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<strong>Tbilisi</strong>s <strong>Tbilisi</strong>s meria meria mxars mxars uWers uWers Tqvens Tqvens bizness bizness<br />

bizness<br />

ekonomikuri politikis saqalaqo samsaxuri<br />

TbilisSi TbilisSi biznesis biznesis droa<br />

UuZravi qonebis bazris mimoxilva<br />

<strong>Tbilisi</strong> 2007<br />

Audit ● Tax ● Consulting ● Financial 1 Advisory●<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>Tbilisi</strong>s uZravi qonebis bazris mimoxilva momzadebulia “deloiti da tuSis” kievis<br />

ofisis mier qalaq <strong>Tbilisi</strong>s meriis dakveTiT. Mmimoxilva momzadebulia sajaro<br />

informaciaze, adgilobrivi developerebis da sxvadasxva kompaniebis interviuebze<br />

dayrdnobiT. vTvliT, rom arsebuli mimoxilva adeqvaturad asaxavs dReisaTvis q.<br />

TbilisSi uZravi qonebis bazarze arsebul zogad situacias. Tumca deloiti uaryofs<br />

nebismier valdebulebas da pasuxismgeblobas aRniSnul mimoxilvaSi arsebul nebismier<br />

uzustobaze. radganac informaciis udidesi nawili mopovebulia adgilobrivi kompaniebis<br />

gamokiTxvebze dayrdnobiT.<br />

unda aRiniSnos, rom deloiti ar iRebs aranair valdebulebas aRniSnuli mimoxilvis<br />

mkiTxvelis mier miRebul nebismier gadadwyvetilebaze da deloiti ar ganixilavs<br />

aRniSnuli dokumentis arcerT mkiTxvels rogorc mis klients.<br />

2<br />

uZravi qonebis bazris mimoxilva Deloitte•


1. 1. 1. daskvna daskvna<br />

4<br />

2. 2. 2. makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

mimoxilva<br />

3. 3. sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

<strong>4.</strong> saofise saofise saofise centrebi<br />

centrebi<br />

5. 5. sastumroebi<br />

sastumroebi<br />

6. 6. 6. sava savaWro sava Wro centrebi<br />

centrebi<br />

7. 7. 7. sasawyobo sasawyobo meurneobebi<br />

meurneobebi<br />

8. 8. 8. uZravi uZravi qonebis qonebis dafina dafinansebis dafina nsebis wyaroebi<br />

9. 9. gadasaxadebi gadasaxadebi gadasaxadebi da da da maregulirebeli maregulirebeli maregulirebeli garemo garemo<br />

garemo<br />

3<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

7<br />

14<br />

22<br />

32<br />

40<br />

47<br />

51<br />

54


1. daskvna<br />

daskvna<br />

4<br />

uZravi qonebis bazris mimoxilva Deloitte•


uZravi Qqonebis seqtori aris saqarTvelos ekonomikis erT-erTi yvelaze swrafad<br />

ganviTarebadi sfero, romelic izidavs ucxoeli investorebis mniSvnelovan yuradRebas.<br />

axali sainvesticio proeqtebis didi nawili xorcieldeba TbilisSi da aRniSnuli<br />

proeqtebis ganxorcielebis SemTxvevaSi(es proeqtebi savaraudod unda dasruldes 3-4<br />

weliwadSi) mniSvnelovnad gaizrdeba TbilisSi arsebuli saofise, savaWro, sasawyobo<br />

meurneobebis farTebis moculoba da aseve maRali klasis sastumroebis raodenoba.<br />

Ggarda amisa 2007 wlis ganmavlobaSi ganxorcielda miwis gayidvis ramodenime msxvili<br />

tranzaqcia da savaraudod am miwis nakveTebzec sxvadasxva saxis uZravi qonebis axali<br />

proeqtebi ganTavsdeba.<br />

axali proeqtebis dasruleba mniSvnelovnad gazrdis konkurencias bazarze da bazris<br />

gajerebis SemTxvevaSi ar aris mosalodneli sxvadasxva saxis uZrav qonebaze saijaro<br />

qiris mkveTri zrda. uZravi qonebis fasebi 2003 wlis Semdeg gaizarda minimum oTxjer.<br />

politikuri stabilurobis SemTxvevaSi savaraudod aseve gagrZeldeba uZravi qonebis<br />

fasebis zrda. Tu uZravi qonebis Rirebuleba gaizrdeba ufro maRali tempiT vidre<br />

Sesabamisi qonebis saijaro qira, maSin uZravi qonebis Semosavlianoba daecama da<br />

miuaxlovdeba DdRes aRmosavleT evropaSi arsebul dones.<br />

sacxovrebeli sacxovrebeli binebi. binebi. U mosaxleobis ufro da ufro didi nawili cdilobs gauimjobesos<br />

sacxovrebeli pirobebi da gadavides Zveli sabWoTa stilis binebidan axali stilis<br />

sacxovreblebSi. dReisaTvis TbilisSi erT sul mosaxleze arsebuli saSualo<br />

sacxovrebeli farTis moculoba aris gacilebiT dabali vidre aRmosavleT evropis<br />

nebismier qveyanaSi. arsebuli sacxovrebeli fondis udidesi nawili aris aSenebuli 1945<br />

dan 1985 wlebSi da aris sakmaod uxarisxo. erT sul mosaxleze mTliani Sida<br />

produqtis(m.S.p-s) zrdasTan erTad sul ufro gaizrdeba moTxovna axali stilis<br />

sacxovrebel saxlebze. rac Seexeba momaval proeqtebs, am kuTxiT mTavari problema aris<br />

qalaqis centralur raionebSi Sesabamisi miwis nakveTebis ar arseboba, rac<br />

mniSvnelovnad Seaferxebs aRniSnuli segmentis ganviTarebas saqarTveloSi.<br />

saofise saofise centrebi dReisaTvis TbilisSi aris mxolod 4 “a” klasis saofise centri da<br />

erT sul mosaxleze saSualo saofise farTis moculobiT is bevrad CamorCeba nebisier<br />

aRmosavleT evropis qveynis dedaqalaqs. dReisaTvis maRali klasis saofise farTebze<br />

arsebuli moTxovna mniSvnelovnad sWarbobs miwodebas da Senobebis datvirTvis<br />

koeficienti TiTqmis 100%-s aRwevs. aRmosavleT evropis sxva qalaqebTan SedarebiT<br />

saofise centrebis Semosavlianoba aris sakmaod maRali, rac kidev erTxel miuTiTebs<br />

imas, rom am klasis uZravi qonebis Afasebi saqarTveloSi kvlav mniSvnelovnad dabalia<br />

vidre aRmosavleT evropaSi. maRali klasis saofise centrebis mTliani farTi savaraudod<br />

gaormagdeba momaval 3-4 weliwadSi. miuxedavad amisa, erT sul mosaxleze saSualo<br />

farTis maCvenebeli mainc erT-erTi yvelaze dabali iqneba aRmosavleT evropaSi.<br />

sastumroebi. sastumroebi. aRniSnuli seqtoris zrda ZiriTadad gamowveulia saqarTveloSi ucxouri<br />

investiciebis zrdiT da turizmis ganviTarebiT. 2010 wlisaTvis savarudod TbilisSi<br />

iqneba 10 maRali klasis sastumro, Tumca erT sul mosaxleze sastumros nomrebis<br />

raodenobiT <strong>Tbilisi</strong> kvlav mniSvnelovnad ukan iqneba aRmosavleT evropis dedaqalaqebTan<br />

SedarebiT. dReisaTvis sastumros nomrebis Rirebuleba da datvirTvis koeficienti<br />

maRali klasis sastumroebze TbilisSi aris ufro maRali vidre bevr aRmosavleT evropis<br />

dedaqalaqSi. Tumca axali proeqtebis dasrulebis Semdeg mosalodnelia datvirTvis<br />

koeficientis iseve rogorc fasebis dacema.<br />

savaWro savaWro centrebi centrebi. centrebi . dReisaTvis aRniSnuli seqtori ganicdis mniSvnelovan saxecvlilebas:<br />

xdeba Zveli sabWoTa stilis univermagebis da bazrobebis gardaqmna axali stilis<br />

savaWro centrebaT. dReisaTvis dedaqalaqSi arsebuli maRali xarisxis savaWro<br />

centrebis saerTo farTi Seadgens daaxloebiT 60,000-80,000 m2 –s rasac momaval 3-4<br />

weliwadSi savaraudod daemateba daaxloebiT 150,000 m2 saerTo farTobis savaWro<br />

centrebi. Sedegad erT sul mosaxleze saSualo farTis maCvenebeli TbilisSi 2010<br />

wlisaTvis iqneba ufro maRali vidre dReisaTvis es aris kievsa da buqarestSi. Tu<br />

Sesabamisad ar moxda savaWro brunvis da mosaxleobis Semosavlebis proporciuli zrda<br />

SesaZlebelia momaval 3-4 weliwadSi savaWro centrebis miwodebam gadaaWarbos moTxovnas.<br />

5<br />

uZravi qonebis bazris mimoxilva Deloitte•


sasawyobo sasawyobo meurneobebi<br />

meurneobebi.<br />

meurneobebi<br />

meurneobebi . es seqtori aris yvelaze naklebad ganviTarebuli uZravi qonebis<br />

nebismier sxva seqtorTan SedarebiT. dReisaTvis TbilisSi saerTod ar aris maRali<br />

klasis sasawyobo meurneobebi da mxolod ramodenime proeqtia ganviTarebis Zalian<br />

adreul etapze. Ggamomdinare saqarTvelos xelsayreli geografiuli mdebareobidan<br />

aRniSnul segments gaaCnia momavali zrdis sakmaod mniSvnelovani potencia.<br />

uZravi uZravi qonebis qonebis seqtorSi seqtorSi arsebuli arsebuli ZiriTadi riskebi<br />

riskebi<br />

politikuri politikuri riskebi riskebi.Ppolitikur riskebi<br />

faqtorebs aqvT gadamwyveti gavlena uZravi qonebis<br />

seqtoris ganviTarebis perspeqtivebze. erTis mxriv saqarTvelos potenciuri integracia<br />

nato-Si da evropul struqturebSi, mniSvnelovnad gazrdis moTxovnas maRali klasis<br />

UuZrav qonebaze da meores mxriv politikuri arastabiluroba da regionaluri<br />

konfliqtebi afxazeTSi da samxreT oseTSi mniSvnelovnad Seaferxebs ganviTarebis<br />

perspeqtivebs. 2007 wlis noembris movlenebs hqonda negatiuri gavlena uZravi qonebis<br />

bazarze: miuxedavad imisa, rom fasebi ar dacemula gayidvebis done mniSvnelovnad<br />

Semcirda.<br />

finansur finansuri finansur i riskebi riskebi. riskebi<br />

adgilobriv developerebs aqvT SezRuduli SesaZleblobebi<br />

saerTaSoriso kapitalis bazrebze gasasvlelad da proeqtebis dasafinanseblad iyeneben<br />

mxolod ramodenime ZiriTad wyaros. aRniSnuli wyaroebidan potenciuri myidvelebis<br />

mxridan winaswar gadaxdebs uWiravs udidesi wili. Ddafinansebis es forma Seicavs<br />

mniSvnelovan riskebs, ramdenadac binebis gasayidi fasebi fiqsirebulia, xolo<br />

mSeneblobis xarjebi ki SesaZlebelia gaizardos. xSir SemTxvevebSi developerebi iyeneben<br />

axali proeqtebidan Semosul fulad nakadebs, rom Seasrulon Zvel proeqtebze aRebuli<br />

valdebulebebi. wina wlebSi uZravi qonebis fasebis mniSvnelovani zrda icavda<br />

developerebs aseTi gziT warmoqmnili finansuri problemebisagan, Tumca momavalSi<br />

SesaZlebelia gamoiwvios mniSvnelovani likvidurobis riskebi.<br />

proeqtis proeqtisa proeqtis da xarisxis marTvis marTvis risk riskebi. risk<br />

ebi. Uswrafi tempebiT ganviTarebadi uZravi qonebis<br />

seqtori sul ufro da ufro met axal developers izidavs. Tumca sakmaod gamocdil da<br />

lider developerebsac aqvT mniSvnelovani problemebi proeqtebis daTqmul vadebSi da<br />

xarisxianad damTavrebis kuTxiT. dReisaTvis mimdinare proeqtebis CamonaTvali aris<br />

