Tengiz Giorgaia, the founder of the real estate company "Kidobani" operating in Kutaisi declares, that the price of a newly built apartment in the city center starts from USD 700 per square meter, as for the historical part of the city, the price ranges from USD 1,200 to USD 1,400.
As Giorgaia said during his visit to TV-program "Real Estate Prospect", only local companies are interested in the Kutaisi real-estate market so far, which do not supply the market with premium segment apartments.
"In Kutaisi, mostly residential real estate is built, which belongs to the middle class. Premium-class residences with their own yard, parking, recreation area are not built.
There is a historic zone in the city center and there are restrictions on construction, so developers are slowly moving to the suburbs. Mostly local companies are working on the construction of residential real estate.
Those who want real estate for investment, buy apartments in Tbilisi or Batumi. Mostly local population and immigrants buy real estate in Kutaisi.
In a newly built building, the price starts from USD 700 in a normal place, in the center it costs even USD 1200- USD1400 because, as I mentioned, there is a restriction on new buildings in the center. Old renovated apartments in the central areas, with furniture, cost USD 1,200, while white frame costs USD 900-1,000 per square m," said Giorgaia.
