Mr Amr Alabouz chairman of York Towers in an exclusive interview with Marketer.ge magazine he talks about the groups vision and its role in developing the real estate market in Georgia

we are establishing new standards for the real estate market in Georgia- Development company York Towers.

The Georgian real estate market has been developing at lightning speed in recent decades.

The Georgian real estate market has been developing at lightning speed in recent decades.

However, in spite of the abundance of development, it is not easy to find accommodation in Tbilisi that is conveniently located, has its own parking,  security system and other facilities.

However, this is not a complete list, no less relevant to city noise, polluted air and endless traffic jams.

The environment in the city has put development companies at the forefront – what do housing seekers need? How to develop the city’s construction in order to build quality and maintain competitiveness?

International company York Towers saw the potential for business development in the densely populated capital city and the suburbs.

Projects, such as the Didi Digomi Residential Complex, Ortachala Project, were deployed in areas where it could provide residents with a comfortable infrastructure besides the apartment.

York Towers plans to completely change the lifestyle of the capital’s residents and create a condominium for living near their city.

To do this, the company has introduced a multimillion-dollar project that plans to build a small green town in York Town in the 60,000-sq.m Tabakhmela.

The company has been operating in Europe and Central Asia for several years.

In Georgia has been operating since 2017. We talked to mr. Amr Elabvaz, CEO of the company about projects and future plans.

How attractive is the Georgian real estate market to a foreign investor?

I can safely say that it is excellent. The market is evolving, many areas are still untapped.


It is easy to start an entrepreneurial business, in just half an hour you can register a business, you can start using internet banking at the same time.

Everything is simple and there is no upper limit to income.

The tax system is flexible and the processes are simple. Foreign investors are looking for such a flexible environment for their businesses. Georgia is a very safe and secure country.


The real estate market in Georgia is really attractive.

 As you know, there is an abundance of development companies in the local market.

What is your competitive advantage?

The competition really is. However, I can say with confidence that it is difficult to find a project in Tbilisi that provides all the nuances of a middle-income segment of life: a playground, a stadium, a gym I emphasize that this is not about low-budget or high-budget apartments, but about medium-sized projects that are of interest to middle-income people.


We’re not just working on building a good apartment. Our promise is to provide families with a playground, a stadium, a yard, a parking and we are paying the attention to safety issues besides a well-built home… and all at a fraction of the budget. And we do so not at the expense of quality, but at the expense of margin.

 Who do you consider to be your target segment?

We work on both the local and foreign segments – Europe and the Gulf countries. We strive to attract foreign investors to invest in Georgian real estate, trade, restaurant and hospitality, import and export.

According to you, instead of central districts, you are trying to bring residents closer to free neighborhoods. We talked about this principle of your projects…

Yes, we are trying to build new neighborhoods and offer people free spaces instead of densely populated central traffic jams.

 We want to offer the market a new design and architectural vision.

And that backs up the experience we’ve accumulated in Dubai, Istanbul, or Egypt. All of this is a great contribution to our Georgian employees and their great minds recourses.

We are trying to get the citizens out of the city noise and to give them the opportunity to settle near the city center, where there is more freedom, more clean air, necessary facilities and infrastructure. Well-designed good projects at an affordable price – we work on this principle.

Even if you take the Tabakhmla project, when everything is arranged, it will take you only 10-15 minutes to get to the city center.

Let’s talk about the Tabakhmela project.

At Tabakhmela we are preparing a very large-scale project involving the construction of 60,000 square meters of residential homes, schools, clinics and shopping centers.

We do not create an office space, it will be a place of residence, with its schools, gardens, shops, clinics, everything that a person may need to live in without having to go to the city center for anything.

We want to provide all the details needed to create a comfortable living space for residents and, on the other hand, to ease the city.

Tabakhmela is a wonderful place. We are surrounded by a large forest and in our own town, York Town, we plan to plant 6,000 trees and build a huge park that will be open to all.

It takes very little time to get to the city and public transport is also provided.

What is the role of Georgian culture and architecture in your work?

Although our company is foreign, Georgians are a valuable part of our team.

We have a Georgian architect,  builders, an accountant, a lawyer… We also buy materials here. Everything is done with the help of Georgian team, only ideas and basic concept is foreign.

As for architecture, we try to bring European and Georgian style to our projects.

For example, it could be a synthesis of Italian and Georgian architecture.