Zalian didi, Tumca mxolod mcire maTgani mTavrdeba daTqmul vadebSi.<br />

6<br />

uZravi qonebis bazris mimoxilva Deloitte•


2. 2. makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

7<br />

uZravi qonebis bazris mimoxilva Deloitte•


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

ekonomikuri ekonomikuri garemo<br />

garemo<br />

saqarTvelos ekonomikis zrdis tempi bolo 5 wlis ganmavlobaSi Seadgenda daaxloebiT<br />

wliur 9%-s, rac ZiriTadad gamowveuli iyo liberaluri reformebisa da pirdapiri<br />

ucxouri investiciebis zrdis Sedegad. cxrili 2-1 asaxavs 2002-2007 wlebSi ZiriTadi<br />

makroekonomikuri maCveneblebis zrdis tendencias. aRniSnul periodSi ganxorcielda<br />

Semdegi ZiriTadi reformebi:<br />

• gamartivda mSeneblobis uflebis mopoveba<br />

• moxda Sromis kodeqsis mniSvnelovani liberalizacia<br />

• ganxorcielda samoqalaqo sasamarTlo sistemis optimizacia<br />

liberalurma reformebma saqarTvelo aqcia xelsayreli ekonomikuri klimatis qveynad.<br />

saqarTvelo dasaxelda wlis nomer pirvel reformatorad msoflio bankis 2007 wlis<br />

“Doing Business Survey”-is mier gamoqveynebul reitingSi da misi adgili gaumjobesda 112dan<br />

37-e adgilamde. saqarTvelom aseve 52-dan 35-e adgilze gadainacvla “Heritage<br />

Foundation”-is 2007 wlis ekonomikuri Tavisuflebis indeqsis mixedviT.<br />

cxrili cxrili 22-1<br />

2 ZiriTadi ZiriTadi makroekonomikuri makroekonomikuri maCveneblebi<br />

maCveneblebi<br />

aa a a SS S S S S S dd d d o o ll l l aa a a rr r r ii<br />

i i<br />

2002 2003 2004 2005 2006 2007*<br />

real uri mSp, mi l i on i 3,383 3,759 3,981 4,363 4,773 5,161<br />

real uri mSp-s z rda, % 5.5 11.1 5.9 9.6 9.4 8.1<br />

mSp erT mosaxl ez e 778 920 1,197 1,485 1,759 2,013<br />

samomxmarebl o fasebi s i n deqsi 5.4 6.9 5.3 6.2 8.8 11.7<br />

savaWro defi c i t i , mi l i on i (453) (586) (859) (1,141) (1,858) (2,111)<br />

w mi n da uc xouri i n vest i c i ebi 172 344 509 360 1,008 1,280<br />

mosaxl eoba, aT asi 4,372 4,343 4,315 4,322 4,401 4,395<br />

umuSevroba, % 12.6 11.5 12.6 13.8 13.6 N/A<br />

fi skal uri depi c i t i , mSp-s % 3.3% 2.1% 1.3% 0.2% 0.2% N/A<br />

wyaro : Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia, The NBG<br />

* 2007 is estimated<br />

8<br />

uZravi qonebis bazris mimoxilva Deloitte•


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

politikuri politikuri garemo<br />

garemo<br />

saqarTvelos ekonomika da gansakuTrebiT uZravi qonebis seqtori Zalian mgrZnobiarea<br />

politikuri arastabilurobis mimarT. 2007 wlis noembris politikur movlenebs<br />

uaryofiTi gavlena hqonda seqtorze. miuxedavad imisa, rom uZravi qonebis fasebi ar<br />

Semcirebula gayidvebis moculoba mniSvnelovnad Semcirda.<br />

zrdis zrdis dinamika<br />

dinamika<br />

mSp-s mniSvnelovani zrda 2005 wlidan 2006 wlamde ZiriTadad gamowveuli iyo Semdegi<br />

faqtorebiT:<br />

• vaWrobis zrdiT 19.8%-iT<br />

• industriuli seqtoris zrdiT 15.9%-iT<br />

• transportisa da komunikaciis seqtoris zrdiT 1<strong>4.</strong>1 %-iT<br />

• samSeneblo seqtori ki gaizarda 9.8%-iT<br />

ekonomikuri zrdis mniSvnelovani nawili aseve gamoiwvia disciplinirebulma fiskalurma<br />

politikam – fiskaluri deficiti Semcirda bolo 5 wlis ganmavlobaSi da Seadgina mSp-s<br />

0.25%-ze naklebi. miuxedavad arsebuli politikuri arastabilurobisa, eqspertebi<br />

varaudoben ekonomikuri zrdis tempebis gagrZelebas momavalSic. damatebiTi faqtori<br />

Semdgomi zrdis xelSesawyobad savaraudod unda gaxdes 2008 wlis ianvridan<br />

korporaciuli mogebis gadasaxadis Semcireba 20%-idan 15%-mde.<br />

grafiki grafiki 1 mSp mSp-s mSp mSp s dinamika<br />

dinamika<br />

$8,000<br />

$7,000<br />

$6,000<br />

$5,000<br />

$4,000<br />

$3,000<br />

$2,000<br />

$1,000<br />

3,400<br />

5.5<br />

11.1<br />

3,995<br />

CAGR:~9%<br />

5,166<br />

6,416<br />

7,744<br />

9<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

5.9<br />

9.6<br />

9.4<br />

2002 2003 2004 2005 2006<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia<br />

fasebi fasebi fasebi da da inflacia<br />

inflacia<br />

2006 wlis ganmavlobaSi navTobisa da Saqris msoflio fasebis zrdam, ruseTis mier<br />

gazisa da eleqtroenergiis fasebis momatebam uaryofiTad imoqmeda saqarTveloSi<br />

fasebis doneze. Ffasebze aseve uaryofiTad imoqmeda inflaciam ZiriTad savaWro<br />

partnior qveynebSi: wliurma inflaciis koeficientma ruseTsa da TurqeTSi Seadgina<br />

Sesabamisad 9.1% da 9.7%.<br />

qveynis ucxouri rezervebis gaormageba aixsneba saqarTvelos centraluri bankis mier<br />

ucxouri valutis SesyidvebiT bankTaSoris bazarze. rezervebis gazrdis mniSvnelovani<br />

faqtori iyo privatizaciis Sedegad ucxouri valutis semodineba.<br />

15<br />

14<br />

13<br />

12<br />

11<br />

10<br />

9<br />

8<br />

7<br />

6<br />

5<br />

realuri mSp-s zrda, %


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

Ggrafiki rafiki 2 inflacia inflacia da da valutis valutis gacvliTi gacvliTi kursebi kursebi<br />

kursebi<br />

CPI, % p.a.<br />

16<br />

14<br />

12<br />

10<br />

8<br />

6<br />

4<br />

2<br />

0<br />

2.20<br />

5.4<br />

6.9<br />

2.15<br />

1.92<br />

5.3<br />

10<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

1.81<br />

6.2<br />

1.78<br />

2002 2003 2004 2005 2006<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia<br />

saerTaSoriso saerTaSoriso vaWroba<br />

vaWroba<br />

Lari/USD<br />

qveynis savaWro balansis gauareseba pirdapir kavSirSia 2006 wels ruseTis mier embargos<br />

dawesebasTan. Eembargos Sedegad Rvinisa da mineraluri wylis eqsporti 2006 wels 2005<br />

welTan SedarebiT 50%-iT Semcirda. amave wels saqarTvelom moaxerxa Rvinisa da<br />

mineraluri wylebis eqsportireba sxva savaWro partnior qveynebSi – TurqeTSi,<br />

ukrainaSi, aSS-Si da mcire nawiliT Seamcira embargosgan gamowveuli uaryofiTi<br />

Sedegebi. 2006 wels ganxorcielda Semdegi kategoriebis saqonlis eqsportis zrda: rkina<br />

(12%-iT), azotis sasuqi (30%iT), oqro (42%-iT), da spilenZis jarTi (180%-iT). importis<br />

zrda ZiriTadad modis energo produqtebis(46%-iT), manqanebis(70%-iT), kompiuterebis<br />

(110%-iT), mobiluri telefonebis (120%-iT) da medikamentebis (20%-iT). saqarTvelo<br />

inarCunebs stabilur dadebiT balanss momsaxurebis sferoSi, ZiriTadad turizmis<br />

xarjze. 2006 wels daaxloebiT 50%-iT gaizarda sazRvargareTidan Camosuli turistTa<br />

raodenoba.<br />

Gg Ggrafiki Gg<br />

rafiki 3 saerTaSoriso saerTaSoriso vaWroba<br />

vaWroba<br />

milioni<br />

milioni<br />

$5,000<br />

$4,500<br />

$4,000<br />

$3,500<br />

$3,000<br />

$2,500<br />

$2,000<br />

$1,500<br />

$1,000<br />

$500<br />

1,449<br />

996<br />

1,859<br />

1,273<br />

CAGR:<br />

Exports ~27%<br />

Imports ~32%<br />

2,491<br />

1,632<br />

3,312<br />

2,171<br />

8.8<br />

2,552<br />

2.5<br />

2.0<br />

1.5<br />

1.0<br />

0.5<br />

0.0<br />

4,410<br />

2002 2003 2004 2005 2006<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia<br />

SromiTi SromiTi resursebis resursebis resursebis produqtiuloba<br />

produqtiuloba<br />

2006 wlis ganmavlobaSi produqtiulobis zrdiT gamoirCeoda vaWroba, finansuri<br />

seqtori, jandacva da ganaTleba, romelmac waaxalisa saerTod am seqtorebis zrda.<br />

Sromis kodeqsis liberalizaciam gamoiwvia naklebi SezRudvebi kontraqtis xangZlivobis<br />

pirobebze da damatebiT samuSao datvirTvaze.


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

amas garda Semcirda socialuri gadasaxadi 31%-idan 20%. 2008 wlis ianvridan gauqmdeba<br />

socialuri gadasaxadebi, Tumca saSemosavlo gadasaxadi gaizrdeba 12%-idan 25%-mde.<br />

asakovani adamianebis raodenobis zrdam da emigraciulma procesebma TandaTan Seamcira<br />

samuSao Zala. umuSevrobis done 2005-2006 wlebSi dastabilizirda daaxloebiT 13%-ze.<br />

grafiki grafiki 4 produqtiuloba produqtiuloba da da da xelfasebi<br />

xelfasebi<br />

$160<br />

$140<br />

$120<br />

$100<br />

$80<br />

$60<br />

$40<br />

$20<br />

$-<br />

6<strong>4.</strong>8<br />

45.1<br />

76.7 99.8 123.7 146.6<br />

47.3<br />

11<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

60.7<br />

82.4<br />

2002 2003 2004 2005 2006<br />

Tviuri mSp erT mosaxleze Tviuri xelfasi<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia<br />

pirdapiri pirdapiri ucxouri ucxouri investiciebi<br />

investiciebi<br />

investiciebi<br />

2002-2005 wlebSi saqarTveloSi pirdapiri ucxouri investiciebis moculoba<br />

mniSvnelovnad naklebia 2006 welTan SedarebiT. yvelaze didi investiciebi ganxorcielda<br />

aSS-dan, didi britaneTidan, ruseTidan da TurqeTidan. pirdapiri ucxouri investiciebis<br />

didi wili modis satransporto seqtorze, ZiriTadad baqo-<strong>Tbilisi</strong>-jeihanis<br />

navTobsadenis da gazis milsadenebis proeqtze. sxva mniSvnelovan sainvesticio seqtors<br />

warmoadgens sacalo vaWroba, mSenebloba da samTo mrewveloba. 2005 wels baqo-<strong>Tbilisi</strong>jeihanis<br />

milsadenis mSeneblobis dasrulebis Semdeg Semcirda pirdapiri ucxouri<br />

investiciebi. 2006 wels ki gaormagda wina welTan SedarebiT, rac ZiriTadad masiurma<br />

privatizaciam gamoiwvia.<br />

grafiki grafiki 5 :pirdapiri pirdapiri ucxouri ucxouri ucxouri investicieb<br />

investiciebi<br />

investicieb<br />

milioni milioni<br />

CAGR:~56%<br />

$1,000<br />

$800<br />

$600<br />

$400<br />

$200<br />

$-<br />

172<br />

344<br />

509<br />

360<br />

1,008<br />

2002 2003 2004 2005 2006<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia<br />

