If you’re searching for the perfect destination to invest in real estate, look no further. We’re excited to bring you insights from the founder of ELT Building Development, Mr. Elguja Turmanidze, on the potential opportunities for investing in Batumi’s real estate market. As an expert in the field, he can provide valuable information on the city’s economy, tourism industry, and favorable investment climate, which make it an attractive destination for real estate investors worldwide. So, join us as we explore the exciting prospects for investing in Batumi, Georgia
Let’s Start the Interview:
The Worlds Times: Hello, Mr. Elguja. Thank you for joining us today. Can you please introduce yourself and share some information about your company?
Elguja Turmanidze: Hello, thanks for having me today. In 2017, our company, ELT Building Development, entered the real estate industry with a unique and innovative vision that went beyond the traditional concept of providing apartments. Our goal was to create an environment that offered a comfortable and high-quality way of life suitable for the fast-paced rhythm of modern cities. To accomplish this, our development team created the “ELT Quarter,” a new dimension in real estate that redefined the idea of a neighborhood.
Located on the first line of the Black Sea beach, the ELT Quarter has been a major success, with three completed and four ongoing projects currently in development. Our team, which started with only five members, has grown to employ over 150 people, and we are now one of the most successful real estate companies in Batumi.
Our impressive achievements include selling over 700 apartments in the summer of 2022 and an average of 75 apartments sold monthly. These figures speak to our commitment to creating exceptional properties and our ability to meet the demands of modern investors and buyers in Batumi’s real estate market.
The Worlds Times:That sounds more than impressive. But, let’s dive into more about what makes Georgia a country to invest in. Can you describe the current state of investment opportunities in Georgia, and how they compare to other countries in the region?
Elguja Turmanidze: Georgia’s investment opportunities are currently in a state of growth and expansion, with a focus on attracting foreign investors to the country. The government has implemented a number of policies to encourage investment, including tax incentives, streamlined business regulations, and increased support for infrastructure development. Compared to other countries in the region, Georgia offers a favorable investment climate with low taxes, a stable political environment, and an improving business climate. The country’s strategic location also makes it an attractive destination for investors looking to access markets in Europe and Asia.
Other than that, here are some key factors that make Georgia an attractive investment Destination:
- According to the “Gullup World Poll,” Georgia has the lowest crime rate in Europe.
- The World Bank has named Georgia the number one reformer country in the world.
- Transparency International has recognized Georgia as the number one country in the region with the lowest corruption rate.
- Georgia ranks sixth in the world in the “Doing Business” report by the World Bank.
- Fox News has named Georgia as a top 10 tourism destination.
- Thrillist has ranked Georgia fourth in terms of culinary tourism, with the country being the cradle of wine as recognized by UNESCO.
The Worlds Times: What advantages does Georgia offer to foreign investors, and how do these compare to other countries in the region?
Elguja Turmanidze: Georgia offers several advantages to foreign investors, including a favorable tax system, streamlined regulations, a stable political environment, and a strategic location. These advantages make Georgia an attractive destination for investors looking to access markets in Europe and Asia. Compared to other countries in the region, Georgia’s investment climate is relatively stable and investor-friendly, with a strong focus on infrastructure development and economic growth. Additionally, the country’s cultural and historical significance and growing tourism industry offer further opportunities for investment and development.
The Worlds Times: Can you talk about any recent developments or changes in Georgia’s investment climate, and how they are impacting the country’s attractiveness to investors?
Elguja Turmanidze: Recent developments in Georgia’s investment climate include ongoing efforts to improve business regulations and increase government support for infrastructure development. The government’s focus on these areas has helped to streamline processes for foreign investors and improve the overall business climate in the country. Additionally, Georgia’s recent entrance into free trade agreements with European Union and several major trading partners has opened up new opportunities for investors looking to access markets in Europe and Asia.
Visa liberalization holds great significance as it allows Georgian residents and businessmen to travel visa-free to the European Union as well as several major partner countries. This has opened up numerous opportunities for trade, investment, and economic growth, positioning Georgia as an attractive destination for foreign investors and entrepreneurs
Let’s Talk About Batumi
Let’s shift our focus to Batumi, an emerging tourism destination that has been the talk of the town lately. Batumi is quickly gaining popularity due to its stunning coastline, rapidly growing economy, and promising real estate market. Batumi is also known as a regional center of the gaming business; The city has also recently been named “Europe’s Leading Emerging Tourism Destination” at the World Awards ceremony, and rated as one of the “Best European Cities to Invest in for 2020” by Forbes.
The Worlds Times: What sets Batumi apart from other cities in terms of real estate business success?
Elguja Turmanidze: Batumi’s real estate success can be attributed to a number of factors, including the city’s location on the Black Sea coast, its growing tourism industry, and its favorable investment climate. The government’s focus on infrastructure development and support for foreign investment has also contributed to the city’s success in the real estate market.
The Worlds Times: What role do you think tourism plays in the success of the real estate market in Batumi?
Elguja Turmanidze: Tourism plays a significant role in the success of the real estate market in Batumi. The city’s growing popularity as a tourist destination has led to increased demand for rental properties and vacation homes. This has created new investment opportunities for developers and investors in the real estate market. Additionally, tourism has driven infrastructure development and improvements in the city, such as the construction of new hotels and entertainment facilities, which has further boosted the real estate market’s success
The Worlds Times: How do you see the real estate market in Batumi evolving in the coming years, and what opportunities or challenges do you foresee?
Elguja Turmanidze: I see the real estate market in Batumi continuing to grow and evolve in the coming years, driven by factors such as increasing demand from tourists and investors, government support for infrastructure development, and a favorable investment climate. It is noteworthy that the income generated from real estate investments has surpassed the returns on bank deposits in recent years.
The Worlds Times: Lastly, as our interview is coming to an end, Can you share any advice or tips for those interested in investing in real estate in Batumi?
Elguja Turmanidze: I highly recommend investing in real estate in Batumi, as the city offers a unique blend of favorable market conditions, government support for investment, and a growing tourism industry. The city’s strategic location on the Black Sea coast, combined with its modern infrastructure and high-quality construction materials, makes it an attractive destination for investors looking for new opportunities. Additionally, the government’s efforts to simplify regulatory processes and provide incentives for foreign investment have made Batumi one of the most investor-friendly cities in the region. Certain tips to keep in mind when investing in real estate in Batumi include staying up-to-date on the latest market trends and demand, thoroughly evaluating potential partners and developers, and working with experienced professionals who have a deep understanding of the local market.
Thanks, Mr. Elguja for your time and a detailed rundown on the current real estate investment environment in Batumi, Georgia. It’s been an absolute pleasure catching up with you.
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