We also talked about quality, but let’s spread what is your quality standard?

This is a very important issue. In the modern market, it is very common for a businessman to buy less quality material in order to make more money.

I understand the temptation here is great, but if you look at it, ultimately, buying quality material costs a little more, but it does provide people with satisfaction and our credibility, which is very important to our reputation.

We prefer, for example, to spend $ 200 more on building a square meter, than to burn the house down. To be honest, we saw a lot of mistakes in the local market, so we firmly decided that we would build everything in high level and use high quality materials.

In addition, our relationship with the resident does not end with the purchase of an apartment. We are fully responsible for everything inside the apartment, all year long.

 What additional services do you provide for residents?

Many residents do not live in Georgia permanently. We will provide additional services for them.

The country is very attractive for tourism. The country has more than 8 million international travelers.

And our apartments are not going to be good hotels. That is why we rent an apartment instead of the owners and it is an extra income for them.

In addition, we have a subsidiary that takes care of interior design, arrangement and management.

 It is the people who provides the extra services.

What achievement are you most proud of?

Unequivocally, with my team. Unusual people are gathered.

We are getting higher every month and this is the merit of our team. They make a tremendous effort to achieve excellent results.

That is why we strive to create a comfortable environment in which to come is to feel comfortable as at home.

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what to know before buying real estate properties in Georgia

Are you looking for buying real estate in Georgia? It is one of the easiest countries in the world for doing business or owning a property. There are plenty of real estate properties for sale in Tbilisi and lucky one of them could be yours in a few steps.

Here are some useful advices and reasons you should know if you are going to invest in Tbilisi real estate projects.

First of all, we’d like to admit that Tbilisi is 16 centuries years old – one of the oldest cities in Caucasus. It is industrial, social and cultural center in the region and one of the most important and strategic transport junctions for international trading projects.

Here you can experience unique and rich culture, explore stunning nature in every step – only a few hours of driving from Tbilisi and you are in charming Black Sea coast or in enchanted mountains of Caucasus. You can meet surprisingly friendly and hospitable people in every corner of the country, don’t be shy if you need some help, here are the people ready to give you a hand with anything needed. Many Georgian people know English and communication is easy but if you try to learn Georgian language, they will be happier.

Georgia is famous for its various climate environments. In western Georgia predominates humid subtropical climate and in eastern Georgia it is more continental climate, from subtropical to moderate. This climate is created by natural factors like Black Sea, Caspian Sea and Caucasus Mountains.  It is usual here to enjoy skiing and swimming in the sea at the period of time. Difficult to believe? Yes, we know, this country is so distinctive with its character, but you will experience it by yourself when you buy a real estate in Georgia and become a resident easily.

Benefits of investing in Real Estate

Georgia is the right choice for gourmet investors. This wonderful country offers plenty of traditional dishes created centuries ago. Several kinds of Khachapuri, Khinkali, Mtsvadi, Churchkhela, traditional cheese and wine – Georgian Supra is an endless adventure of tastes.

Georgia is one of the safest countries in the world. The crime rate is very low in Tbilisi and streets are almost free from dangers even at nights. Tbilisi is perfect place for families also, because there are lots of possibilities for kids to grow healthy and educated. Children can get a high quality education at international schools and universities. This country is fully adapted to various types of sports and trainings and has many champions in different fields. Who knows, maybe your child will be next.

When it comes to buying a property, we all want to get it in as low price as it is possible. You can buy a real estate cheaper in Tbilisi than in any other capital city in the developed world. Tbilisi is perfect destination to save money rationally.

Whether you are searching for real estate properties for sale or investing in real estate in Tbilisi we suggest to choose suburb districts of the city. Why? Suburbs are better place for success of a business and living conditions are healthier. We will talk extensively about this actual topic in our next blog.

Area expo 2019 in Georgia

As we are York Towers Holding, we have finished many projects in Georgia. Currently, we are constructing York Town – A Green residential complex in Tabakhmela, Tbilisi. On the 4-5 of May, we will also attend Area Expo 2019 in order to represent our new project – York Town to the Georgian Audience.

On the same event, Georgia-based developers will represent the residential, commercial and office spaces!

Within only two days, event attendees will be able to get acquainted with almost every construction project ongoing in a single space in Georgia, and most importantly, make use of special prices and payment terms the Companies will offer you only within the framework of the exhibition!

