Eagle Hills to Build New $3.4 Billion District in Tbilisi

BM.ge

UAE-based developer Eagle Hills has submitted a detailed plan to the Georgian authorities for the construction of a new district in Tbilisi. Tbilisi Waterfront will combine residential neighborhoods, social facilities, green spaces, and transport infrastructure. The project is expected to be completed by 2040.

More Than 6,000 Residential Units to Be Built in Tbilisi

Tbilisi Waterfront will cover around 633 hectares in Karajalari, Agtaklia, Ponichala, and Krtsanisi. Investment is estimated at $3.4 billion. The development will be implemented in three phases: the first is scheduled for completion in 2029, the second in 2035, and the third in 2040.

The site will include 6,158 residential units: 1,425 villas, 1,300 townhouses, and 3,433 apartments. Once construction is complete, the district is expected to accommodate between 21,500 and 22,100 residents. Most of the development will be low-rise, with building heights varying depending on the specific area.

Commercial and social infrastructure will be developed alongside the residential neighborhoods. Tbilisi Waterfront will include hotels, retail and other commercial spaces, a school, a kindergarten, and an emergency medical facility. A separate integrated service center is also planned, featuring coworking areas, sports facilities, and other amenities for residents.

The concept is designed to create a fully integrated urban environment where housing is combined with essential everyday services. The master plan follows the principle of ten-minute accessibility, with key public facilities and transport hubs located within a short walking distance.

Green Spaces and Transport Infrastructure in Tbilisi

A total of 345 hectares will be allocated to public and recreational spaces. Forested areas along the Kura River are to be preserved and restored, while existing lakes and wetlands will be incorporated into the park system. Stricter land-use rules are planned for the riverside area, where only lightweight park structures will be permitted.

As part of the planning process, specialists conducted an inventory of trees. Buildings and roads will be positioned to preserve as many mature trees as possible. Trees located directly within construction zones may be temporarily relocated to nurseries and replanted later.

The main roads will run from northwest to southeast. This orientation takes prevailing wind patterns into account and is intended to provide natural ventilation. Two new bridges will be built across the Kura River, while another will be reconstructed.

Three-meter-wide bicycle lanes will also be developed, along with public transport services. Routes will connect residential neighborhoods with major transport hubs. Stops and key facilities are expected to be located within a ten-minute walk.

Eagle Hills Investments in Georgia

Tbilisi Waterfront is one of two major Eagle Hills projects in Georgia. The second, Gonio Yachts & Marina, is planned for the Black Sea coast in Gonio, near Batumi. The development will occupy around 250 hectares of a former military training ground and will include a large waterfront complex with a yacht marina, residences, hotels, restaurants, and other leisure facilities. Public and recreational spaces are also part of the concept. The developers have also pledged to preserve natural areas and bird migration routes along the Black Sea coast.

Eagle Hills’ total investment in the two projects is estimated at $6.6 billion. The Georgian government signed an agreement with the developer in October 2025. A joint company has been established to implement the developments, with the state holding a 33% stake.

Georgia is participating in the projects by contributing state-owned land. Eagle Hills is responsible for preparing the architectural designs and securing the necessary capital. The land for Tbilisi Waterfront has been transferred to the joint company under a usufruct arrangement.

Eagle Hills is headquartered in Abu Dhabi and operates in 17 countries, including Serbia, Egypt, Ethiopia, and Bahrain. In October 2025, the developer opened a presentation center in Tbilisi to showcase Tbilisi Waterfront and Gonio Yachts & Marina. The company described the center as part of its long-term presence in the Georgian market.

What This Means for Investors

Eagle Hills expects the development of Tbilisi Waterfront and Gonio Yachts & Marina to create more than 30,000 jobs, while the two complexes are projected to attract around 370,000 visitors annually. The developer estimates that their combined contribution to Georgia’s economy will exceed $7 billion over the next ten years. Another expected effect is increased capital inflows. According to Eagle Hills, foreign direct investment associated with the development and further expansion of the two complexes is projected to exceed $10 billion.

International Investment analysts note that Georgia is attracting a growing number of major international players in the real estate and hospitality sectors. In Gonio, for example, one of the largest hotel complexes under the globally recognized Wyndham brand is currently under construction. Wyndham Grand Batumi Gonio belongs to the premium resort real estate segment.

For private investors, the entry of major developers and international hotel chains into the Georgian market broadens the range of high-quality assets available. The country’s advantages include a relatively low entry threshold, few restrictions on property purchases by foreigners, and straightforward entry and residency rules. The expansion of premium and branded segments creates additional opportunities to invest in properties targeting affluent international customers. With tourism growing and major overseas companies launching large-scale developments, Georgian real estate is becoming an increasingly notable destination for long-term investment.