Local investor Davit Grigolashvili told TV-Program Real Estate Prospect that non-residents are less interested in the real estate market of Kutaisi at this stage.
According to him, construction increased in recent years in the Western Georgia City of Kutaisi and the price of per square m in the newly built projects ranges from USD 700 to USD 1000.
"We are operating in the real estate market of Kutaisi for years, we have studied the general plan of the city, the existing potential in the direction of investment in detail, and with the combination of these factors, we are implementing the construction of a multi-apartment residential building in Kutaisi.
The project "Your House on Asatiani" includes both residential apartments and aparthotel-type rooms, which are less developed in the city. The customer can purchase 25-30 square meters in the project with renovation for USD 30 thousand. The interest in the city is growing on the part of tourists. This process is facilitated by the presence of the international airport, and this made us to implement the project. Its cost is from USD 8 to 10 million and will be completed in 3 years.
In general, prices in Kutaisi range from USD 700 to USD 1000. Obviously, the price depends on the company, quality, location, etc. As for the demand, the flow of foreigners is not strongly represented in Kutaisi at this stage.
As for our future plans, since we have several ongoing and planned projects in Kutaisi, we are not planning to start projects in other cities at this stage," said Davit Grigolashvili.
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