In Adjara, the construction industry is expanding with each passing day and along with hotels, construction of new residential buildings are also underway.
Against this background, the majority of consumers, along with the rest, began to think about profit earning from their immovable property and in many cases opt for aparthotels. “Orbi Group” and “Dreamland Oasis” are two major players in the aparthotel market of Adjara region. “Orbi Group” is mainly engaged in developing hotel-type houses in Batumi while “Dreamland Oasis” is building a multifunctional complex in Chakvi at this stage.
“Orbi Group” sees no rival in “Dreamland Oasis”. Moreover, “Orbi Group” does not refuse assistance from other companies, including “Dreamland Oasis”, in terms of the apartment system development and sharing experience at the level of consultation. “Orbi Group” begins a new project “Orbi Beach Tower” on the New Boulevard in Batumi.
There will be built a 39-storey 850-room apartment, which will meet a five-star hotel criteria. The hotel’s infrastructure will include restaurants, cafes, a spa center, swimming pool, a casino and a conference room. “Orbi Group” is going to invest $40-45 million in the new project. As for prices, they start from $ 850 per square meter. Upon completion of construction, prices will rise by 200-300% and will amount to $ 1 500 -2 000.
According to them, apartment hotels are not developed in Georgia and are working in the test mode. By the most pessimistic calculations, the owner will recover the invested money in 3-4 years. “Dreamland Oasis”, which is building a multi-functional complex in Chakvi, will hand over 224 apartments to customers in August. The minimum price is $ 400 per m2 with its furniture and appliances, etc. As for the maximum price it amounts to $ 2 000 per square meter.
The company says that studio type apartment owner can have at least $ 10 500 in income a year from renting, while a two-bedroom apartment can be purchased for $ 14 500.
“Dreamland” still considers “Orbi” its indirect competitor.