Ministry of Economy of Georgia begins to study the real estate market which will be conducted by a global commercial real estate services organization Colliers International.

Apart from the Ministry of Economy,  the initiators of the study will be the Tbilisi City Hall and the Partnership Fund for the state assets management. 
 

The study will take place in 14 cities, and will focus on 6 areas - housing, offices and warehouses, hotels, stores, and entertainment industry. It is also planned to prepare information on large public and tourist facilities. In particular, special investment brochures will be issued that will more effectively promote hotel and entertainment industry of the country. 
 

"Colliers International" is one of the world leaders in consulting and operates in 37 countries.

According to Deputy Economy Minister Ketevan Bochorishvili, the company is already working on the study for almost a month, and work will be completed by the end of the year. 

"This is the most large-scale real estate market research in Georgia that will be conducted both in the capital and in other cities and regions of the country. Results of the study will show not only the current state of the real estate market, but also the dynamics of development, prospects, trends and forecasts. This will be a specific tool that will enable us to even more interest partners  and stimulate the development of new projects in Georgia, "- she says.

At the same time, she notes that business needs to know specific numbers for  planning - what's going on in the market, hotel occupancy, what to expect in the market, etc. 
 

"Despite the fact that Sakstat publishes statistical information on hotels, it displays only the current realities, and the prediction is not within the competence of the statistical service. This is what gives a special importance to the work,"- she adds. 
 

Developers also assess  a situation in the real estate market. 
 

Source:Commersant.ge