106.8


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

cxrili cxrili cxrili 22-2<br />

2 saqarTvelos saqarTvelos ekonomikis ekonomikis ZiriTadi ZiriTadi ZiriTadi indikatorebi<br />

indikatorebi<br />

aSS aSS dolari<br />

dolari<br />

realuri realuri seqtori<br />

seqtori<br />

aSS dolari 2001 2002 2003 2004 2005 2006 2007*<br />

nominaluri mSp, milioni 3,219 3,400 3,995 5,166 6,416 7,744 8,375<br />

mSp erT mosaxleze 727 778 920 1,197 1,485 1,759 2,013<br />

samomxmareblo fasebis indeqsi 3.4 5.4 6.9 5.3 6.2 8.8 11.7<br />

External External sagareo sagareo sector: seqtori sector: seqtori<br />

saqonlis eqsporti 496 603 831 1,092 1,472 1,667 1,876<br />

saqonlis importi 1,046 1,092 1,469 2,008 2,686 3,686 4,214<br />

momsaxurebis eqsporti 314 392 443 540 698 886 1,010<br />

momsaxurebis importi 237 357 390 483 625 724 783<br />

savaWro deficiti (472) (453) (586) (859) (1,141) (1,858) (2,111)<br />

mimdinare angariSis depiciti (212) (234) (383) (423) (752) (1,243) (1,656)<br />

wminda ucxouri investiciebi 110 172 344 509 360 1,008 1,280<br />

samuSao samuSao bazari<br />

bazari<br />

mosaxleoba, aTasi 4,401 4,372 4,343 4,315 4,322 4,401 4,395<br />

samuSao Zala, aTasi 2,113 2,104 2,050 2,041 2,024 1,969 N/A<br />

umuSevroba 11.1 12.6 11.5 12.6 13.8 13.6 N/A<br />

monetaruli monetaruli seqtori<br />

seqtori<br />

fulis masa 357 395 497 793 1,064 1,511 1,793<br />

sagareo rezervi 159 199 191 375 478 930 N/A<br />

sesxis wili mSp-Si 7.1 7.6 8.3 8.8 9.5 1<strong>4.</strong>6 N/A<br />

depozitebis wili mSp-Si 5.0 5.7 6.3 7.2 9.1 10.1 N/A<br />

fiskaluri fiskaluri fiskaluri seqtori<br />

seqtori<br />

fiskaluri Semosavali 438 528 625 1,189 1,799 2,489 N/A<br />

fiskaluri xarjebi 497 640 708 1,256 1,813 2,508 N/A<br />

fiskaluri biujetis balansi (59) (112) (83) (68) (13) (19) N/A<br />

wyaro: Economist Intelligence Unit, Ministry of Economic Development of <strong>Ge</strong>orgia, National Bank of <strong>Ge</strong>orgia<br />

uZravi qonebis bazris mimoxilva 12 Deloitte•


2.makroekonomikuri makroekonomikuri mimoxilva<br />

mimoxilva<br />

<strong>Tbilisi</strong> <strong>Tbilisi</strong> 1,1 milioniani mosaxleobiT da 500 km2-is farTobiT aris saqarTvelos<br />

politikuri da ekonomikuri ganviTarebis centri. uZravi qonebis segmenti izrdeba sakmaod<br />

swrafad da axali sainvesticio proeqtebisa umravlesoba xorcieldeba swored TbilisSi.<br />

TbilisSi 2006 wels samSeneblo seqtoris mier Seqmnilma produqciam miaRwia daaxloebiT<br />

425 milion aSS dolars, roca is Seadgenda 85 milion dolars 2003 wels(grafiki 6).<br />

aRniSnuli zrdis tendencia savaraudod momavalSic gagrZeldeba.<br />

grafiki grafiki 6 samSeneblo samSeneblo seqtori seqtori TbilisSi TbilisSi $<br />

wyaro: <strong>Tbilisi</strong> city hall<br />

$450<br />

$400<br />

$350<br />

$300<br />

$250<br />

$200<br />

$150<br />

$100<br />

$50<br />

$0<br />

2003 2004 2005 2006<br />

grafiki grafiki grafiki 7 da datkicebuli da tkicebuli axali samSeneblo proeqtebi<br />

proeqtebi m2 wyaro: <strong>Tbilisi</strong> city hall<br />

2,500,000<br />

2,000,000<br />

1,500,000<br />

1,000,000<br />

500,000<br />

-<br />

2003 2004 2005 2006<br />

uZravi qonebis bazris mimoxilva 13 Deloitte•


3. sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

uZravi qonebis bazris mimoxilva 14 Deloitte•


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

zogadi zogadi Mmimoxilva<br />

Mmimoxilva<br />

sacxovrebeli kompleqsebis samSeneblo seqtori saqarTvelos ekonomikis erT-erTi<br />

yvelaze swrafad mzardi seqtoria. TbilisSi grZeldeba sacxovrebeli saxlebis<br />

mSeneblobis bumi, romlis mamoZravebel Zalasac warmoadgens mosaxleobis is nawili,<br />

romelic miiswrafvis sacxovrebeli pirobebis gaumjobesebisaken da aseve is nawili,<br />

romelic uZrav qonebas ganixilavs, maRalSemosavlian sainvesticio produqts.<br />

miwodeba<br />

miwodeba<br />

axal binebze gazrdil moTxovnas mohyva bevri samSeneblo da developeruli kompaniis<br />

gamoCena bazarze. seqtorSi wamyvani poziciebi adgilobriv developerebs uWiravT.<br />

saerTaSoriso kompaniebi da institucionaluri investorebi ufro metad dainteresebulni<br />

arian saofise centrebiT da sastumroebiT. Aaxali proeqtebi yvelaze metad<br />

koncentrirebulia <strong>Tbilisi</strong>s centralur ubnebSi: vakeSi da saburTaloze. developerebis<br />

ZiriTad dafinansebis wyaros individualuri myidvilebis mier winaswar, mSeneblobis<br />

dasrulebamde gadaxdili Tanxebi warmoadgens.<br />

3-1 cxrilSi asaxulia dReisaTvis TbilisSi mSenebare ramodenime msxvili sacxovrebeli<br />

kompleqsis CamonaTvali.<br />

samwuxarod yvelaze axali informacia, rac Cven movipoveT TbilisSi erT sul mosaxleze<br />

arsebuli saSualo sacxovrebeli farTis gasaangariSeblad, iyo 2002 wlis mosaxleobis<br />

aRwera. aRniSnuli aRweris mixedviT TbilisSi 2002 wels saSualod erT sul mosaxleze<br />

iyo 12.2 m 2 sacxovrebeli farTi. am monacemze da q. <strong>Tbilisi</strong>s meriis mier mowodebul<br />

informaciaze dayrdnobiT(2003-dan 2006 wlamde dasrulebuli sacxovrebeli proeqtebis<br />

moculoba) dReisaTvis TbilisSi sacxovrebeli farTi saSualod erT sul mosaxleze ar<br />

unda aRematebodes 17 m 2 -s.<br />

TbilisSi sacxovrebeli saxlebis mSeneblobis bumma Seamcira xelmisawvdomi adgilebis<br />

raodenoba qalaqis mimzidvel ubnebSi da saxlebis mSenebloba nel-nela iwyeba<br />

qalaqgareT, gansakuTrebiT <strong>Tbilisi</strong>s SemogarenSi. erT-erTi aseTi proeqtia wavkisis veli,<br />

romelic mdebareobs wavkisSi, dedaqalaqidan 6,5 km-s daSorebiT. is Sedgeba 168<br />

individualuri saxlisgan. dReisTvis, erTi kvadratuli metris fasi wavkisi velSi 777-dan<br />

977 a.S.S. dolaramde meryeobs. kidev erTi proeqti “<strong>Tbilisi</strong>s simaRleebi”, romelsac<br />

axorcielebs arabuli kompania “Rakeen Development” mdebareobs 1,200 metrze zRvis donidan<br />

<strong>Tbilisi</strong>s maxloblad. proeqti moicavs 50 super deluqs vilas, 100 deluqs vilas, 100<br />

naxevrad izolirebul vilas da 10-12 maRalsarTulian sacxovrebel Senobas. developerebi<br />

cdiloben Tavi aaridon rTul molaparakebebs dedaqalaqis jer kidev xelmisawvdom,<br />

patara miwis nakveTebTan dakavSirebiT da mravalma developerma daiwyo regionuli<br />

eqspansia, sadac SedarebiT mcire konkurenciaa.<br />

uZravi qonebis bazris mimoxilva 15 Deloitte•


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

cxrili cxrili 3-1 mSeneblobis mSeneblobis procesSi procesSi arsebuli arsebuli ZiriTadi ZiriTadi ZiriTadi sacxovrebeli sacxovrebeli kompleqsebi<br />

kompleqsebi<br />

mSenebeli mSenebeli<br />

proeqtis roeqtis dasaxeleba<br />

farT farTobi farT obi<br />

, , m 2<br />

dasrulebi asrulebi<br />

s s TariRi ariRi ariRi<br />

mosalodneli<br />

mosalodneli<br />

fasi fasi, fasi , m2 /aSS aSS<br />

dolari<br />

dolari<br />

centr pointi jgufi sacxovrebeli kompleqsi saakaZeze 38,964 2008 N/A<br />

centr pointi jgufi<br />

venecia – mravalfunqciuri<br />

kompleqsi 11,031<br />

2008<br />

665<br />

centr pointi jgufi<br />

marijani – mravalfunqciuri<br />

kompleqsi 13,011<br />

2008<br />

2015<br />

centr pointi jgufi<br />

robaqiZe – mravalfunqciuri<br />

kompleqsi 11,567<br />

2008<br />

645<br />

aqsisi aqsis palasi saburTalos quCaze 33,000 2008 795<br />

iberia<br />

sacxovrebeli kompleqsi WavWavaZis<br />

33a<br />

9,992 2008 450-950<br />

iberia sacxovrebeli kompleqsi yifSiZis 8 8,123 2008 600-900<br />

iberia sacxovrebeli kompleqsi radianis<br />

13<br />

1,211 2008 1700-2200<br />

CI&D Architects vila vake 3,000 2008 1000-1500<br />

kalasi<br />

sacxovrebeli kompleqsi – vake<br />

palasi 22,798<br />

2008<br />

N/A<br />

teqs jgufi Sanxai teqs N/A 2008 420-690<br />

teqs jgufi isani teqs N/A 2008 370-540<br />

centr pointi jgufi krwanisi – mravalfunqciuri<br />

kompleqsi 17,520<br />

2009<br />

1015<br />

centr pointi jgufi xoraSauli 69,429 2009 815<br />

centr pointi jgufi nikoSvili – mravalfunqciuri<br />

kompleqsi 12,611<br />

2009<br />

1215<br />

centr pointi jgufi jiqia – mravalfunqciuri<br />

kompleqsi 13,020<br />

2009<br />

765<br />

Aaqsisi aqsis palasi saburTalos quCaze 55,000 2009 815<br />

centr pointi jgufi sacxovrebeli kompleqsi - didi<br />

diRomi 44,369<br />

2009<br />

604<br />

centr pointi jgufi sacxovrebeli kompleqsi – mioni 23,121 2009 815<br />

Aaqsisi sacxovrebeli kompleqsi WavWavaZis<br />

75<br />

10,171 2009 1300<br />

Aaqsisi sacxovrebeli kompleqsi abaSiZis<br />

quCaze<br />

10,818 2009 1600<br />

iberia iberia hils<br />

25,000 2009 1100-1400<br />

Development Solutions<br />

sacxovrebeli kompleqsi –<br />

saqanela<br />

sacxovrebeli kompleqsi –<br />

60,000 2009<br />

N/A<br />

arsi<br />

avlabari<br />

vake<br />

25,000 2009 900<br />

arsi<br />

6,000 2009 2300<br />

bagebei siti jgufi<br />

sacxovrebeli kompleqsi –<br />

fulhausi<br />

7,379 2009 1250-1700<br />

bagebei siti jgufi<br />

sacxovrebeli kompleqsi –<br />

parkgeiti 18,055<br />

2009<br />

1800<br />

teqs jgufi teqs luqs N/A 2009 2500<br />

centr pointi jgufi<br />

RrmaRele – mravalfunqciuri<br />

kompleqsi 20,661<br />

2010<br />

675<br />

aqsisi aqsis palasi sairmeze 15,370 2010 825<br />

arsi orTaWalis "turfa" 95,000 2012 850<br />

16<br />

uZravi qonebis bazris mimoxilva Deloitte•


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

moTxovna moTxovna<br />

moTxovna<br />

sacxovrebel saxlebze moTxovnis zrdas xels uwyobs Semdegi ZiriTadi faqtorebi:<br />

