B&S Estates
B&S Estates is a private real estate advisory operating across Tbilisi and Georgia’s broader property market, representing buyers, sellers, and developers on residential, land, and commercial transactions. The firm works across both public and off market channels, sourcing opportunity through direct relationships and pricing it against verified registry data rather than public asking prices.
In active mandates
B&S Estates currently represents more than $125M in active real estate mandates across Georgia, spanning residential estates, penthouses, and development land. This includes a $6M villa, land parcels under advisory representing approximately $65M in combined value, and a range of residential and commercial mandates across Tbilisi’s most established districts. A number of these mandates are also featured publicly on JamesEdition.
Every transaction follows the same documented sequence: diligence, valuation, negotiation, and settlement. How we source opportunity and execute across borders is detailed on Why B&S Estates.
B&S Estates was founded in 2024 by Bacho and Salome Lukava, a husband-and-wife partnership. In two years the firm has represented 52 properties across Tbilisi, Kakheti and the Black Sea coast, of which 33 are listed internationally.
Bacho came to this work after fourteen years running administration and records for an international organisation, where he managed a team of more than fifty-five and was responsible for the case files of a community of three hundred and fifty. The standard there was procedural and absolute: verify the record, document the chain, sign your name to it, answer for it later. It is the same standard a title search requires, and it is not the standard this market is used to.
He is not a career broker, and the firm does not pretend otherwise. He entered this market representing buyers as well as sellers, because the documentation standard he had been trained to expect did not exist here.
Salome's background is in digital product development and process design. She built the firm's systems: how a property is documented, how a client's file is kept, and how a transaction is tracked from first viewing to registration. Most firms in this market run on phone calls and memory. Ours runs on records.
Markets built on liquidity reward speed. Markets built on land reward patience.
Georgia’s market is not inefficient because it is unsophisticated. It is inefficient because the record is incomplete. Asking prices are published. What comparable properties actually transacted at is not, and no firm here can obtain it as a searchable record. Title is registered, but encumbrance history has to be read to the end, and most of the time nobody reads it. Construction quality varies more widely than price does, and price will not tell you which is which.
Selling a property well and protecting a buyer’s capital are different jobs. We do both, and we do not pretend they are the same. When we represent a property, our work is to present it accurately and sell it at a price the market supports. When we act for a buyer, our work is to establish what is registered against the asset, what it would cost to build today, and whether it is worth owning at the price being asked.
The assets that hold value over a long horizon share the same four things: clean title, a location that will not move, construction that will last, and a legal structure that survives a change of ownership. Anything that depends on the next buyer paying more is not an investment case. It is a hope.
01
Every mandate we accept is treated as confidential by default. Principals engage us precisely because their name, their capital position, and their intentions are not for public record. We do not publish client identities, transaction values, or portfolio composition.
02
We look at what can go wrong before we look at what can go right. An asset earns a recommendation only when the price already accounts for the risk, and when we cannot make that case we say so, even on a transaction we were engaged to pursue. Advising a client not to buy is part of the work, not a failure of it.
03
On any specific property we pull the registry extract ourselves and read the title and encumbrances to the end. That is where deals in this market fail: an access road that belongs to someone else, an undischarged mortgage, an heir who was never bought out. What we cannot do is query sold prices across a district, because Georgia does not publish them as a dataset. We will tell you which of our numbers are verified and which are judgment.
04
We do not represent both sides of a negotiation, and we do not accept incentives from developers that would compromise our obligation to the buyer. Our compensation structure is designed so that our success is inseparable from our client’s outcome, not the volume of transactions we close.
B&S Estates works with a limited number of clients at a time, by design. If you are a qualified buyer, a private seller, or a developer evaluating representation, request access below.
All inquiries are held in strict confidence.
