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EEA Forum Creating Real Estate Trends Through Discovering Industry Breakthroughs

November 23-24, 2017, the III Annual EE Real Estate Forum & Project Awards organized by Ukrainian Real Estate Club and Europaproperty.com took place in the Fairmont Grand Hotel Kyiv.

Over the past three years, the event has harnessed the drive and influence of more than 200 companies and diverse set of experts in real estate, mainly from Georgia, Kazakhstan, Ukraine, Azerbaijan, Moldova, Belarus, Kyrgyzstan as well as Poland, Turkey and EU region.

The event has become a catalyst for investment initiatives, benchmarking shifts, industry breakthroughs and perfect networking platform for new collaborations and deals. “In 2017, the Award’s enrolment hit a new high – says Anna Nestulia, CEO at URE Club. – We received a record number of applications, more than 200 applicants in all nominations. At the same time, the approach to participants became more responsible which positively affected the preparation and submission of nominees.

The EE Real Estate Forum & Project Awards faced significant interest from region’s business and, in particular, from Georgian market. 

EE Forum and Gala Outlook: Georgia

In 2017, the EE Real Estate Forum was attended by several top companies from Georgia: Lisi Development, Red-Co Georgia, ORBI Group, Colliers Georgia, Tsutskiridze + Architects (Gagua Clinic), SEU Development etc.

In addition, professional business publisher “Caucasus Business Week” provided media support for region’s community as well as promoted real estate environment development of the Caucasus region. The largest information and analytical platform “Property Georgia” has become the strategic partner of the event.

Georgian companies, as mentioned above, demonstrated the considerable interest to the EE Awards: 16 applications initially have been submitted for 8 categories including professional awards, residential complexes, shopping centers, multifunctional complexes and public property. Most of the applicants successfully passed the semi-final stage. Among them, Lisi Green Town as  “Residential Complex of the Year” and “Mixed-use Project of the Year”, New Gudauri as “Mixed-use Project of the Year”, Kokhta-Mitarbi Resort as  “Hotel Project of the Year”, Galleria Tbilisi as  “Retail Project of the Year” and Tsutskiridze+Architects with “Gagua Clinic: Maternity Hospital” as “Public property of the Year”, Lisi Development Company as “Developer of the Year”.

The winners of EE Awards 2017 were defined in few main categories, among which are “Best Companies”, “Best Projects”, “Personality of the Year” and “Special Awards from Organizers”. Winners have been selected by an independent international expert jury, while the best companies were determined by the organizers of the event on a point scale. The voting process took place under the supervision of the methodological partner Ernst & Young. Moreover, it is worth noting that both organizers and jury members emphasized the enormous number of high quality projects and well-experienced companies, so the final voting was really difficult.

Nominees and winners

However, despite the challenge, the activity of Georgian companies was undoubtedly worthwhile: among the best were recognized both projects and companies.

Meanwhile, Georgia won once in three categories. “Lisi Green Town” by Lisi Development company (Tbilisi) has been awarded as “Residential Complex of the Year” and “Residential Community of the Year”. The implementation of the “20/80” principle which implies the construction of 20% of the territory and the arrangement of park areas for the remaining 80%.

The award in the special nomination “Sales performance excellence” received the residential complex Green Yard, implemented by SEU Development in ecologically clean area in ​​Tbilisi.

Residential real estate market in Georgia is the most active segment, both in 2016 and in 2017. Ratio of residential real estate in total transactions accounts for 75%. The supply increased in the first half of 2017 and 149 projects were finished and this is a 33% upturn as compared to the same period.

The majority of jury members noted the multifunctional project New Gudauri Resort Residences & Spa complex. The developer of the project is Red-Co company, which develops and manages the tourist infrastructure in Georgia. The new project of the company includes ski slopes, hotels, apartment houses, restaurants, shops, SPA-centers and other entertainment. Thanks to its location not far from the capital and developed infrastructure, the resort attracts tourists not only in the ski season, but throughout the year. In the Red-Co note that New Gudauri embodies the company’s core values: quality, safety, comfort and efficient management.

Creating trends

Worthy competition to the winners in the nominations was also made by the The Dirsi Residential Complex, Tbilisi (AS Georgia project), where a great atmosphere for raising children and family vacations was created, and Gagua Clinic – Maternity Hospital by David Tsutskiridze, which architecture and design “destroy stereotypes about medical institutions “. Also high marks were received by shopping mall located in the center of the Georgian capital – Galleria Tbilisi and the Mountain Resorts project – Kokhta-Mitarbi Resort, a four-season complex of hotels and residential apartments designed according to international standards.

Moreover, companies fighting for the title of the best in professional categories were not left without awards. The developer of the year in Georgia is Lisi Development, which is carrying out the most ambitious projects in Tbilisi. Colliers International Georgia won the nomination “Consulting company of the year in Georgia”.

Such interest from Georgian companies and projects to an international event in real estate and creation new business ties in the region shows perhaps better than figures, how active development of the real estate market in Georgia is and its high chances to set trends for the entire region.

The EE Real Estate Forum & Project Awards 2017 showed that the Georgian market is sustainably developing in all directions: residential, commercial, tourist. This makes the industry attractive for foreign investors and opens up new opportunities for companies. And the forum is a platform for interaction, exchange of experience, analysis of trends, innovations and best practices in the real estate market.