• 2002 wlis mosaxleobis aRweris mixedviT TbilisSi saSualo ojaxis sidide Seadgenda<br />

3,5 adamians. miuxedavad am maCveneblis Semcirebis tendeciisa Cven vTvliT, rom is unda<br />

dReisaTvis is unda iyos 3,2-3,4-is farglebSi, rac aseve sakmaod maRali maCvenebelia<br />

aRmosavleT evropis dedaqalaqebTan SedarebiT. axali ojaxebis formirebis procesi,<br />

romelic zegavlenas axdens ojaxebis sidideze, grZeldeba da rCeba binebze moTxovnis<br />

warmoSobis erT-erT mniSvnelovan faqtorad. grafiki 8-is mixedviT TbilisSi<br />

aRniSnuli maCvenebeli gacilebiT maRalia vidre nebismier aRmosavleT evropul<br />

qalaqSi.<br />

grafiki grafiki 8 saSualo saSualo ojaxis ojaxis sidide<br />

sidide<br />

4<br />

3<br />

2<br />

1<br />

0<br />

<strong>Tbilisi</strong><br />

3.4<br />

buxaresti<br />

2.6<br />

sofia<br />

2.5 2.5 2.2 2.2 2.3 2.3 2.4 2.4 2.4<br />

kievi<br />

varSava<br />

praRa<br />

budapeSti<br />

bratislava<br />

wyaro: REAS report, <strong>Ge</strong>orgian Department of Statistics, Deloitte & Touche estimates<br />

• TbilisSi erT sul mosaxleze arsebuli sacxovrebeli farTi saSualod 17m 2<br />

centraluri evropis da evrokavSiris qveynebis dedaqalaqebis maCveneblebze<br />

mniSvnelovnad dabalia. Ggrafiki 9 asaxavs <strong>Tbilisi</strong>s Sedarebas evrokavSiris da<br />

centraluri evropis dedaqalaqebTan. axali proeqtebi, romlebic dasruldeba 2007-<br />

2009 wlebSi gazrdis sacxovrebeli farTis saSualo odenobas erT sul mosaxleze,<br />

Tumca is mainc mniSvnelovnad naklebi iqneba saSualo evropul doneze.<br />

17<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

vilniusi<br />

grafiki grafiki 9 saSualo saSualo sacxovrebeli sacxovrebeli sacxovrebeli farTi farTi erT erT sul sul mosaxleze<br />

mosaxleze<br />

40<br />

35<br />

30<br />

25<br />

20<br />

15<br />

10<br />

5<br />

0<br />

16m 2<br />

36m 2<br />

<strong>Tbilisi</strong> EU 15 CE 10<br />

wyaro: REAS Report, <strong>Ge</strong>orgian Department of Statistics, Deloitte & Touche estimates<br />

24m 2<br />

riga<br />

talini


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

• ,,vardebis revoluciam” xeli Seuwyo xalxis dabrunebas sazRvargareTidan da<br />

mosaxleobis migracia saqarTveloSi 2002-dan 2005 wlebTan SedarebiT Semcirda.<br />

grafiki grafiki 10 mosaxleobis mosaxleobis migraciuli migraciuli migraciuli balansi<br />

balansi<br />

100<br />

80<br />

60<br />

40<br />

20<br />

0<br />

-20<br />

-40<br />

-29.1<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics<br />

-28.6<br />

18<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

5.5<br />

76.3<br />

2002 2003 2004 2005<br />

• moTxovnis zrdis kidev erTi mniSvnelovani faqtoria sazRvargareT momuSave<br />

qarTvelebisgan Semodinebuli fuladi nakadebi, rac mniSvnelovnad gaizarda bolo<br />

wlebSi. sazRvargareTidan aseTi gziT Semosulma Tanxebma 2003-2005 wlebSi sul<br />

Seadgina 180 milion a.S.S. dolari, maSin roca 2006 wels Seadgina 545 aSS dolari,<br />

xolo 2007 wlis 9 TvisaTvis ukve 600 milion a.S.S. dolars Seadgens.<br />

• miuxedavad zrdis tempebisa saqarTveloSi saSualo Tviuri xelfasi mniSvnelovnad<br />

CamorCeba aRmosavleT evropaSi arsebul dones da dReisaTvis daaxloebiT 130 aSS<br />

dolars Seadgens. Tumca, saSualo klasi formirebis procesSia da Sedgeba<br />

mosaxleobis im nawilisgan, romelTa yovelTviuri saSualo Semosavali 1,000-1,200 a.S.S<br />

dolaris farglebSia da SeuZliaT ipoTekuri sesxis yovelTviuri gadasaxadis saxiT<br />

500-600 a.S.S. dolaris gadaxda.<br />

grafiki grafiki 11 mosaxleobis mosaxleobis saSualo saSualo saSualo Semosavlis Semosavlis zrdis zrdis ttempebi<br />

t empebi<br />

19%<br />

17%<br />

15%<br />

13%<br />

11%<br />

9%<br />

7%<br />

5%<br />

8%<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics<br />

10%<br />

18%<br />

2003 2004 2005 2006<br />

• kidev erTi faqtori, romelic moqmedebs TbilisSi binebis moTxovnis zrdaze aris<br />

bankebis mier ipoTekuri sesxebis mimzidveli pirobebi da Semcirebuli saprocento<br />

ganakveTebi. saqarTvelos sabanko seqtorSi iseTi saxelebis gamoCena rogoricaa jgufi<br />

,,Societe <strong>Ge</strong>nerale”, HSBC da konkurenciis zrda aiZulebs adgilobriv bankebs, rom<br />

momxmarebels SesTavazon axali da gaumjobesebuli sabanko produqtebi.<br />

13%


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

• saqarTvelos mosaxleobis daaxloebiT 1/3 cxovrobs TbilisSi. umetes qveynebSi<br />

dedaqalaqis proporcia qveynis mTlian mosaxleobaSi meryeobs 15 dan 25%. Ggrafiki 12<br />

asaxavs evropis sxvadasxva qveynis dedaqalaqis mosaxleobis procentul wils amave<br />

qveynis mTlian mosaxleobaSi.<br />

grafiki grafiki 12 dedaqalaqebis dedaqalaqebis wili wili qveynis qveynis mTlian mTlian mosaxleobaSi<br />

mosaxleobaSi<br />

mosaxleobaSi<br />

35%<br />

30%<br />

25%<br />

20%<br />

15%<br />

10%<br />

5%<br />

0%<br />

<strong>Tbilisi</strong><br />

32.5%<br />

talini<br />

29.5%<br />

riga<br />

31.7%<br />

vilniusi<br />

16.3%<br />

varSava<br />

<strong>4.</strong>4%<br />

praRa<br />

19<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

11.5%<br />

bratislava<br />

wyaro: REAS report, <strong>Ge</strong>orgian Department of Statistics, Deloitte & Touche estimates<br />

• da bolos, moTxovnis zrdis erT erTi mniSvnelovani faqtori aris uZravi qonebis,<br />

rogorc sainvesticio produqtis Camoyalibeba. saqarTveloSi SeZlebul fizikur<br />

pirebs aqvT sakmaod SezRuduli SesaZleblobebi sxvadasxva maRal Semosavlian<br />

sainvesticio produqtebSi investiciebis ganxorcielebisaTvis da amitom uZrav<br />

qonebaze fasebis swrafi zrda stimulirebas ukeTebs am aqtivebSi Tavisufali fuladi<br />

saxsrebis ganTavsebas.<br />

fasebi<br />

fasebi<br />

2003-2007 wlebSi sacxovrebeli binebis fasebi mniSvnelovnad gaizarda. grafiki 14-15<br />

asaxavs TbilisSi axlad aSenebul standartuli binebis fasebis cvlilebas. 2005-2007<br />

wlebSi sacxovrebeli saxlebis gasayidma fasebma, ufro maRali tempiT moimata vidre<br />

amave binebis saijaro qiram. grafiki 16 asaxavs aRniSnuli zrdis tempis Sedarebas<br />

<strong>Tbilisi</strong>s centraluri ubnebSi. Aam monacemebze dayrdnobiT SegviZlia vTqvaT, rom<br />

mosaxleobis didi nawili sacxovrebel saxlebs dedaqalaqSi yidulobs investiciis<br />

mizniT da ara sacxovrebeli farTis problemis gadasaWrelad. Eeqspertebis SefasebiT,<br />

gasuli 4-5 wlis ganmavlobaSi fasebma minimum oTxjer moimata. binebze gazrdili<br />

moTxovna zegavlenas axdebs fasebze da axlo momavalSi misi Semcireba mosalodneli ar<br />

aris.<br />

grafiki 13 asaxavs evropul qalaqebSi binebis fasebis Sedarebas TbilisSi arsebul<br />

fasebTan. Ggarda aq moyvanili qalaqebisa SegviZlia vTqvaT, rom astanaSi axlad<br />

aSenebuli garemontebuli binebis fasebi meryeobs 4,000-dan 5,000 a.S.S. dolaris farglebSi,<br />

xolo kvadratuli metris Rirebuleba axlad aSenebul saxlebSi baqoSi Seadgens 1,500-2,000<br />

a.S.S. dolaramde .<br />

TbilisSi arsebuli sabinao fondi(romlis didi nawili aSenebulia 1945-1985 wlebSi)<br />

sakmaod dabali xarisxis aris da miuxedavad maRali fasebisa mosaxleoba cvlis Zvel,<br />

amortizebul binebs axal aSenebul saxlebze. saxlebis umravlesoba iyideba TeTri<br />

karkasis saxiT, magram maRali konkurencia aiZulebs developerebs momxmarebels<br />

SesTavazon fasSi Semavali, damatebiTi momsaxurebac.<br />

7.9%<br />

budapeSti<br />

16.8%<br />

buxaresti<br />

8.9%<br />

sofia<br />

16%<br />

kievi<br />

5.5%


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

grafiki grafiki 13 fasebis fasebis diapazoni diapazoni aRmosavleT aRmosavleT evropis evropis qalaqebSi<br />

qalaqebSi<br />

$12,000<br />

$10,000<br />

$8,000<br />

$6,000<br />

$4,000<br />

$2,000<br />

$0<br />

<strong>Tbilisi</strong><br />

2,000<br />

420<br />

talini<br />

4,420<br />

1,300<br />

6,500<br />

6,240<br />

9,100<br />

1,690 1,690 1,560 1,300 1,300 650 1,300 650 1,300<br />

riga<br />

vilniusi<br />

varSava<br />

praRa<br />

20<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

10,270<br />

wyaro: REAS report, Interviews with developers, Deloitte & Touche estimates<br />

grafiki grafiki 14 <strong>Tbilisi</strong>s <strong>Tbilisi</strong>s centri<br />

centri<br />

$1,400<br />

$1,200<br />

$1,000<br />

$800<br />

$600<br />

$400<br />

$200<br />

$0<br />

wyaro: Interviews with developers, Deloitte & Touche estimates<br />

bratislava<br />

3,900<br />

budapeSti<br />

7,540<br />

buxaresti<br />

2,600<br />

sofia<br />

3,900<br />

2003 2004 2005 2006 2007<br />

TeTri karkasis saSualo fasi<br />

grafiki grafiki 15 <strong>Tbilisi</strong>s bilisis centris centris centris mimdebare mimdebare mimdebare ubnebi<br />

ubnebi<br />

$1,400<br />

$1,200<br />

$1,000<br />

$800<br />

$600<br />

$400<br />

$200<br />

$0<br />

wyaro: Interviews with developers, Deloitte & Touche estimates<br />

2003 2004 2005 2006 2007<br />

TeTri karkasis saSualo fasi<br />

statistikuri monacemebis Tanaxmad 2005 wlis 1 seqtembridan 2006 wlis 1 seqtembramde<br />

uZravi qonebis Rirebuleba 49.6%-iT gaizarda. analitikosebis azriT es ramdenime<br />

faqtorma gamoiwvia, kerZod:<br />

• samSeneblo industriis legalizaciam. dRes-dReobiT kopaniebis mier gadaxdili<br />

gadasaxadebi zegavlenas axdens uZravi qonebis Rirebulebaze.<br />

• samSeneblo masalebze fasebis zrdam, gansakuTrebiT ruseTidan da ukrainidan<br />

importirebul rkinaze.<br />

kievi<br />

7,930


3. sacxovrebeli sacxovrebeli sacxovrebeli binebi<br />

binebi<br />

TbilisSi wamyvani samSeneblo kompaniis mier aSenebuli binis TviTRirebuleba saSualod<br />

