According to Valeri Gurgenidze, commercial director of the development company Elt Building, the current prices for real estate in Batumi will be maintained. As he told bmg, the high price is beneficial for both investors and locals.
The main risk that the company sees in terms of the development of the real estate market is related to the oversupply of apartments.
"The main problem that may arise in 2-3 years is the oversupply of hotel-type apartments, which is actively developing in Batumi. In order to ensure these risks, we are actively negotiating with international management companies that have many years of experience in providing this type of apartment and services. We are investing quite a lot of money in this regard, this is a kind of guarantee and insurance for our investors," Gurgenidze said while visiting TV-program "Real Estate Prospect".
At this stage, the company has invested more than GEL 80 million in the real estate market of Adjara. The company announces that next month "Elt Building" will hold a presentation regarding its entry into the Tbilisi real estate market.