The event will provide attendees with unprecedented access to construction projects and real estate in a single space in Georgia.

Duration of the exhibition – 2 days, Saturday-Sunday
Date: May 4-5

Place: Sheraton Grand Tbilisi Metechi Palace
Time: 11 am- 6 pm

The main goal of the event:

To assemble the developers and those interested in purchasing real estate in a single space in order to offer customers a wide spectrum of choices and give Companies the opportunity to distinguish themselves before the target audience.

Whom the event is to be held to:

Viewers

• People interested in purchasing real estate: a residential, office or commercial spaces;
• People interested in renting office/commercial spaces;
• Natural or legal entities interested in business links with developers;
• Ordinary real estate viewers.

Participants

• Development Companies of Georgia offering customers their current/new construction projects: residential, commercial and office areas;
• Banks/Financial Institutions for providing the accessibility conditions of real estate acquisition or construction financing on the ground;
• Architects introducing the latest technologies/projects/trends to the construction market.

Organizer

Real Estate Services Company – Area Group

Official Supporter: the Ministry of Economy and Sustainable Development of Georgia

Media supporters:
Marketer.ge; Georgia Today; Commersant

Event Partner: Construction Company Arcon Invest

What are Free Zones in Georgia?

A Free Zone is a part of the territory with defined borders. Free zones is used as a source of Foreign Direct Investment for the government.

What is the advantage of incorporating a Free Zone?

  • All types of corporate structure can be register in Georgia free zones.
  • The companies that register within the borders of the Free Zone are permanently exempt from all the corporate taxes on export oriented businesses. The other advantages include:
  • No minimum capital requirement;
  • 100%- foreign ownership permitted;
  • Fast corporate and private bank account opening in reputable Georgian banks (including full internet banking and various other high-end services);
  • No tax on dividend withdrawal; -No restrictions on number and nationality of the shareholders and directors. Shareholders can be the director at the same time.

Georgia has 3 main free zones location:

Georgia has 3 main free zones location:
Here are the most popular sectors in the three locations :

Georgia has 3 main free zones location:

It’s located at the eastern black sea coast, and next to the international airports of Kutaisi and Batumi.

About Poti free zone

The Poti Free Industrial Zone is the first free industrial zone in the region, it’s owned by CEFC Euro-Asian (75%), Georgian Government, Ministry of Economics (10%) and by the Government Agency of the Emirate of Ras Al Khaimah Investment Authority (RAKIA), U.A.E. (15%).

What is the Poti contains?

Poti Free Industrial Zone LLC has been fully functional since 2010 and accommodates business and investors from diverse segments, it covers 3.0 million sq. m. The majority of the land is offered for a range of industrial and logistics activities, from light manufacturing to more heavy industries such as chemical, steel, and processing.

Clients can apply for one of the following licenses

Kutaisi Free Zone:

Kutaisi is one of the largest cities of Georgia and Kutaisi free zone is located within the city, investors who choose to invest their benefit from special investment regime. More than 20,000 employees work in Kutaisi free zone and the employment and employees are expected to increase.

It’s managed by the Chinese company Healing group.

One can presume the under-mentioned tax benefits:-

  • 100%-  permanent exemption from Corporate Profit, Dividend, Property taxes and VAT;
  • Also 100%-  permanent exemption from import/export of all cargo, including raw materials,   equipment & machinery, prefabricated goods;
  • 100%-  capital and profit repatriation;
  • -Double taxation with many countries ;
  • Free Trade regime with the CIS countries and Turkey;

Tbilisi free zone :

The Tbilisi Free Zone JSC was launched in November 2015 on 170,000 m2 of land in Tbilisi. BitFury Group, the world’s leading blockchain technology company, is the owner and developer of the property.

There is no free industrial zone in Tbilisi except it

It (TFZ) is also the only free industrial zone in Tbilisi. TFZ seeks to attract international tenant companies to locate their export-oriented businesses in the bonded tax-free area. TFZ is prepared to welcome companies from diverse fields of business including technology, trading and services, light industrial manufacturing, logistics, warehousing and other.

Advantages of Tbilisi free zone

  • Due to its location, companies registered in the Tbilisi free zone enjoys direct access to the Tbilisi international airport and the city center.
  • In the Tbilisi free zone, our clients can conduct the following activities
  • The minimum capital required for the setup of a joint stock company in Tbilisi free zone is 6,000 $  US.