The real estate sector in Georgia is a significant contributor to the economy. Real estate-related activities account for an average of 9.5% of the total economy. The activity of the real estate management sector mainly includes managing shopping malls and bazaars—specifically leasing commercial spaces.
According to the latest data from 2024, the total value of the top ten companies in this sector reached ₾2.7 billion. Here is the ranking of the largest real estate management companies based on their value:
1. IG Development (₾ 951.1M)
Profit: ₾ 103.2M
Revenue: ₾ 112.1M
Owner: Mindia Sabanadze (100%)
Founded in 2010, the company’s main activity is property management and leasing commercial space in shopping centers, including “City Mall Kavtaradze,” “City Mall Vazha-Pshavela,” “City Mall Gldani,” and the “City Tower” business center.
2. East Point (₾ 505.8M)
Profit: ₾ 25.1M
Revenue: ₾ 48.0M
Owner: Oleg Pavlov (100%)
CBD Development LLC is a company established in Georgia in 2010. It owns the “East Point” shopping center and commercial real estate located at the intersection of the highway connecting Dighomi and Gldani.
3. Lilo Mall (₾ 351.3M)
Profit: ₾ 27.2M
Revenue: ₾ 41.2M
Owners: Gia Andghuladze (14.28%), Giorgi Gagua (11.28%), Davit Gavasheli (7.14%), Marika Gavasheli (7.14%), and others.
The company’s core business involves rental services and managing the bazaar setup in the Lilo territory. Lilo Mall LLC was founded in 1995 and has been operating in the Georgian market since then.
4. MP Development (₾ 258.5M)
Profit: ₾ 11.9M
Revenue: ₾ 32.5M
Owners: Paata Gamgoneishvili (50%), Levan Pkhakadze (25%), and Soso Pkhakadze (25%)
MP Development LLC was founded in 2012 and has been operating in the real estate sector since. Its primary activities are property management and commercial space leasing.
5. Tbilisi Central (₾ 224.8M)
Profit: ₾ 8.6M
Revenue: ₾ 13.1M
Owners: Mamuka Khazaradze, Badri Japaridze, and Bob Meyer (share distribution undisclosed)
Joint Stock Company “Tbilisi Central” was created in 2006. In the same year, it secured a 49-year lease for the Tbilisi Railway Station building, where it established a shopping center. Its activities are tied directly to managing this center.
6. Galleria Tbilisi (₾ 190.1M)
Profit: ₾ 6.6M
Revenue: ₾ 40.0M
Owner: Ekaterine Khvedelidze (100%)
Galleria Tbilisi LLC was founded in 2008. Its core operation is property management and leasing commercial space within its modern, multifunctional shopping mall—”Galleria Tbilisi.”
7. Tbilisi Mall (₾ 121.8M)
Profit: ₾ 3.9M
Revenue: ₾ 20.2M
Owner: Government of Ras Al Khaimah (100%)
Since 2024, “Tbilisi Mall Holding” LLC has operated under the Tbilisi Mall brand. Its primary activity is providing retail and leisure commercial spaces within its shopping mall and entertainment complex located in Tbilisi (Dighomi).
8. TLG* (₾ 83.2M)
Profit: ₾ -1.8M
Revenue: ₾ 10.8M
Owner: Beka Surameli (100%)
TLG LLC’s primary activities are leasing real estate as well as buying and selling completed commercial spaces and residential apartments. The company has been active on the market since 2012.
9. Ani (₾ 50.6M)
Profit: ₾ 3.5M
Revenue: ₾ 4.8M
Owner: Vladimer Tutisani (100%)
Ani LLC is a company established in 2004 and registered in Kutaisi. Its core business is leasing its owned spaces within a bazaar territory.
10. Business Center on Vazha (₾ 47.4M)
Profit: ₾ 6.1M
Revenue: ₾ 18.0M
Owners: Sulkhan Papashvili (50%) and Lasha Papashvili (50%)
The primary activity of this business center is office space rental in Tbilisi. “Business Center on Vazha” LLC was established in 1993 and has been operating ever since.
*Note: Value is estimated based on rental income.
Methodology
The EV/EBITDA approach was used to estimate company valuations. Specifically, company value is calculated by multiplying operating profit (before debt service expenses, taxes, depreciation, and amortization) by a multiplier calculated for specific industries in developed economies, minus the company’s net debt. The resulting final figure is considered the company’s value.
In cases where a company has an operating loss (a negative figure) but revenue dynamics suggest future profitability potential, we use the EV/Sales approach. Specifically, net debt is subtracted from the product of the company’s revenue and the corresponding multiplier.
The valuation of these companies and the preparation of this ranking are based on their 2024 financial statements, sourced from the financial and management reports portal of the Service for Accounting, Reporting and Auditing Supervision. Additional details were gathered from the Public Registry, official company websites, and other public sources. Registration and ownership details were retrieved from the Public Registry (as of June 16, 2026). Profit figures are presented pre-tax.
The selection of companies is based on the following rankings: “Largest Real Estate Management Companies,” “100 Most Valuable Georgian Companies,” and “100 Most Profitable Companies in Georgia.”
Forbes Georgia: სარედაქციო გუნდი
