What we are actually talking about
Three different structures circulate under similar names:
The branded residence. A hotel brand lends its name and usually a service standard. That does not mean it owns the building or carries a financial commitment towards you: the brand agreement binds the brand to the operator, not to each individual owner.
The income programme. The seller or operator contractually undertakes to pay you an amount, often expressed as a percentage of price, for a set period.
The rental pool. Receipts from several units are pooled and shared by a formula. Your income no longer depends on your unit alone, but on the performance of the whole and on the allocation key.
The three frequently combine. Analyse them separately.
The only question that matters about an income promise
A contractually promised amount is not income: it is a claim against whoever commits to it. Its value is exactly the strength of that obligor.
Ask in this order:
Who exactly is committing? The developer, an operating subsidiary, a company set up for the purpose? Ask for the identity and registration of the signing entity.
What is the commitment? A fixed amount, a floor, or a revenue share? These are not the same.
For how long, and what happens afterwards? A three-year promise tells you that in year four you face the real market.
Is the promised amount funded by operations or by the sale price? An inflated price returning your own money as "income" is not a yield; it is an instalment plan.
What happens on default? Security, penalty, termination, recovery of free use of the unit: read the clause, not the brochure.
Real operations, behind the brand
The national tourism administration publishes country-level visitor statistics. They illuminate a general trend, but a visitor statistic says nothing about the occupancy of a given unit, nor about the income you will draw from it. Do not let a national figure serve as proof of an individual promise.
What can be verified: the operator's existence and track record, its other assets in operation, the accounts it is willing to disclose, and the contractual split of costs — because a promised gross income from which you bear every cost is not what it appears to be.
Key takeaways
The brand binds the operator, not necessarily the brand towards you.
An income promise is worth the strength of whoever makes it.
Income funded by an inflated price is not a yield.
The end of the promised period is where the investment really begins.
No national visitor statistic proves a single unit's performance.
Risks to be aware of
The empty vehicle. A commitment signed by a structure without assets exists only on paper.
The inflated price. Always compare price per square metre against equivalent units with no income programme.
Loss of control. Some contracts sharply limit your own use of the property, or even your right to sell during the period.
An opaque allocation key. In a pool, an unauditable key turns your income into the adjustment variable.
Exit. A unit in a managed residence addresses a narrower pool of buyers than a standard apartment. Liquidity suffers.
Brand-operator confusion. A brand leaving does not remove your property, but it can change its operation completely.
Checklist before signing
Identity, registration and track record of the committing entity.
Exact nature of the commitment: fixed, floor, or share.
Duration, renewal terms, and the end-of-period scenario.
Security attached to the promise, and consequences of default.
Contractual split of charges, works and furniture replacement.
Pool allocation key, and how accounts can be audited.
Limits on my personal use and on resale during the period.
Price per square metre against equivalent units with no income programme.
Review by an independent lawyer I appointed myself.
Illustrative example
This example is fictional.
A project offers an annual payment for three years. Careful reading shows the price per square metre materially exceeds comparable neighbouring projects, and that the promised payments add up to roughly that price difference.
The structure is not unlawful, and it may even suit someone seeking short-term cash-flow visibility. But it creates no yield: it returns part of the price paid. Which leaves the only question worth asking: what is the asset worth, and what does it produce, from year four onwards?
Is a major brand a safeguard?
It brings a standard and commercial visibility. It does not, in itself, bring a financial commitment towards you. Check who signs.
Is an income programme a bad sign?
No, not in itself. It is one element to assess among others. What should alert you is a programme whose funding, obligor or aftermath are not clearly established.
Can I use the property myself?
That depends entirely on the contract, and this clause is often more restrictive than expected. Read it before signing, not after.
How do you audit this type of project?
With the same grid as any other: unverifiable points stay marked "to be confirmed", and some gaps are blocking regardless of how good the sales presentation is.
Going further
Gross versus net yield: where a promised payment belongs.
Choosing a rental management company.
The documents to demand before any payment.
Get a selection
For each project concerned we state the exact nature of the commitment and the identity of the entity carrying it.
Sources
Every regulatory statement in this guide rests on the official sources below. They were consulted on the date shown; check they have not changed since.
Georgian National Tourism Administration — Site institutionnel. https://gnta.ge/en (consulté le 2026-07-26)
National Agency of Public Registry (Géorgie) — Real Estate Registry. https://www.napr.gov.ge/en/service/registers/real-estate-register (consulté le 2026-07-26)
Legislative Herald of Georgia (Matsne) — Tax Code of Georgia. https://www.matsne.gov.ge/en/document/view/1043717?impose=translateEn (consulté le 2026-07-26)
Disclaimer
This guide is general information. It is not legal, tax or investment advice and takes no account of your personal circumstances. Capital, rents and liquidity are not guaranteed. A purchase in Georgia is governed by Georgian law and does not carry the French protections that apply to off-plan sales at home. Engage independent counsel in Georgia and, for your French obligations, a tax adviser.