BAKU, Azerbaijan, December 14
By Tamilla Mammadova – Trend:
Some 26 real estate facilities have been privatized in Georgia as part of the "100 Investment Proposals for Business", said Minister of Economy and Sustainable Development of Georgia Natia Turnava, Trend reports citing the ministry.
Turnava noted that the project is moving much faster than expected, and the first two-week cycle of the project has been completed with unprecedentedly high results.
“Investors paid more than 41 million lari ($14.3 million) for the mentioned 26 facilities, while the initial value was estimated at 30 million lari ($10.5 million). Consequently, as a result of high competition and high interest, the starting price increased by 34 percent. In general, the “100 Investment Proposals for Business” project is very successful, privatization is proceeding at a fast pace, and very soon we will add new facilities to this list,” Turnava said.
Among the real estate properties sold under this project there is also the former presidential residence in Mestia, which was auctioned for 7.7 million lari ($2.6 million), 308 percent more than the initial price.
Among the real estate properties sold under “100 Investment Proposals for Business" project, there is also the former presidential residence in Mestia, which was auctioned for 7.7 million lari ($2.6 million), which is 308 percent more than the initial price.
As part of this project, over 100 commercially attractive privatization auctions were held under a simplified procedure.
The simplified procedure includes already prepared investment packages, including the possibility of real estate development in accordance with the development master plan. All legal issues, such as appraisal, registration of property, border clearance, etc. are also resolved in advance.
This project will create 2,500 new jobs, and the expected investments will be about 200 million lari ($70 million).
The list of privatized real estate includes state-owned real estate throughout the country, that's to say, industrial facilities, warehouses and greenhouses, medical facilities, sports infrastructure, hotels and other public facilities of interest to developers.
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