The FINANCIAL — 1,895 USD per square metre – this is the most expensive price for living space in Tbilisi.
This is for property in House by Vake Park, a building located at Ilia Chavchavadze Avenue and G. Tsereteli Street corner; built by building company Arsi.
Currently prices for apartments are reaching their maximum again since the period of crisis.
“Now prices are the same as they were at the beginning of 2008,” said Tako Ratiani, Manager at Arsi. “The previous two years were very difficult for developing companies. Prices for flats significantly decreased. But now they are as high as they were before the crisis.”
Two independent blocks, 18 and 7 storeys respectively, are connected by a bridge. There are six penthouses on the 16th, 17th and 18th floors, where one square meter costs 1,895 USD. The good location, good view of Vake Park, sunny side, rare project, building materials of the highest quality, and porch revetted with a layer of marble are the reasons defining the high price. Starting price at this building is 1,280 USD per square metre.
Construction works are being done by German building company Paul Schuller. The total area is 12,000 square meters, 11 percent is commercial space, and 89 percent – residential space.
“We offer our consumers white frameworks with a central heating system,” said Ratiani. “Interiors and furnishings are not done. The average space of these flats is 90 square metres. There is underground car parking. The First floor is for commercial use. There’s a big hypermarket in the building. Unfortunately we don’t have any pool or garden.”
71, Vaja-Pshavela Avenue is the place where 1 square meter costs 1,760 USD. The size of flats in this building start at 51 square metres and go up to 334 square metres. 52 square metre flats for 92,000 USD are offered to customers. There are several such flats on each floor.
“Accommodation is of the highest class,” Mzia Sharashidze, Manager at Redix told The FINANCIAL. “Flats are sold with finished repairs: a Canadian oak floor, laminated internal wooden doors, aluminium window frames produced in Germany with sealed double glass unite, individual heating and conditioning system, European electric wiring, an inbuilt Italian kitchen, Bosch technology including a washing-machine, air vent, gas oven, refrigerator, dishwasher, fully equipped WSs laid by ceramic tiles, installed telephone, TV and internet wiring. There is a three level-rated underground car parking, secured and isolated yard, cleaning service and concierge.”
Construction Company Iberia has a house at 73, I. Abashidze Street, where one square metre costs 1,700 USD. They have several penthouses with big terraces for this price. Starting price in this apartment building is 1,100 USD per square metre. The building has 10 floors and one entrance. The upper floors cost more. There is a penthouse and underground parking floors. The residential building is located 100 metres from Vake Park which adds significant value to the property and defines its high price, claims Iberia.
1,600 USD is the price for one square metre of living space on 34 Barnovi Street. The main reasons behind the high price are good location and rare project, Axis claims. The company offers white frameworks without renovated interiors. Planning the building is completely different. There’s a lounge style hall. Constructing materials are of high quality.
Dexus offers a 350 square metre penthouse with 150 square metre veranda for 400,000 USD in an apartment building on Chavchavadze Corner. The building is located at the crossing of Chavchavadze Avenue and Kipshidze Street.
Nino Natroshvili, PR Manager of Dexus said that the main advantages of this house are its stunning view and good location.
In September 2010 Dexus took on the management of Centre Point and its related group of companies. From 2000-2008 Centre Point Group held 35% of the market. From 2008 a period of crisis began at the company which reached its peak by 2010. The company is still connected to 6,200 customers for whom their main responsibility was to build residential apartments. Dexus has started the rehabilitation process of unfinished buildings of Centre Point.
Most of the buildings with the highest prices are located in Vake District. Vake remains the most popular and prestigious district as it has been for a long period of time
“Vake is the most expensive district. The main demand for flats is there,” Ratiani said. “There is even a deficit of flats. Demand is higher than the number of them. The period of crisis caused this gap.”
“In recent times tendencies have somehow been changing. People tend to buy new houses away from the centre because it’s so noisy and there are problems with pollution. Living in Vake isn’t definitive of high social status anymore,” she added.
“Vake is the most popular and expensive district in Tbilisi. New tendencies show that the peripheries of the city are now actively competing with central districts. Now more people are also tending to live in houses and not apartment buildings. In spite of it, Vake will never lose its position and will remain the most expensive district for a long period still,” said Maia Bigvava, PR Manager at Axis.
The average price of living space in Vake starts from 800 USD and goes up to 1,900 USD.
The average price of flats in Yerevan, Armenia is lower. Most flats cost about 1,000 USD and in some apartment flats it goes up to 1,700 USD. Real Estate in Azerbaijan is higher. The price for flats in Baku varies from 700 USD to 3,000 USD per metre.
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