300 dan 1,000 a.S.S. dolaramde meryeobs. gasul wlebSi kvadratuli metris TviTRirebuleba<br />

daaxloebiT 130-250 a.S.S. dolars Seadgenda.<br />

grafiki grafiki 16 gasayidi gasayidi fasis fasis zrdis zrdis tempis tempis Sedareba Sedareba Sedareba saijaro saijaro qiris zrdis tempTan<br />

90%<br />

80%<br />

70%<br />

60%<br />

50%<br />

40%<br />

30%<br />

20%<br />

10%<br />

0%<br />

33%<br />

36%<br />

24% 29%<br />

21<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

77%<br />

2005 2006 2007<br />

54%<br />

saSualo qiris zrda saSualo gasayidi fasis zrda<br />

wyaro: <strong>New</strong>spaper “sitkva da sakme”, Interviews with developers, Deloitte & Touche estimates<br />

mTavari mTavari developeruli developeruli developeruli kompaniebi<br />

kompaniebi<br />

<strong>Tbilisi</strong>s uZravi qonebis bazris mTavar moTamaSeebs, gansakuTrebiT sacxovrebel<br />

seqtorSi, adgilobrivi developeruli kompaniebi warmoadgenen.<br />

samwuxarod seqtorSi ar arsebobs dazustebuli statistikuri informacia zusti sabazro<br />

wilebis dasadgenad, Tumca developerebisgan miRebul arasrul informaciaze dayrdnobiT<br />

da misi SedarebiT q.<strong>Tbilisi</strong>s meriis urbanuli dagegmarebis samsaxuris informaciasTan,<br />

SegviZlia SevafasoT developerebis daaxloebiTi wilebi bazarze. adgilobrivi<br />

developerebis ricxvi aWarbebs 100-s da Cveni SefasebiT bazris lideri aris centr pointi<br />

jgufi daaxloebiTi wiliT 15-20%. sxva lideri developerebis rogorebic arian aqsisi,<br />

samSeneblo kompania iberia da arsi bazris wilebi savaraudod ar aWarbebs 10%-ze mets.<br />

bazris darCenili nawili ki sxva mcire developerebze aris gadanawilebuli.<br />

daskvna<br />

daskvna<br />

saqarTvelo kvlav mniSvnelovnad CamorCeba aRmosavleT evropis qveynebs sacxovrebeli<br />

binebis seqtoris ZiriTadi parametrebis mixedviT, Tumca evrostruqturebSi integracia<br />

iqneba erT-erTi mniSvnelovani faqtori aRniSnuli seqtoris zrdisaTvis.<br />

efeqturi sainvesticio produqtebis ar arsebobis pirobebSi uZravi qonebis bazari Zalzed<br />

spekulaciuri gaxda mosaxleobis im fenis xarjze, romelic binebs investiciebis<br />

ganxorcielebis mizniT yidulobs.<br />

proeqtebis ganxorcielebis xarisxis kontroli erT-erT mTavar risk faqtorad rCeba.<br />

kvlav problemad rCeba didi masStabis proeqtebis xarisxianad da daTqmul vadebSi<br />

ganxorcieleba.<br />

Sesabamisad Cven vfiqrobT, rom uZravi qonebis nebismier kompanias, proeqtebis<br />

diversificirebuli portfeliT, xarisxis da proeqtis vadebis marTvis gamarTuli<br />

sistemebiT, SeuZlia warmatebiT gamoiyenos aRniSnul seqtorSi arsebuli zrdis<br />

SesaZleblobebi.<br />

=


<strong>4.</strong> saofise saofise centrebi<br />

centrebi<br />

22<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise centrebi<br />

centrebi<br />

zogadi zogadi mimoxilva<br />

mimoxilva<br />

maRali klasis saofise centrebze moTxovnis warmoSobas ZiriTadad xels uwyobs<br />

TbilisSi saerTaSoriso kompaniebis raodenobis zrda, garda amisa bevri adgilobrivi<br />

kompania cdilobs gaiumjobesos arsebuli saofise pirobebi. maRali klasis ofisebze<br />

moTxovnis zrda da limitirebuli miwodeba Sesabamisad iwvevs arsebul saofise<br />

centrebSi saijaro qiris zrdas da datvirTulobis sakmaod maRal koeficients.<br />

aucilebelia aRiniSnos, rom saofise centrebis mxolod mcire nawili miekuTvneba<br />

realurad “a” klasis saofise centrebs, maSin rodesac potenciuri klientebi ufro da<br />

ufro momTxovni xdebian Senobebis xarisxze. Ggamomdinare datvirTulobis maRali<br />

maCveneblebidan qarTveli developerebisaTvis ufro da ufro mimzidveli xdeba<br />

investiciebis ganxorcieleba maRali klasis saofise centrebSi.<br />

miwodeba<br />

miwodeba<br />

dReisaTvis dedaqalaqSi aris sul 4 “a” klasis saofise centri, Tumca isic aRsaniSnavia,<br />

rom eqspertuli Sefasebis gareSe rTulia realurad Seafaso Tu ramdenad Seesabameba<br />

arsebuli “a” klasis saofise centrebi saerTaSoriso standartebs. zemoT aRniSnuli 4<br />

maRali klasis saofise centridan 2 mxolod 2007 wels gamoCnda bazarze. aRsaniSnavia,<br />

rom mSenebare proeqtebis CamonaTvali sakmaod didia da momaval 3-4 weliwadSi<br />

savaraudod 700%-800% -iT unda gaizardos “a” klasis saofise farTebis moculoba<br />

bazarze.<br />

qvemoT mocemulia TbilisSi arsebuli “a” klasis saofise centrebis mokle aRweriloba.<br />

ji ji-em ji<br />

em em-Ti em Ti Pplaza<br />

Pplaza<br />

SvidsarTuliani “a” klasis saofise centri <strong>Tbilisi</strong>s erT-erT yvelaze prestiJul<br />

adgilze mdebareobs.<br />

• Senobis gasaqiravebeli nawili Seadgens daaxloebiT 3,000 m2-s.<br />

• aqvs xelsayreli mdebareoba q. <strong>Tbilisi</strong>s meriis gverdiT da aseve axlo manZilze<br />

mdebareos ganviTarebuli infrastruqturac (bankebi, restornebi, maRaziebi da<br />

gasarTobi centrebi).<br />

.<br />

ji-em-Ti Pplaza<br />

23<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise centrebi<br />

centrebi<br />

ji-em-Ti plazas ZiriTadi klientebi arian:<br />

• IMF ( saerTaSoriso savaluto fondi)<br />

• britaneTis saelCo<br />

• Bechtel<br />

• OSCE<br />

• gaerTianebuli qarTuli banki<br />

• BMI<br />

• baTumis navTobis terminali<br />

cxrili cxrili 4-1 TbilisSi TbilisSi arsebuli arsebuli ZiriTadi ZiriTadi saofise saofise centrebi<br />

centrebi<br />

# arsebuli saofise farTebi misamarTi kategoria m2<br />

1<br />

2<br />

3<br />

4<br />

5<br />

6<br />

7<br />

8<br />

9<br />

10<br />

ji-em-Ti plaza Tavisuflebis moedani a-klasi 3,000<br />

mwvane Senoba marjaniSvilis quCa 6 a-klasi 4,400<br />

evord biznes centri meliqiSvilis gamziri a-klasi 2,000<br />

Seraton metexi palasi Telavis quCa 20 a-klasi 1,400<br />

mwvane ofisi marjaniSvilis quCa 6 b-klasi 4,600<br />

meidan palasi leseliZis quCa b-klasi 8,000<br />

qarTu jgufi WavWavaZis gamziri b-klasi 7,200<br />

saqqalakproeqtmSeni WavWavaZis gamziri b-klasi 10,000<br />

soflmSeni vaJa-fSavelas gamziri b-klasi 6,800<br />

metexi biznes jgufi avlabari b-klasi 2,100<br />

cxrili cxrili 3-2 : ZiriTadi ZiriTadi axali axali proeqtebis proeqtebis CamonaTvali, CamonaTvali, dasrulebis dasrulebis periodi periodi<br />

2008-2010<br />

24<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

ijara TveSi,<br />

dolari/m2<br />

# misamarTi kategoria m2<br />

dasrulebis<br />

TariRi<br />

1 sastumro aWara gamsaxurdias gamziri a-klasi N/A 2008<br />

2 aqsis tauersi WavWavaZis gamziri a-klasi 29,700 2009<br />

3<br />

4<br />

5<br />

6<br />

piqsel 34 WavWavaZis gamziri a-klasi 8,700<br />

GRDC Tavisuflebis moedani a-klasi 25,000<br />

haiati mtkvris marjvena sanapiro a-klasi 30,000<br />

The Printing House marjaniSvilis quCa 7 b-klasi 13,000<br />

35<br />

25-40<br />

40-45<br />

45<br />

20-25<br />

20<br />

25-30<br />

14-20<br />

14-15<br />

25-30<br />

2009<br />

2009<br />

2010<br />

N/A


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

<strong>Tbilisi</strong>s <strong>Tbilisi</strong>s saofise saofise centrebis centrebis ruqa<br />

ruqa<br />

Se Seraton Se<br />

raton metexi metexi palasi palasi, palasi<br />

maRali klasis sastumroSi, romelic mdebareobs Telavis quCis #20-Si, ganTavsebulia<br />

daaxloebiT 1,400 m2 “a” klasis saofise centri. Tumca rogorc Cans <strong>Tbilisi</strong>s am nawilSi<br />

moTxovna sastumros nomrebze aWarbebs moTxovnas saofise farTebze da menejmenti<br />

momavali wlidan gegmavs arsebuli saofise centris sastumrod gadakeTebas.<br />

mwvane mwvane Senoba, Senoba, GRDC<br />

“mwvane Senoba” aris daaxloebiT 4,400 m 2 maRali klasis saofise centri, romelic<br />

mdebareobs marjaniSvilis gamzirze. Senoba dasrulebul iqna 2007 wels GRDC-is mier.<br />

Senobis pirvel sarTulze ganTavsebuli saofise farTebis sajaro qira Seadgens TveSi 40<br />

aSS dolars, DdRg-sa da momsaxurebis xarjebis gareSe, xolo Senobis meore sarTulze<br />

ganTavsebuli ofisebisaTvis 25 aSS dolars aseve dRg-sa da momsaxurebis xarjebis gareSe.<br />

ABC Eevord Eevord biznes biznes centri<br />

centri<br />

ABC biznes centri mdebareobs meliqiSvlis gamzirze da iTvleba “a” klasis saofise<br />

centrad. saijaro qira Seadgens 45 aSS dolars DdRg-s da momsaxurebis xarjebis gareSe.<br />

25<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

ABC evord vord vord bizness bizness cent centri cent ri<br />

jer-jerobiT saofise centrebis ZiriTadi developerebi arian kvlav qarTuli kompaniebi,<br />

Tumca bolo 2 weliwadSi sakmaod bevri saerTaSoriso developeri Semodis bazarze<br />

adgilobriv developerebTan partniorobis gziT.<br />

dReisaTvis TbilisSi arsebuli “a” klasis saofise farTebis jamuri moculoba Cveni<br />

