The Minister of Economic Development of Georgia, Mr. Zurab Pololikashvili started meetingswith construction and development companies. After meeting with the representatives of banking sector, the minister will get acquainted with the situation in the real estate sector. Today, The minister met with the directors of Arci. Deputy Minister Zurab Alavidze and the director of National Investment Agency Irakli Matkava have also attended the meeting. According to Mr. Pololikashvili his main mission is to get acquainted with the problems in real estate sector  which arouse as a result of global crisis and the war with Russia . “We have to find a way out together – how can we respond to the problems in this sector in short period of time and help to solve them.”    

The problems in real estate sector have occurred for the following reasons: Banks stopped financing real estate development projects; although in the last period banks have become more active in this direction. Another factor is the lack of credibility of homebuyers towards development companies. It is very important to restore the credibility as it was before the August war. Mr. Zurab Pololikashvili has also mentioned that he is familiar with real estate sector, as during his work period in TBC Bank he personally had contacts with real estate developers, whichwill be good for the solution of the existing problems. Directors of development companies are pleased with the initiative of the Minister of Economic Development.

According to the CEO of Arci,Tornike Abuladze:“The meeting was very interesting; we talked about the current problems in real estate sector and the ways of solving them. Mr. Pololikashvili is familiar with construction business; he has wide experience of working in real estate development sector in bank. We believe that we will solve the current problems with joint action.”