Can you buy a flat?


JumpStart International
Open Society Foundations



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.  


How did we do that?

Based on data, which was collected between  April 2014 and June 2015, we calculated the average apartment 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 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)


  • N = calculated number of months of loan
  • M = monthly payment
  • P = loan amount (principal)
  • R = loan rate, which is fixed at 9%

If you'd like to learn more about this and other JumpStart tools, please don't hesitate to contact us! We'd love to hear and collaborate with you.