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.
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.