Sales of Redco Residential Houses in Gudauri are Decreased by 95 Percent

"Sales in the real estate businesses are so reduced, that it's impossible to link them only to financial problems. Those who have decided to buy an apartment, they do not depend only on the salary, one or two months could not put their finances upside down. I hope, that the process of spending money has been temporarily stopped.", declared a lawyer of the development company "Redco", Malkhaz Kunelauri.

"Redco" recently resumed the development process of Gudauri. As it is known, within the frameworks of "New Gudauri" project, the company builds hotel-type residential houses, as well as the Radisson brand hotel on the site. In 2019, "Redco" handed over the construction works to the company "Anag", which, according to them, is responsible for the construction and quality of Radisson Blu Gudauri and other projects.

"Due to the State of Emergency and climate in Gudauri, the works were temporarily suspended. Currently, our contractor Anagi is on-site and will resume the projects which were suspended during the winter. Nothing interferes with the construction process, although the demand is very difficult to predict. Due to the current situation, a kind of "fear syndrome" appeared on the market. Therefore, the sales and interest rates of residential houses have dropped by 95%.

As for the hotel Radisson, the building processes continue according to the usual schedule and we will try to open it soon.", noted Malkhaz Kunelauri.

In the middle of summer, the company will start a new residential project in Tbilisi, in particular, in Krtsanisi, next to the British Embassy.

Recently, Redco's lawyer announced the start of building processes of a new hotel and residential compex Bamboo Beach Resort in Tsikhisdziri.