SefasebiT unda iyos daaxloebiT 10,000 m 2 , rac Zalian dabali maCvenebelia aRmosavleT<br />

evropis sxva qalaqebTan SedarebiT.<br />

“b” “b” klasis klasis saofise saofise centrebi<br />

centrebi<br />

“b” klasis saofise centrebis raodenoba aris gacilebiT meti vidre “a” klasis saofise<br />

centrebis. QqvemoT moyvanilia ‘’b” klasis erT-erTi tipiuri saofise centris mokle<br />

aRweriloba.<br />

mwvane mwvane ofisi<br />

ofisi<br />

mwvane ofisi, romelic mdebareobs marjaniSvilis #154-Si, aris 11 sarTuliani saofise<br />

centri mTliani farTiT 4,462 m 2 . saijaro qira meryeobs 20 aSS dolaris farglebSi dRgsa<br />

da momsaxurebis xarjebis gareSe. bolo ramodenime welia bazarze arsebuli maRali<br />

moTxovnis gamo datvirtvis koeficienti TiTqmis 100%-s utoldeba.<br />

ZiriTadi kliantebi arian:<br />

• Procredit Bank-i Senobis daaxloebiT 65%<br />

26<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

• saaqcio sazogadoeba madneuli da kvarciti<br />

• PSP farmaceptuli kompania<br />

• UFC<br />

• Basis sainvesticio da sabrokero nawilebi<br />

•sakonsultacio da saauditoro kompaniebi<br />

sxva “b” klasis saofise centrebisagan aRsaniSnavia: meidan palasi, qarTu jgufi,<br />

saqqalaqproeqti, saqsoflmSeni da sxva. Cveni SefasebiT mTlianad “b” klasad<br />

klasificirebuli saofise centrebis daaxloebiTi farTi unda Seadgendes 40,000 dan 50,000<br />

aTas m 2- s.<br />

momaval proeqtebidan aRsaniSnavia: aqsis tauersi, romelic mdebareobs WavWavaZis<br />

gamzirze da savarudod unda dasruldes 2009 wlisaTvis. Senobis daaxloebiTi farTi<br />

35,000 m 2- ia. Pproeqtis developeria aqsisi. Tavisuflebis moedenze ki daaxloebiT 25,500 m 2<br />

saofise centris proeqts axorcielebs GRDC. dasrulebis savarudo TariRi aris aseve 2009<br />

weli. sxva qarTuli da saerTaSoriso developerebi mniSvnelovan investiciebs<br />

axorcieleben aRniSnul seqtorSi. 2010 wlisaTvis mosalodnelia, rom moTxovna, “a”<br />

klasis saofise centrebze dakmayofilebuli iqneba srulad. ufro metic, SesaZlebelia<br />

miwodebam gadaaWarbos moTxovnas, rac SeaCerebs saijaro qiris zrdas.<br />

<strong>Tbilisi</strong> saofise farTebis bazris erT-erTi mniSvnelovani maxasiaTebeli aris is, rom<br />

didi nawili warmodgenilia dabali, egreT wodebuli “C” klasis, saofise centrebis(Zveli<br />

sabWoTa stilis samecniero da saproeqto institutebis aseve industriuli Senobebis<br />

saxiT, sadac m 2 qiravdeba saSualod TveSi 7-8 aSS dolarad) da aseve kerZo saxlebSi<br />

ganTavsebuli ofisebis saxiT. statistikis ar arsebobis gamo Zalian rTulia miaxloebiTi<br />

Sefasebis gakeTeba, Tu ra moculobis farTobs Seadgens aseTi tipis Senobebi. Tumca imis<br />

gaTvaliswinebiT, rom dReisaTvis “a” da “b” klasis Senobebis mTliani farTi(daaxloebiT<br />

50,000-60,000m 2) sakmarisia imisaTvis, rom ganTavsdes mxolod daaxloebiT 300-mde<br />

organizacia(saSualod erT organizaciaze 200 m 2) aqedan gamomdinare SegviZlia davaskvnaT,<br />

rom bazris mTliani wilidan udidesi nawili kvlav aris ganTavsebuli dabali klasis/<br />

araprofesionalur saofise centrebSi.<br />

grafiki grafiki 17 saofise saofise farTebis farTebis ganawileba ganawileba klasebis klasebis mixedviT<br />

mixedviT<br />

46%<br />

wyaro: Deloitte & Touche estimate<br />

moTxovna<br />

moTxovna<br />

10%<br />

A-class B-class C-class<br />

44%<br />

dReisaTvis maRali klasis saofise centrebis ZiriTad klientebs warmoadgenen<br />

saerTaSoriso kompaniebi da aseve adgilobrivi kompaniebi momsaxurebis sferodan.<br />

grafiki 19 gviCvenebs yovelwliurad daregistrirebul qarTul da ucxour kompaniebis<br />

zrdis temps, rac mniSvnelovnad moqmedebs saofise centrebze moTxovnis zrdaze.<br />

27<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

grafiki grafiki 18 dasa dasaqmebuli dasa dasa qmebuli pirebis raodenoba<br />

200,000<br />

150,000<br />

100,000<br />

50,000<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics.<br />

-<br />

2003 2004 2005 2006 1H'07<br />

grafiki grafiki 19 TbilisSi TbilisSi daregistrirebuli daregistrirebuli kompaniebis kompaniebis raodenoba<br />

raodenoba<br />

7,000<br />

6,000<br />

5,000<br />

4,000<br />

3,000<br />

2,000<br />

1,000<br />

-<br />

wyaro: Deloitte estimates, <strong>Ge</strong>orgian Department of Statistics.<br />

2003 2004 2005 2006 2007<br />

ucxouri kompaniebi adgilobrivi kompaniebi<br />

qveyanaSi arsebuli umuSevrobis done kvlav maRalia. vimedovnebT, rom saqarTvelos<br />

SesaZlo integrireba evrosabWosa da natoSi, xels Seuwyobs umuSevrobis Semcirebas da<br />

kidev gazrdis moTxovnas saofise centrebze.<br />

maRali klasis saofise centrebze moTxovnis zrdis mniSvnelovani wyaro unda gaxdnen is<br />

kompaniebi, romlebic dReisaTvis ganTavsebulni arian dabali klasis, araprofesionalur<br />

saofise centrebSi da kerZo binebSi. gamomdinare iqidan, rom ufro da ufro izrdeba<br />

adgilobrivi kompaniebis moTxovna saofise centrebSi sxvadasxva saxis momsaxurebaze<br />

(usafrTxoeba, komunaluri momsaxureba, interneti da a. S.).<br />

saijaro saijaro saijaro qira, datvirTvis koeficienti koeficienti da da Semosavlianoba<br />

Semosavlianoba<br />

Semosavlianoba<br />

SegviZlia vTqvaT, rom “a” klasis saofise farTebze yovelTviuri saijaro qira meryeobs<br />

35-45 aSS dolaris farglebSi, dRg-sa da momsaxurebis xarjebis gareSe. xolo “b” klasis<br />

saofise farTebze saijaro qira Seadgens 20-25 aSS dolars. saijaro qiras zogadad zrdis<br />

tendencia aqvs, gansakuTrebiT “b” klasis saofise centrebSi. Tumca arsebobs<br />

gamonaklisebi je-em-Ti plazas saxiT, sadac saijaro qira ar Secvlila misi gaxsnis<br />

TariRidan da Seadgens 35 aSS dolars dRg-sa da momsaxurebis xarjebis gareSe.<br />

datvirTulobis koeficienti sakmaod maRalia. “a” da “b” klasis Senobebi TiTqmis<br />

mTlianad gaqiravebulia. 2-3 wlis win b klasis SenobebSi vakansiis koeficienti maRali<br />

iyo da meryeobda 20-30 %-mde, Tumca dReisaTvis es koeficienti minimumamde aris dasuli.<br />

28<br />

uZravi qonebis bazris mimoxilva Deloitte•


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

grafiki grafiki 20 saofise saofise farTebze farTebze saijaro saijaro qira qira TveSi/ TveSi/m TveSi/<br />

2<br />

$45<br />

$40<br />

$35<br />

$30<br />

$25<br />

$20<br />

$15<br />

$10<br />

$5<br />

$0<br />

wyaro: Deloitte estimates<br />

2003 2004 2005 2006 2007<br />

A-class B-class C-class<br />

saofise centrebis Semosavlianobis gaangariSeba sakmaod rTulia, ramdenadac adgili ar<br />

aqvs “a” da “b” klasis saofise centrebis gayidvebis sajarod gacxadebul did<br />

tranzaqciebs. Cveni SefasebiT “a” klasis saofise centrebis Semosavlianoba saSualod<br />

unda meryeobdes wliur 12%-14% is farglebSi.<br />

SedarebiTi SedarebiTi analizi<br />

analizi<br />

yovel 1,000 sul mosaxleze arsebuli saofise centrebis saSualo farTi TbilisSi<br />

mniSvnelovnad naklebia vidre aRmosavleT evropis dedaqalaqebSi. Tumca aRsaniSnavia, rom<br />

umetesi mcire da saSualo zomis qarTuli kompaniebi ganTavsebulni arian kerZo SenobebSi<br />

da dabali klasis saofise centrebSi. ramdenadac <strong>Tbilisi</strong>s monacemebSi mxolod “a” da<br />

“b” klasis Senobebi aris warmodgenili, amitom maCveneblebi yuradRebiT unda iqnas<br />

gaanalizebuli.<br />

Tu mimdinare proeqtebi vadebSi dasruldeba maSin momaval 3-4 weliwadSi TbilisSi yovel<br />

1,000 sul mosaxleze daaxloebiT 175 kvadratuli metris saSualo saofise farTi iqneba,<br />

rac daaxloebiT Seesabameba amJamindel alma-atisa da belgradis arsebul dones. Tumca,<br />

es maCvenebeli kvlav gacilebiT dabali iqneba vidre aRmosavleT evropis umetes<br />

qalaqebSia dRes.<br />

grafiki grafiki 21 saofise saofise farTebi farTebi yovel yovel 1,000 1,000 mosaxleze mosaxleze m m<br />

2 .<br />

1,600<br />

1,400<br />

1,200<br />

1,000<br />

800<br />

600<br />

400<br />

200<br />

-<br />

1,482<br />

1,238<br />

508<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

227<br />

varSava budapeSti moskovi kievi alma-ata belgradi santpeterburgi<br />

29<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

171<br />

171<br />

92<br />

75<br />

<strong>Tbilisi</strong><br />

aRmosavleT evropis QqveynebTan SedarebiT TbilisSi “a” da “b” klasis saofise farTebis<br />

saSualo saijaro qira ufro dabalia, Tumca mcirediT aRemateba budapeStisa da varSavis<br />

saSualo dones, sadac bazari gajerebulia maRali klasis saofise centrebiT.


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

grafiki grafiki 22 saSualo saSualo saijaro qira qira TveSi/ $/ m 2<br />

budapeSti<br />

varSava<br />

<strong>Tbilisi</strong><br />

belgradi<br />

sant-peterburgi<br />

kievi<br />

moskovi<br />

alma-ata<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

*d.R.g-s da momsaxurebis xarjebis gareSe<br />

16.9<br />

19.5<br />

30<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

23.0<br />

25.4<br />

32.0<br />

32.4<br />

57.6<br />

59.4<br />

- 10.0 20.0 30.0 40.0 50.0 60.0<br />

TbilisSi limitirebuli maRali xarisxis uZravi qonebis gamo ki vakansiis koeficienti<br />

minimumamde aris dasuli.<br />

gra grafiki gra grafiki<br />

fiki 23 vakansiis vakansiis koeficienti<br />

koeficienti koeficienti %<br />

kievi<br />

<strong>Tbilisi</strong><br />

moskovi<br />

varSava<br />

alma-ata<br />

sant-peterburgi<br />

budapeSti<br />

belgradi<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

1.5%<br />

2.0%<br />

<strong>4.</strong>0%<br />

<strong>4.</strong>0%<br />

<strong>4.</strong>0%<br />

5.0%<br />

9.5%<br />

11.7%<br />

0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0%<br />

SerCeul qalaqebs Soris, TbilisSi aris saofise centrebis Semosavlianobis erT-erTi<br />

yvelaze maRali koeficienti. iseT qalaqebSi, rogoric aris budapeSti da varSava<br />

TbilisTan SedarebiT dafiqsirda daaxloebiT orjer ufro dabali Semosavlianobis<br />

koeficienti. TbilisSi dafiqsirebuli maRali Semosavlianoba gamowveulia imiT, rom am<br />

saxis uZravi qonebis Rirebuleba aris mniSvnelovnad dabali vidre umetes aRmosavleT<br />

evropis qalaqSi, maSin roca saijaro qira aris sakmaod maRali da SesabamisobaSia<br />

aRmosavleT evropis maCveneblebTan.


