As the annual Real Estate Week (REW) is set to kickstart on April 28 in Tbilisi, EURICA Review reached out to the organizers of REW with a few questions. Real Estate Week is an annual event co-organized by the Georgian National Association of Real Estate (GNARE) and by ExpoGeorgia. EURICA Review is proud to be the official media partner of REW. Vaja MEBAGISHVILI: Thank you for your interest in this topic. I am confident that the interview will captivate your readers. As for the question, I firmly believe that geopolitics plays a crucial role. The allure of a small country, steeped in history and situated at the crossroads of Europe and Asia, is a significant factor in driving business interest towards it. Furthermore, the real estate market in the region is intensely competitive, with regard to pricing, quality, and return on investment.
ER: From the client’s side, what are the implications? Will the average seller or buyer feel a better service level, more convenience, or other improvements?
VM: Owing to the substantial demand in the market, we have witnessed the emergence of both professional and non-professional, inexperienced personnel. Unfortunately, this challenge has led to a decline in the quality of service provided in this sector. Therefore, our association is making a concerted effort to provide high-quality education and training to individuals employed in this field, with the aim of enhancing their qualifications and expertise.
ER: Would you like to comment on Georgia’s real estate market tendencies in general? Is there anything you would like to point out in particular?
VM: We have noticed a significant increase in prices, primarily as a result of the war in Ukraine and the influx of migrants into the country. The demand for residential real estate and office space, in particular, has been exceptionally high. This surge in demand has been exacerbated by the rising cost of building materials and the limited availability of space. Regrettably, the shortage of space is still a pressing concern, and we do not anticipate any reduction in prices in the near future.
ER: Let’s get back to your organization and the Real Estate Week. This year’s REW is getting a more prominent international profile, and I believe it is a well-deserved result of GNARE’s work. Can you tell a bit more about GNARE?
VM: The annual event has achieved an incredibly high status in the real estate industry, exceeding all expectations. This year, we are thrilled to welcome guests from 17 countries, highlighting the expo's growing international significance. For the past two decades, Expo Georgia has successfully hosted Caucasus Build, an exhibition focused on construction materials. However, over the past three years, the Association has expanded the scope of the event, including all key players in the real estate industry, such as brokers, developers, banks, insurance companies, and other stakeholders involved in the real estate transaction process. We are honored to be one of the co-organizers of this significant event.
As an organization dedicated to developing the real estate brokerage profession in Georgia, GNARE's involvement in the country's largest real estate event is a true testament to our growth and success. We remain committed to providing professional education, standards, and expanding our international network, all while putting Georgia on the global real estate map.
ER: Is there anything you wish to share about this year’s REW agenda? Are there any special guests attending?
VM: As previously mentioned, we are thrilled to announce that this year's event will be marked by the presence of esteemed guests, including NAR President Kenny Parcell, CEPI President Jan Boruvka, and CCIM President David Schnitzer. However, the list of honored guests extends far beyond these distinguished names, making it difficult to name them all.
The agenda for this year's event is particularly busy, with meetings and events scheduled at both the state and government levels in Tbilisi and Batumi. In addition to these events, we will also be hosting our annual awards ceremony. This year's event promises to be both informative and enjoyable, and we are delighted to have such an esteemed group of guests joining us.
ER: Thank you very much, Vaja, for your answers. We wish you and REW the best if success! If you would like to add anything else for our readers, the floor is yours…
VM: Thank you once again for your interest in REW and sharing information on your platform. We would like to mention that none of this would be possible without the support of our members, partners and our event's platinum sponsor Eristavi Estate.
