Int’l Interest in Georgian Real Estate Sector Up
Interest in the real estate sector of Georgia from international investors is increasing, and to celebrate, the Sheraton Grand Tbilisi Metechi Palace is soon to host the country’s leading developers, international investors and customers at the two-day Area Expo 2019.
This year's expo, on May 4-5, will be both outstanding and very useful for developers and consumers. Seminars and talk-series organized by Marketer.ge will cover important topics about which investors, developers and those interested in purchasing an apartment are equally concerned, including: the investment environment in Georgia in the real estate direction, banking regulations, new planning in construction and changes in the development market.
The first large-scale exhibition-sale of real estate was organized by Area Group last year, preceded by market research which emphasized the necessity of holding such an exhibition. More than 2000 visitors, 95% of whom were directly interested in purchasing an apartment; dozens of reserved apartments and successful communication between consumers and developers at the 2018 Expo proved this.
The event indicated how important such exhibitions are for the Georgian market when interest in Georgian real estate is growing annually, is increasingly in the spotlight of international companies, and when 9% of GDP comes from this sector.
Area Group is an intermediary between developers and customer; providing various services to developing companies, from market research and creating company brands to sales management and reporting.
"Last year's focus was on the customer, people who were interested in buying real estate, and saw the gathering of developers offering a variety of products in a single space,” said Tamar Mashava, Director of Area Group. “Today, we see international organizations clearly expressing their interest in the event, especially those wanting to invest in Georgia.”
This year’s partner was the International Chamber of Commerce (ICC), which notes that the event plays an important role in the development of the Georgian real estate sector. "The interest of international and local investors in Georgia's real estate sector is very important- in this regard, Area Expo 2019 has extraordinary potential. We invite investors and stakeholders through our own representations in neighboring and regional areas, including Azerbaijan, Armenia and Ukraine, to come to the Expo and thus increase their awareness of the country and their interest in real estate here,” the ICC states.
Another partner of the event is the National Agency of State Property, whose participation aims to move amortized passive real estate belonging to the state into the private sector, which will promote business development in the country. "Customers looking for a particular product or service have a good opportunity to discover a lot of offers in a single space, consult with financial institutions and thus be better able to make the decision that is right for them," said George Dugladze, Chairman of the National Agency of State Property.
Similar exhibitions are often held abroad. One of the most successful examples is Dubai's annual large-scale real estate exhibition. More than 20,000 people from around the world take part in the event, and more than 1200 items of real estate are sold during the exhibition, with revenues exceeding $1 billion. Although the scale of Georgia is small due to the local market, it is interesting and necessary for Georgian consumers and developers to share a similar experience of international competence.
The company Ocean Capital has been operating on the Georgian market since 2016. This is an international company that carries out work in 15 countries and now counts 60 years of history. The company operates mainly with investments attracted from The Netherlands, Britain, the Middle East and Germany and works to European standards. Its Georgian projects guarantee safety standards, including structural basin preparation methodology.
Ocean Capital recently completed a project in the vicinity of Vake Park, Tbilisi, and has three ongoing constructions, also in the Vake district and all premium class products. The first time they are taking part in Area Expo, as Director General of Ocean Capital Tamar Akhaladze explains, they will present the completed project and offer clients special purchase conditions.
“Area Expo is very interesting in content and format, encouraging market development, and, most importantly, direct communication with potential consumers. Our expectations are positive for this year’s event,” Akhaladze said.
Don’t miss out on May 4-5 at the Sheraton Grand Tbilisi Metechi Palace, Tbilisi!
By Mariam Merabishvili