<strong>4.</strong> saofise saofise ccentrebi<br />

c entrebi<br />

grafiki grafiki 24 Semosavlianoba<br />

Semosavlianoba<br />

15%<br />

13%<br />

10%<br />

8%<br />

5%<br />

3%<br />

0%<br />

12.5%<br />

10.5%<br />

9.9%<br />

9.3%<br />

31<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

9.0%<br />

9.0%<br />

<strong>Tbilisi</strong> kievi alma-ata moskovi belgradi santpeterburgi<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

6.0%<br />

5.5%<br />

budapeSti varSava


5. 5. sastumroebi<br />

sastumroebi<br />

32<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. 5. sastumroebi<br />

sastumroebi<br />

zogadi zogadi mimoxilva<br />

mimoxilva<br />

2003 wlis Semdeg saqarTveloSi adgili hqonda mniSvnelovan cvlilebebs, ris Sedegadac<br />

saqarTvelo ufro mimzidveli gaxda ucxoeli investorebisaTvis. ucxouri investiciebis<br />

zrdasTan erTad izrdeba biznes turizmi, aseve swrafi tempiT izrdeba saqarTveloSi<br />

Camosuli ucxoeli turistebisa da samTavrobo delegaciebis raodenoba. yovelive<br />

zemoTaRniSnulis Sedegad <strong>Tbilisi</strong>s sastumroebSi datvirTvis koeficientebi sakmaod<br />

maRalia.<br />

miwodeba<br />

miwodeba<br />

gasuli wlebis ganmavlobaSi adgili ar hqonia maRali klasis sastumroebis raodenobis<br />

mniSvnelovan zrdas. amJamad TbilisSi arsebobs sami maRali klasis sastumro. qorTiard<br />

marioti, <strong>Tbilisi</strong> marioti, Seraton metexi palasi. aRniSnuli maRali klasis sastumroebis<br />

garda <strong>Tbilisi</strong>s centrSi aris ramodenime samvarskvlavian sakmaod maRali xarisxis<br />

sastumro<br />

prestiJuli sastumroebis umetesoba ganTavsebulia <strong>Tbilisi</strong>s istoriul centrSi. saerTo<br />

jamSi, dReisaTvis TbilisSi arsebobs daaxloebiT 130 sastumro 3,000-mde sastumros<br />

nomriT, romelTagan daaxloebiT 350 nomeri aris xuTvarskvlavian sastumroebSi, xolo 200<br />

nomeri oTxvarskvlavian sastumroebSi.<br />

grafiki grafiki grafiki 25 sastumroebis sastumroebis raodenoba raodenoba TbilisSi<br />

TbilisSi<br />

160<br />

140<br />

120<br />

100<br />

80<br />

60<br />

40<br />

20<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics.<br />

0<br />

grafiki grafiki 26 sastumros sastumros nomrebis nomrebis raodenoba<br />

raodenoba<br />

5,000<br />

4,000<br />

3,000<br />

2,000<br />

1,000<br />

-<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics, Deloitte & Touche estimates.<br />

2003 2004 2005 2006 2007<br />

2006 2007 2008 2009 2010<br />

33<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. 5. sastumroebi<br />

sastumroebi<br />

2007-2010 wlebis ganmavlobaSi TbilisSi unda gaixsnas 5 maRali donis sastumro. qvemoT<br />

mocemulia dReisaTvis mSenebare sastumroebis mokle aRweriloba.<br />

Hotel Adjara<br />

sastumro “aWara” erT–erTi saukeTeso sastumro iyo sabWoTa kavSiris droindel<br />

TbilisSi. proeqtis dasruleba dagegmilia momavali wlisaTvis da ifunqcionirebs 192<br />

nomeri.<br />

sastumro aWara(mSeneblobis procesSi)<br />

Park Hyatt <strong>Tbilisi</strong> Hotel<br />

warmoadgens Sereuli tipis proeqts, romelic moicavs saofise centrs, xuTvarskvlavian<br />

sastumros, sakonferencio darbazs, sacurao auzs, da sxva gasarTob centrebs. proeqti<br />

moicavs oTx calke mdgom Senobas.<br />

InterContinental Hotels & Resorts<br />

misi gaxsna dagegmilia 2010 wlis dasawyisisaTvis da savaraudod iqneba 170 maRali klasis<br />

sastumros nomeri.<br />

Radisson- Hotel “Iveria “<br />

“iveria”-s proeqti moicavs arsebuli Senobis srulyofil aRdgenas, romelic aSenda 1960<br />

wels. warsulSi “iveria” miiCneoda saukeTeso sastumrod TbilisSi. aRdgenili sastumros<br />

Senoba warmoadgens oTxvarskvlavian sastumros, romelic imuSavebs radisonis brendis<br />

qveS. ZiriTadi Senoba moicavs 248 sastumros nomers. proeqti unda dasruldes 2008<br />

wlisaTvis.<br />

34<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. 5. sastumroebi<br />

sastumroebi<br />

Kempinski<br />

dagegmilia misi gaxsna 2010 wlis dasawyisisaTvis is ganTavsdeba <strong>Tbilisi</strong>s centrSi,<br />

rusTavelis gamzirze. sastumroSi iqneba daaxloebiT 200 Cveulebrivi da luqsis tipis<br />

nomrebi.<br />

<strong>Tbilisi</strong>s <strong>Tbilisi</strong>s <strong>Tbilisi</strong>s ZiriTadi ZiriTadi sastumroebis sastumroebis ruqa<br />

ruqa<br />

35<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. 5. sastumroebi<br />

sastumroebi<br />

cxrili cxrili cxrili 5-1 arsebu arsebuli arsebu i sastumroebi<br />

sastumroebi<br />

# arsebuli arsebuli sastumroebi sastumroebi misamarTi misamarTi<br />

kategoria nomrebis nomrebis raod. raod. fasi/aSS fasi/aSS fasi/aSS dol.<br />

dol.<br />

1 Seraton metexi palasi Telavis quCa 20 5 * 182 230-480<br />

2 <strong>Tbilisi</strong> merioti rusTavelis gamziri 13 5 * 127 275-485<br />

3 qorTiard meriot <strong>Tbilisi</strong> 4 Tavisuflebis moedani 4 * 118 184<br />

4 ambasadori SavTelis quCa 13 4 * 46 115-270<br />

5 sastumro betsi mayaSvilis quCa 32/34 4 * 28 140-175<br />

6 bomond gardeni - eleganti marSal gelovanis quCa 4a 3 * 11 100-150<br />

7 sastumro butiki metexi 9 3 * 15 140-180<br />

8 sastumro prestiJi marjaniSvilis quCa 51 3 * 31 50-120<br />

9 KMM metexi 10 3 * 12 70-150<br />

10 Zveli metexi metexi 3 3 * 15 80-110<br />

cxrili cxrili5-2 cxrili cxrili momavali momavali proeqtebi proeqtebi 2008-2010<br />

# dagegmili sastumroebi misamarTi misamarTi<br />

kategoria kategoria kategoria nomrebis raod. dasruleba<br />

1 radison rusTavelis gamziri 4 * 248 2008<br />

2 sastumro aWara pekinis quCa 4 * 192 2008<br />

3 interkontinentali kostavas quCa 5 * 170 2010<br />

4 kempinski rusTavelis gamziri 5 * 200 N/A<br />

5 haiati mtkvris marjvena sanapiro 5 * 183 N/A<br />

2010 wlisaTvis umetesoba cnobili saerTaSoriso brendebisa warmodgenili iqneba<br />

<strong>Tbilisi</strong>s sastumroebis seqtorSi. savaraudod axali proeqtebi srulad daakmayofileben<br />

bazris moTxovnas da SesaZlebelia miwodebam gadaaWarbos moTxovnas, rac gamoiwvevs<br />

fasebisa da datvirTulobis Semcirebas.<br />

moTxovna moTxovna<br />

moTxovna<br />

turiz turizmi turiz turiz mi _ saqarTveloSi adgili aqvs turizmis swrafi tempiT ganviTarebas. bevri<br />

ucxoeli da adgilobrivi investori dainteresebulia am sferoSi investiciebis<br />

ganxorcielebiT. turizmis ganviTareba warmoadgens saqarTvelos mTavrobis erT-erT<br />

mTavar mizans. 2005 wlidan 2006 wlamde saqarTveloSi Semosuli turistebis raodenoba<br />

TiTqmis 50%-T gaizarda. 2006 wlis martSi msoflios ekonomikuri forumis yovelwliuri<br />

samogzauro da turistuli konkurentunarianobis maCveneblebiT saqarTvelo dasaxelda<br />

yvelaze konkurentunarian turistul qveyanad. Aaseve saqarTvelo dasaxelda erT-erT<br />

mowinave qveyanad savizo reJimis gamartivebuli procedurebis mixedviT.<br />

grafiki grafiki 27 turistebis turistebis turistebis raodenoba<br />

raodenoba<br />

raodenoba<br />

250,000<br />

200,000<br />

150,000<br />

100,000<br />

50,000<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics,.<br />

-<br />

2005 2006 2007<br />

36<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. sastumroebi<br />

sastumroebi<br />

sastumroebi<br />

mTavrobis mTavrobis mTavrobis politikis politikis gavlena gavlena gavlena - axali savizo politikiTa da gaumjobesebuli<br />

infrastruqturiT saqarTvelos mTavroba maqsimalurad xels uwyobs aRniSnul seqtorSi<br />

investiciebis mozidvas da turizmis ganviTarebas.<br />

vizebis vizebis gacemis gacemis procesebis procesebis gamartiveba gamartiveba – dReisaTvis vizebi ar WirdebaT israelis,<br />

iaponiis, kanadis, amerikis SeerTebuli Statebisa da evrokavSiris wevri qveynebis<br />

moqalaqeebs. vizebi ar WirdebaT aseve damoukidebel TanamegobrobaTa saxelmwifoebis<br />

moqalaqeebs, garda ruseTis federaciisa da TurqmeneTisa. im moqalaqeebs, romelTac aqvT<br />

saqarTveloSi uvizod Semosvlis ufleba, SesaZlebloba aqvT qveyanaSi darCnen 90 dRis<br />

ganmavlobaSi.<br />

infrastruqturis infrastruqturis ganviTareba ganviTareba – swrafad viTardeba gzebi, energo sistemebi,<br />

wyalmomaragebis sistemebi da sxva saxis infrastruqtura. Tbilissa da baTumSi gaixsna<br />

axali Tanamedrove donis aeroportebi, romlebic msoflios 32 qalaqSi uzrunvelyofen<br />

pirdapir frenas.<br />

dabegvra dabegvra – arsebuli sagadasaxado kodeqsi miRebuli iqna 2005 wlis ianvarSi, Semosuli<br />

turistebidan miRebuli Semosavali ganekuTvneba eqsportis kategorias da Sesabamisad<br />

ganTavisuflebulia dRg-sgan.<br />

rac Seexeba saqarTveloSi Semosul turistebs: <strong>Tbilisi</strong>s saerTaSoriso aeroportSi<br />

dafiqsirebulma Semosulma ucxoelebis ricxvma 2006 wels miaRwia 231,000-s. aRniSnuli<br />

maCvenebeli 2003 wels iyo daaxloebiT 150,000-mde.<br />

zemoT aRniSnuli faqtorebis gaTvaliswinebiT mosalodnelia saqarTvelosa da TbilisSi<br />

