The Georgian government has begun transferring land plots to Eagle Hills Georgia, granting the company usufruct rights over a large area near Tbilisi, according to public property registry data. In total, 38 land plots covering 6.26 million square meters have been assigned under a two-year usufruct agreement.
The land is located in the villages of Karajala, Aghtaklia, Ponichala, and Krtsanisi. While the planned Tbilisi Waterfront project was previously estimated at 590 hectares, the newly transferred land totals about 626 hectares, slightly exceeding earlier public figures. The company is required to prepare an urban development plan and submit it for government approval.
Eagle Hills has already begun pre-sales for the project, with officials stating that 257 apartments have been sold as of early 2026. Initial prices reportedly started from $2,090 per square meter. The broader $6.6 billion investment also includes a second major development in Gonio, covering a former military area.
Under the agreement, Eagle Hills is not allowed to sell or mortgage the land during the usufruct period. The arrangement currently lasts two years, after which it may be extended or converted into full ownership. The company is jointly owned by the Georgian state (33.33%) and UAE-based Eagle Hills Development Holdings (66.67%), with both government and private representatives sitting on the supervisory board.
