Real estate consulting firm Colliers International Georgia is introducing a new residential complex to the market. The Abrisi Dighomi project is fully funded by Bank of Georgia, which guarantees its timely completion. As the sales process gets underway, the first 10 buyers will be able to take advantage of special terms, under which they will only have to pay 20% of the price in advance, while the remaining 80% can be paid by October 2019, when the project is completed. The apartments will be sold in ‘white frame’ condition, and residents will be able to plan the space flexibly.
Property Georgia spoke to the Director for Residential Real Estate Brokerage at Colliers International Georgia, Eka Danelia, about the details regarding the new residential complex.
- How would you describe the new residential complex in Dighomi, and in what way will it be different from other projects?
Abrisi Dighomi is the best location in the city’s greenest area. It is a 16-storey, energy efficient residential building on Marshall Gelovani Avenue. It has a three-level underground parking garage, two passenger elevators and a freight lift. It is equipped with a modern fire safety system and a green yard, which objectively makes it the prime location in Dighomi. The complex can be easily accessed by three roads from Marshall Gelovani Avenue and Robakidze Street. Although it is located in a socially active zone, the spatial views over the city create a feeling of comfort for the residents. Abrisi is our first project in Dighomi. Aside from having a large entrance hallway, two stairwells, an intercom, a power generator and CCTV cameras, it will also be offering the necessary household services to the residents.
- Can this complex be viewed by prospective buyers as an investment opportunity?
Abrisi Dighomi can realistically be viewed as an investment opportunity, bearing in mind that apartment sizes in the complex start from 53 m2. Due to the specifics of small apartments, it is possible to generate up to 9% of the price in annual earnings.
- What about the investment potential in the Dighomi area as a whole?
Dighomi has been developing at a fast pace over the last few years. In addition to the opening of a busy mall, various other shopping centres and food outlets, expansion of the residential areas in Greater Dighomi and Dighomi Massive has also began actively. Dighomi is attractive due to its proximity to the city centre, but also due to its exceptional green space and well-developed infrastructure. These circumstances have encouraged large developers to start operating in the area, which has substantially raised the quality. More and more people from the Middle East, as well as Georgians living abroad and wishing to invest in Tbilisi, are attracted to Dighomi. Local and foreign students are also looking to settle in Dighomi, as several universities and technical colleges are based in this area.
- How would you describe the construction trends and the price dynamics in Dighomi for the past few years?
In 2017, the total area encompassed within the ongoing projects was 150 600 m2, while the total area included within the projects approved for 2018 is 24 800 m2. Bearing in mind that there is a shortage of land designated for development in Dighomi, while most of the available plots have a recreational status, the supply of residential apartments is likely to decrease, leading to a change in the development of the local market. As for the price dynamics across Tbilisi, residential apartment prices have decreased by 2.8% since 2016 – from an average of $565 to $549 per m2. However, prices for newly built residential apartments in Dighomi have only decreased by 1.5%.