Adjara's draft budget for 2027 projects revenue of GEL 80,000,000 from the sale of state property. In its statement of 4 November on the budget deliberations, the Supreme Council of Adjara lists this amount under “Decrease in non-financial assets”, meaning proceeds from the sale of land, buildings and other state assets. Against total revenue of around 1.03 billion lari, this is a significant item. The amount is a planning figure in the ongoing budget process.
For property investors, it is worth looking at how the plan is implemented: which plots and buildings are offered, the terms on which they come to market and the projects that emerge from them shape the development of each location.
A large gap between plans and revenue
According to the business portal BM.ge, citing budget data, Adjara received around GEL 6,960,000 from asset sales in 2025. The original plan had projected GEL 115,000,000 and was raised to GEL 180,220,000 in February. Revenue reached just 3.9% of this increased target. This comparison explicitly refers to the February plan, rather than a final revised annual plan.
For 2024, BM.ge reports revenue of around GEL 22,840,000. Expectations for 2026 have also since been adjusted: in October, the target fell from GEL 155,000,000 to GEL 113,000,000. The draft for 2027 therefore sets expected sales proceeds lower again.
According to BM.ge, the explanatory notes to the draft budget do not specify which properties are expected to generate next year's revenue. Putting together the portfolio of properties for sale therefore remains an important next step.
Many auctions attracted no participants
A study published by Transparency International Georgia on 9 September 2026 adds to the picture. The organisation reviewed 69 electronic property auctions scheduled by Adjara's Ministry of Finance and Economy from the beginning of 2025 up to the time of the study. Of these, 54 did not take place due to a lack of participants.
Eight of the 15 completed auctions attracted only one bidder each. According to the organisation, these properties were sold for just one bid increment above the starting price. The organisation also reports links between some buyers and donors to the ruling Georgian Dream party.
The results show how widely interest in individual state properties varies. The number of auctions that did not take place alone cannot explain why certain offers attracted no bidders.
What does this mean for buyers and investors?
For land investors, state asset sales are one possible way to access development sites. In our view, the specific property and its potential uses deserve particular attention: location, access to infrastructure and utilities, permitted development and any investment requirements determine which project is economically viable for the plot.
For homebuyers, the main point of interest is what is being developed around their chosen location. New uses can bring additional services, jobs and infrastructure. What matters is how a plot actually fits into the development of a neighbourhood.
Public investment planning remains the broader context. The draft budget provides for expenditure of around 1.06 billion lari, which the Supreme Council says will fund all planned social and infrastructure projects in the region. Alongside state asset sales, public services and the region's further development are therefore also on the agenda.
Our conclusion
Adjara's privatisation plan puts the question of how state property can become viable new projects at the centre of attention. Past auction results offer concrete pointers: a suitable portfolio of properties for sale, clear terms and greater competition can attract additional investors.
We see this as an opportunity for the region's next phase of development. When public infrastructure and well-planned private projects develop together, they create more attractive residential locations and new economic opportunities. This is precisely the interaction that strengthens Adjara's long-term position as a property market and provides a solid foundation for value growth.
