Tbilisi, Georgia
Capstone is an independent valuation and advisory firm in Tbilisi. We value real estate, movable property, assets and businesses across Georgia to international standards, for banks, financial reporting, courts and investment decisions.
Six services, one standard of work. Each assignment is led by a partner and backed by inspection and market evidence.
Property & land
Valuation of residential and commercial real estate and land across Georgia, with an on-site inspection and market analysis for transactions, financing and reporting.
Discuss your propertyTangible & intangible
Valuation of movable property, machinery and equipment, vehicles and intangible assets, based on physical inspection, condition, use and market evidence.
Discuss your assetsBusinesses & equity
Valuation of companies and ownership interests through financial analysis, market research and a review of prospects, for acquisitions, investment and shareholder decisions.
Discuss your businessCounting & reconciliation
Physical counts of stock, year-end inventory and verification of fixed assets against the accounting records, with every difference explained.
Discuss your inventoryStrategy & reporting
Help assessing business options, planning investments, testing impairment and preparing financial statements that stand up to scrutiny.
Discuss your goalsProjects & investment
Assessment of the commercial and financial viability of a project through market research, financial modelling and scenario analysis.
Discuss your projectMortgage and collateral valuations, monitoring of pledged property and leasing.
Fair value under IFRS 13, revaluation under IAS 16 and IAS 40, impairment under IAS 36.
Independent price guidance before you negotiate.
Valuations for litigation, arbitration, enforcement and shareholder disputes.
Division of property, inheritance and gifts.
Acquisitions, new investors, restructuring and feasibility of new projects.
Send us the property or company, the purpose and any documents you have. We confirm the scope, timing and fee in writing before we start.
We inspect the asset, research the market and apply the methods that fit the purpose of the valuation.
You receive a signed report in Georgian or English, and we walk you through how we reached the conclusion.
Each partner brings years of senior valuation work at international advisory firms and Georgian banks.
Managing Partner
Quality control and investment strategy 15+ years of experience
George has more than 15 years of experience in valuation, business development, market research and financial analysis. His work connects asset values with commercial opportunities, drawing on senior roles in real estate advisory, banking and regulation.
Full profile
Managing Partner, Head of Valuation
Valuation methodology and quality control 8+ years of experience
Ana has more than eight years of experience valuing real estate, movable property, intangible assets and businesses, and building quality-control systems for valuation teams. She has led large, complex assignments across residential and commercial property, industry, energy and trade.
Full profileAssignments our partners have worked on over their careers, at Capstone and in previous roles.
We work alongside Revalue, a Tbilisi valuation and advisory firm, on assignments that benefit from a wider team. revalue.ge
The fee depends on the type, size and location of the property or business and on the purpose of the valuation. Apartment valuations are the quickest and most affordable. For businesses and industrial assets we quote after agreeing the scope. Send us a short description and we will reply with an exact quote.
A standard residential valuation is usually ready within a few working days of the inspection. For businesses and large portfolios we confirm the timeline in our proposal.
For property: a Public Registry extract, the cadastral plan if available and a contact for the inspection. For a business: financial statements for the last three years and any forecasts.
Yes. We work throughout Georgia, including Batumi, Kutaisi, Rustavi, Telavi, Zugdidi and the other regions.
Yes. We prepare reports in Georgian or English, and in both languages when needed.
Send a short description and we will reply with a scope, timing and fee, usually within one working day.