Current Situation on the Development Market

What is the current situation like for development companies, and at what stage is the issue of unfinished construction works? The founder of Arsi Irakli Rostomashvili has told TV3 that the companies’ sales figures have fallen significantly in recent times. There has been a reduced interest both for individual properties and for living complexes. Mr. Rostomashvili insists that Arsi is currently working on having the suspended construction works resumed, and that the majority of their building projects will be up and running again in the near future. He also states that the difficult situation on the development market is caused by the lack of interest from the banks towards real estate.
On the other hand, a spokesman for Axis claims that the banks have been actively giving out loans, which has been reflected in the company’s high sales figures. The construction company is currently in the process of registering the completed properties in their clients’ names. Spokesmen for the Bank of Georgia’s subsidiary company M-Kvadrati state that 20% of the flats in the living complex that is currently being built on the site of the former hippodrome have already been sold.