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Development Sector Faced Serious Challenges in 2015: Atori Development Reviews the Year

Beso Tkhelidze The founder of Atori development company reviews the year of 2015 for their company and for Georgia’s development sector.

This year was successful, but, the development sector, in general, has to overcome many challenges. Despite complications, we have fulfilled all plans and completed four multistoried buildings on Saburtalo, launched construction of three new buildings. In several days we will start construction of new residential building in Vake.

The GEL depreciation brought serious problems to all business sectors. This factor has also affected the investors’ decisions and moods. For example, several investors were ready to take part in several projects, but the economic difficulties and the currency volatility made them change plans.

Commercial banks also tightened crediting policy. In practice, we have implemented our projects without external assistance.

In 2016 we plan to implement 6 projects and build residential buildings. We plan to invest 15-20 million USD investments in the next 2 years.