Levan Pkhakadze, Vice President of Wissol Group and founder of Biograph, declares that all players in the sector should observe the real estate market carefully, as there are risks of an immediate crisis, - Pkhakadze spoke about this in response to a question from BMG.
He deeply believes that even the bankruptcy of one company will cause significant fluctuations in the sector, Levan Pkhakadze notes that the risks are indeed visible.
The founder of Biograph also talks about the steps necessary to insure risks.
"I think that each player, banks and the state, should watch this sector very carefully. We understand that this is the largest industry in the country, that it is the largest contributor to the gross domestic product, and we agree that a crisis can start very quickly, so one or two unsuccessful projects or companies can completely change the real estate market.
Investors should be careful, we understand the responsibility that we have taken on before our tenants. The second step is to have more cooperation with banks and easing of regulations further, but at the same time, banks must remain demanding in order to be able to fully control the progress of projects.
It was very pleasant from the state side when we heard last week that the National Bank of Georgia has reduced the requirements for lending to individuals, and if there are more similar steps that will encourage sales, the sector only welcomes such decisions," - Levan Pkhakadze said.
