Three currencies, three moments
Conversion does not happen once. It happens at every stage, and never at the same rate:
At purchase. You transfer euros. The price is frequently quoted in dollars, sometimes in lari. What actually leaves your account depends on your bank's rate and its fees.
During operation. Rents are collected locally, usually in lari, sometimes in dollars. You repatriate them, or you do not. Each repatriation is a conversion, therefore an exposure.
At resale. The exit price converts at a rate nobody knows today. A property can resell at the same local-currency price and produce a very different result in euros.
Official rate and real rate are not the same
The National Bank of Georgia publishes official exchange rates for the lari daily. They are dated public references, and that is precisely how we use them.
An official rate is not the rate at which a bank will execute your transaction. The spread between the two, plus transfer fees and commissions, is a real cost that appears nowhere in an advertised yield. Check it with your own bank, not with the seller.
The central bank also describes how the Georgian foreign exchange market operates. That framework implies no forecast and commits the central bank to no trajectory for the lari. Nobody can tell you where the rate will be in five years, and anyone claiming otherwise has left the verifiable domain.
The rule we apply
Every conversion we produce is frozen with its date and its rate, and stored alongside the result. A simulation without a rate date is not a simulation; it is an opinion.
Our internal convention is a euro pivot: each currency amount converts to euros at a dated rate, and that rate stays attached to the result. This lets you replay a calculation six months later and see what actually changed — the property, or only the currency.
Key takeaways
Three exposure moments: purchase, operation, resale.
The official rate is a publication reference, not an execution rate.
Bank and transfer fees are a real cost, absent from advertised yields.
No official source publishes a rate forecast, and we produce none.
A rate without a date is worthless.
Risks to be aware of
Staged payments. On a purchase under construction, instalments spread over months: each converts at a different rate from the first.
Debt currency versus income currency. A euro loan serviced with lari rents creates a permanent exposure.
The dollar-price illusion. A dollar-denominated price does not protect you; it merely shifts the exposure from euro/lari to euro/dollar.
Conversion left out of the yield. A yield computed entirely in local currency ignores what you will actually receive.
Improvised hedging. Hedging instruments carry their own cost and complexity; they belong to financial advice, not to a guide.
Checklist for currency
Which currency is the price contractually denominated in, and which contract version prevails?
Which rate and which date does my calculation use?
Have I asked my bank for its real execution rate and fees, rather than using the official rate?
Does my payment schedule involve several conversions? Have I counted them all?
Does my repayment capacity hold if my rental currency weakens materially against the euro?
Have I kept evidence of each conversion, with the rate and the date?
Illustrative example
This example is fictional and shows the mechanism, not a predicted move.
A buyer signs a dollar-denominated contract payable in three instalments and budgets at the signing-day rate. The second and third instalments fall months later, at different rates. The final euro cost diverges from the initial budget — in one direction or the other.
Nothing was done wrong: a variable was simply treated as a constant. The remedy is not to predict the rate, but to test the project against an adverse move and check that it still holds.
Should I buy in dollars or in lari?
That is not a profitability choice but an exposure choice, and it depends on the currency you live and borrow in. It belongs to financial advice that considers your overall position.
Which rate will I actually get?
Your bank's, on the transaction date, less its fees. The central bank's official rate is a comparison reference, not a promise.
How does the simulator handle currency?
It converts at a dated rate, keeps that rate with the result, and lets you replay the calculation with an adverse move. It forecasts no future rate.
Going further
Gross versus net yield: where conversion fits in.
A €70,000 budget: total cost, conversion included.
The simulator: explicit assumptions, stress tests, frozen rate.
Get a selection
Every amount we send you is converted at a dated rate, shown next to the result.
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.
National Bank of Georgia — Monetary Policy — Currency (taux officiels). https://nbg.gov.ge/en/monetary-policy/currency (consulté le 2026-07-26)
National Bank of Georgia — Foreign Exchange Market. https://nbg.gov.ge/en/page/foreign-exchange-market (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.