 10% to 20% for the unexpected. Renovation firms' own 2026 price lists quote ranges of several hundred lari per m² depending on the package; they are offers, not market data.

Geostat's construction cost index does not measure finishing work, but it shows the background: in July 2026 overall construction costs were 4.3% higher than a year before, and the residential segment 0.5% higher.

A 50 m² flat: three routes to a rentable flat

The table combines Geostat's second-quarter 2026 asking medians with the 2024 starting prices for finishing. It is an illustration of the method, not a quote: finishing prices have moved since 2024, and the two medians describe different sets of buildings.

On these figures the white-frame route costs about GEL 631 per m² less, or about GEL 31,550 on 50 m², before furniture. The saving is what you are paid for organising the work yourself, for the risk of overruns, and for the months without rent. If finishing a white-frame flat takes three months and the flat would let for Galt & Taggart's July 2026 Tbilisi average of $10.1 per m², the lost rent on 50 m² is about $1,515, far less than the price gap in this example. The conclusion changes only if the green-frame finishes are close to what you would install anyway, or if the green-frame building is simply a better building.

When turnkey makes sense

• You cannot supervise works. An owner abroad without a trusted contractor or manager on the ground saves time and risk by paying the developer to finish.
• Short stays from the first season. A flat that can be furnished and listed within weeks of handover catches a summer that a long renovation would miss, which matters most in Batumi.
• The finish suits renting. Hard-wearing floors, a simple bathroom, good lighting and enough storage are what tenants use; an expensive finish that tenants will not pay extra for only raises the price.
• The difference is transparent. Ask the developer for the same flat's price in white frame and in turnkey, and for a written list of materials, then compare the difference with contractor quotes for the same list.

What a rental-grade finish looks like

A flat finished to let is finished for wear, cleaning and quick repairs rather than for the owner's taste. Whichever frame you buy, these are the choices that matter most to tenants and to your running costs:

• Floors. Hard-wearing surfaces that survive furniture moves and suitcases, with spare material kept for repairs.
• Wet areas. A simple bathroom with good ventilation, a shower rather than a bath in small flats, and fittings for which spare parts are easy to buy locally.
• Kitchen. Durable worktops, enough storage and standard-size appliances that can be replaced without rebuilding cabinets.
• Heating and cooling. Independent heating and air conditioning, which tenants in both cities look for.
• Light and storage. Good lighting in every room, blinds or curtains, and built-in wardrobes that free floor space.
• Neutral walls. Paint in light colours that can be touched up between tenants.

If a developer's green frame or turnkey specification already matches this list, its premium is easier to justify. If it includes finishes you would replace, the premium is money spent twice.

Questions to ask the developer about each frame

1. What exactly is included? A written list of materials, brands and quantities for green frame and turnkey, attached to the contract.
2. What is the price of each frame for this flat? Not the average, but this unit, in writing.
3. Who does the work and when? Whether the developer's own team or a contractor finishes it, and how long after handover.
4. What warranty covers the finishing? The period, what it covers and how claims are made.
5. Can I change materials? Whether you can choose rental-grade alternatives and how the price changes.

Furniture and short stays

Whatever the frame, a flat for short stays has to be furnished and equipped. Airbnb strongly encourages every host to provide essentials such as linen for each bed, one towel and one pillow per guest, soap and toilet paper, and listings that claim these without providing them can be penalised. For long lets the furnishing level is a choice; we found no published data on how much more a furnished flat rents for in Georgia, so test it on the listings in your building. Budget furniture separately from finishing: neither the published renovation figures nor developer frames include it.

Quality, supervision and defects

Buying in white frame lets you choose rental-grade materials and control the work, but it also makes you responsible for the contractor. Under the Civil Code, a client can claim for defects in contracted work within one year of accepting it, and for defects in structures within five years; a client who knowingly accepts defective work without objecting loses the claim. A finished flat bought from a developer falls under the rules for defects in a sale, and contractual claims about immovable property generally become time-barred after six years. Which rules apply to a developer's finishing depends on how the contract is written.

Ordinary finishing, including moving or adding non-load-bearing partitions, does not need a building permit under the national construction permit rules. Cutting openings in load-bearing walls, altering engineering networks or changing fire-resistant separations in larger buildings counts as reconstruction and is not covered by that exemption.

Tax points on finishing

• VAT. A contractor registered for VAT charges 18%; registration is required once taxable supplies exceed GEL 100,000 in 12 months, so smaller contractors may not charge it. When a developer finishes a flat it sells, the finishing counts as part of the sale of the property.
• Rent. The 5% rate on residential rent allows no deductions, so finishing and furniture do not reduce the tax on rent under that regime.
• Sale. The gain on selling a home held for less than two years is calculated from the purchase price; whether finishing costs can be added to it is not clear from the text of the Tax Code. Keep every invoice either way.

Which frame for which investor

Risks and exceptions

• Cost overruns. Finishing estimates are often exceeded; keep a reserve.
• Lost months. Every month of works is a month without rent.
• Contractor quality. Defects claims have short deadlines after acceptance.
• Thin data. No official source gives current finishing costs or a Tbilisi turnkey price.
• Overspending. Tenants rarely pay for an expensive finish.

Frequently asked questions

How much more does green frame cost than white frame in Tbilisi?

GEL 706 per m² more on median asking prices in the second quarter of 2026, according to Geostat.

Is white frame cheaper overall for renting out?

On published figures usually yes, by several hundred lari per m², if you can organise the works.

How much does finishing cost?

About $250 per m² mid-range and $400 to $500 high-end in 2024 reports; get current quotes.

Is there an official turnkey price for Tbilisi?

No; Geostat covers black, white and green frame only.

Do I need a permit to finish a white-frame flat?

Not for ordinary finishing and non-load-bearing partitions; load-bearing changes are reconstruction.

Can I deduct finishing costs from rental income?

Not under the 5% rate on residential rent, which allows no deductions.

Which frame is best for Airbnb?

Turnkey, if you want to start letting in the first season; the flat must be furnished in any case.

Should I keep finishing invoices?

Yes, for defect claims, resale and any question about the gain on sale.

Sources

1. Residential Property Price Index, second quarter of 2026, Geostat (accessed 18 October 2026)
2. Batumi Residential Real Estate, 2024 Full Year Overview, Galt & Taggart (accessed 18 October 2026)
3. Batumi Residential Real Estate, 2025 Review and 2026 Outlook, Galt & Taggart (accessed 18 October 2026)
4. Tbilisi Residential Real Estate, July 2026, Galt & Taggart (accessed 18 October 2026)
5. What does renovating one square metre cost? (in Georgian), BM.ge, 24 February 2024 (accessed 18 October 2026)
6. Construction Cost Index in Georgia, July 2026, Geostat (accessed 18 October 2026)
7. Providing essential amenities for guests, Airbnb Help Center (accessed 18 October 2026)
8. Civil Code of Georgia (Articles 129, 487-497, 629-656), Legislative Herald of Georgia (accessed 18 October 2026)
9. Government Resolution No 255 of 31 May 2019 on construction permits, Legislative Herald of Georgia (accessed 18 October 2026)
10. Tax Code of Georgia (Articles 81, 82, 160, 165 and 166), Legislative Herald of Georgia (accessed 18 October 2026)

Change log

• 18 October 2026 - Comparison published from Geostat price medians by frame, Galt & Taggart, BM.ge, the Civil Code, Government Resolution No 255 and the Tax Code.