Camosul turistTa saerTo raodenobis kidev ufro gazrda.<br />

fasebi fasebi da da datvirTulobis datvirTulobis datvirTulobis koeficienti<br />

koeficienti<br />

2004 da 2007 wlebSi sastumros nomrebze fasebis saSualo zrdam Seadgina wliuri 16%,<br />

rac gamowveuli iyo moTxovnis swrafi zrdiT.<br />

rac Seexeba datvirtulobis koeficients, is aris sakmaod maRali, gansakuTrebiT 4-5<br />

varskvlavian sastumroebSi. Cveni SefasebiT maRali klasis sastumroebSi datvirTvis<br />

koeficienti dReisaTvis 80%-90% farglebSi unda iyos.<br />

grafiki grafiki 28 sastumros sastumros nomrebis nomrebis nomrebis fasebi<br />

fasebi<br />

$300<br />

$250<br />

$200<br />

$150<br />

$100<br />

$50<br />

$-<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics.<br />

2004 2005 2006 2007<br />

37<br />

uZravi qonebis bazris mimoxilva Deloitte•


5. sastumroebi<br />

sastumroebi<br />

sastumroebi<br />

SedarebiTi SedarebiTi SedarebiTi analizi<br />

analizi<br />

dReisaTvis TbilisSi aris gacilebiT naklebi 4-5 varskvlavian sastumro da Sesabamisad<br />

sastumros nomrebi vidre nebismieri aRmosavleT evropis qveynis dedaqalaqSi. nomrebis<br />

raodenobac yovel 1,000 sul mosaxleze aseve mniSvnelovnad dabalia vidre aRmosavleT<br />

evropaSi. Sedegad datvirtvis koeficienti da fasebi aris sakmaod maRali. SegviZlia<br />

vTqvaT, rom kievis garda TbilisSi sastumros nomrebze fasebis erT-erTi yvelaze<br />

maRali donea. Aaxali proeqtebis dasrulebis Semdeg maRali klasis sastumros nomrebis<br />

raodenoba 1,494-s miaRwevs da nomrebis raodenobiT yovel 1,000 sul mosaxleze <strong>Tbilisi</strong><br />

maCvenebeli gauswrebs dRevandeli kievis maCvenebels, Tumca kvlav mniSvnelovnad dabali<br />

iqneba danarCen aRmosavleT evropis qalaqebTan SedarebiT.<br />

grafiki grafiki 29 sastumros sastumros nomrebis nomrebis raodenobi<br />

raodenobis raodenobi s Sedareba<br />

30000<br />

25000<br />

20000<br />

15000<br />

10000<br />

5000<br />

0<br />

<strong>Tbilisi</strong><br />

kievi<br />

riga<br />

vilniusi<br />

talini<br />

varSava<br />

budapeSti<br />

38<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

praRa<br />

sastumro oTaxebi oTaxebi 4-5* sastumroebSi<br />

wyaro: <strong>Ge</strong>orgian Department of Statistics, Colliers International, JLL, Deloitte & Touche estimates.<br />

grafiki grafiki 30 sastumros sastumros nomrebis nomrebis saSualo saSualo fasebi<br />

fasebi<br />

$500<br />

$450<br />

$400<br />

$350<br />

$300<br />

$250<br />

$200<br />

$150<br />

$100<br />

$50<br />

$0<br />

varSava<br />

budapeSti<br />

praRa<br />

buxaresti<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

riga<br />

talini<br />

vilniusi<br />

<strong>Tbilisi</strong><br />

275<br />

kievi<br />

100%<br />

80%<br />

60%<br />

40%<br />

20%<br />

0%<br />

oTaxis fasi 5* sastumroSi datvirTuloba


5. sastumroebi<br />

sastumroebi<br />

sastumroebi<br />

grafiki grafiki 31 4-5 5 varskvlaviani sastumros nomrebis raodenoba<br />

12<br />

10<br />

8<br />

6<br />

4<br />

2<br />

0<br />

<strong>Tbilisi</strong><br />

kievi<br />

riga<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

vilniusi<br />

talini<br />

varSava<br />

budapeSti<br />

39<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

praRa


6. savaWro savaWro centrebi centrebi<br />

centrebi<br />

40<br />

uZravi qonebis bazris mimoxilva Deloitte•


6. savaWro savaWro centrebi<br />

centrebi<br />

zogadi zogadi mimoxilva<br />

mimoxilva<br />

TbilisSi savaWro/komerciuli farTebis seqtori mniSvnelovnad gansxvavdeba<br />

aRmosavleTis evropis qalaqebis Sesabamisi seqtorisagan. dReisaTvis TbilisSi ar<br />

arsebobs didi saerTaSoriso savaWro centrebi da aseve ar Semosulan cnobili<br />

saerTaSoriso sacalo vaWrobis operatorebi(Tesco, Wall-Mart da sxva). erTis mxriv arsebobs<br />

maRali klasis maRaziebi centralur quCebze, xolo meores mxriv araorganizebuli Ria<br />

bazrobebi da patara maRaziebi gareubnebSi.<br />

miwodeba<br />

miwodeba<br />

saqarTvelo, rogorc potenciuri bazari, samwuxarod jer kidev pataraa didi<br />

saerTaSoriso savaWro kompaniebisaTvis saqarTvelo jer-jerobiT ar aris moxseniebuli<br />

sakonsultacio kompania AT Kearny-is mier saerTaSoriso sacalo/savaWro qselebis<br />

operatorebisaTvis mimzidvel ganviTarebadi qveynebis saukeTeso ocdaaTeulis siaSi.<br />

ramodenime yofili sabWoTa respublika, rogoricaa ruseTi, ukraina, litva da latvia<br />

TiTqmis yovelwlurad Sedian am siaSi. qarTul bazarze srulad dominireben adgilobrivi<br />

kompaniebi. TbilisSi arsebuli savaWro/komerciuli farTebi SeiZleba daiyos 3 ZiriTad<br />

jgufad: ramdenime didi savaWro centri; maRaziebi; Ria bazrebi da bazrobebi. saqonlis<br />

sacalo brunvis didi nawili kvlav modis bazrobebze da maRaziebze.<br />

TbilisSi dReisaTvis arsebobs mxolod ramdenime didi da keTilmowyobili savaWro<br />

centri:<br />

qarTuli qarTuli savaWro savaWro centri centri(GTC)mdebareobs centri centri<br />

<strong>Tbilisi</strong>s centrSi. misi farTobi daaxloebiT<br />

10,000 m2-ia. ganTavsebulia iseTi brendebi rogoricaa bata, naiki, isi pari, levisi, li da<br />

sxva.<br />

41<br />

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6. savaWro savaWro centrebi<br />

centrebi<br />

pasaJi pasaJi da da da kidobani. kidobani. kidobani. es adgili ganaxlda da gardaiqmna Zveli “bazris” stilis Ria savaWro<br />

centridan, komfortul savaWro centrad patara maRaziebiT. <strong>Tbilisi</strong>s mosaxleobis didi<br />

nawili miiCnevs, rom es savaWro centri dabalfasiani segmentia, sadac SesaZlebelia<br />

produqciis SeZena xelmisawvdom fasebSi.<br />

megalaini egalaini SedarebiT axali savaWro da gasarTobi centria, romelic mdebareobs didubis<br />

raionSi.<br />

gudvili gudvili _ TbilisSi arsebuli pirveli hipermarketia. Mmisi farTobia daaxloebiT 24,000<br />

m2-is, rac moicavs 11,000 m2 sawyobebs.<br />

savaWro centrebis operatorebTan interviuebze dayrdnobiT SegviZlia vTqvaT, rom<br />

Tanamedrove savaWro centrebis dReisaTvis arsebuli farTi unda Seadgendes daaxloebiT<br />

60,000_80,000 m 2 -is farglebSi.<br />

didi savaWro centrebisagan gansxvavebiT TbilisSi kargad aris ganviTarebuli sacalo<br />

maRaziebis qselebi. rusTavelis, WavWavaZis, marjaniSvilis quCebi yvelaze popularuli<br />

savaWro adgilebia. magaliTad, avers-sa da PSP-s, qarTuli farmaciis liderebs, gaaCniaT<br />

100-ze meti farmacevtuli erTeuli TbilisSi. Bbeko-s da elit eleqtroniqs-s TbilisSi<br />

gaaCniaT savaWro qselis daaxloebiT 20_30 erTeuli. populi erTerTi yvelaze didi<br />

qarTuli supermarketebis qselia, romelsac gaaCnia 30 savaWro erTeuli Tbilissa da<br />

saqarTvelos sxva ZiriTad qalaqebSi.<br />

TbilisSi Zalian gavrcelebulia Ria bazrebi da bazrobebi. dabali Semosavlis gamo<br />

saqarTvelos mosaxleobis udidesi nawilisaTvis es adgilebi sakmaod popularulia,<br />

radganac aq fasebi ufro dabalia, vidre Tanamedrove savaWro centrebsa da maRaziebSi.<br />

mxolod TbilisSi arsebobs daaxloebiT 110 daregistrirebuli Ria savaWro adgili.<br />

daregistrirebuli movaWreebis raodenoba ki gasul wels aRwevda daaxloebiT 19,000-s.<br />

saqarTveloSi registrirebuli 310 Ria bazris mTliani farTobi warmoadgens 1,8 milion<br />

m 2 -s. TbilisSi Ria bazrebis mTliani farTobi savaraudod unda Seadgendes 500,000_600,000<br />

m 2 -s.<br />

Tanamedrove savaWro centrebi warmoadgenen mimzidvel sainvesticio proeqtebs<br />

adgilobrivi developerebisaTvis. ramodenime didi axali proeqti ganviTarebis stadiaSia<br />

da axlo momavalSi sagrZnoblad Secvlian bazarze moTxovna-miwodebis balanss. erT-erTi<br />

maTgani, romlis farTobi daaxloebiT 22,500m2-ia, ganlagdeba <strong>Tbilisi</strong>s centralur<br />

rkinigzis sadgurze. proeqtis developeria GRDC. kompanias aqvs 49 wliani lizingis<br />

xelSekruleba saqarTvelos rkinigzasTan.<br />

savaraudo dasrulebis TariRi 2009 wlis pirveli naxevaria. igive kompania gegmavs<br />

daaxloebiT 8,000m 2 -is farTobis maRali klasis savaWro centris ganviTarebas rusTavelis<br />

gamzirze, magram proeqti sawyis etapzea da dasrulebis zusti TariRi jer ar aris<br />

cnobili.<br />

kompania “arsi” gegmavs daaxloebiT 19,000 m 2 -is farTobis savaWro centris aSenebas,<br />

romelic ganTavsdeba centraluri rkinigzis sadguris maxloblad.UaRniSnul savaWro<br />

centrSi ukve gayidulia daaxloebiT 100 savaWro erTeuli winaswari gadaxdis<br />

xelSekrulebiT. 1 m 2 -is saSualo gasayidi fasi 2,500 aSS dolaris farglebSia.<br />

yvelaze didma qarTulma developerma _ centr pointi jgufma ganacxada msxvili savaWro<br />

centris Seqmnis Taobaze. savaWro centri 30,000 m 2 -is farTobiT ganTavsdeba didubeSi,<br />

eliavas bazrobis mimdebare teritoriaze. axali feSenebluri savaWro centri _ piqsel<br />

34 gaixsneba 2008 wels WavWavaZis gamzirze. Senoba iqneba mravalfunqciuri, magram misi<br />

mTavari nawili gankuTvnili iqneba sacalo vaWrobis obieqtebisaTvis.<br />

sabWoTa kavSiris dros <strong>Tbilisi</strong>s yvelaze cnobili ori savaWro centri : <strong>Tbilisi</strong>s<br />

centraluri supermarketi da univermaRi “<strong>Tbilisi</strong>” gardaiqmnebian Tanamedrove stilis<br />

savaWro centrebad. saerTaSoriso kompaniebi Herald Trade Company da Miller Global Properties<br />

gegmaven proeqtebis dasrulebas 2009 wlisTvis.<br />

42<br />

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6. savaWro savaWro centrebi<br />

centrebi<br />

Cveni SefasebiT mTlianad axali proeqtebis saerTo farTi savaraudod unda Seadgendes<br />

150,000 m 2 . garda amisa ganxorcielda miwis gayidvis ramdenime didi tranzaqcia da es<br />

teritoriebic savaraudod gamoyenebuli iqneba axali savaWro centrebis asaSeneblad.<br />

magaliTad erT-erTi yvelaze didi potenciuri proeqti iqneba didi savaWro centri<br />

<strong>Tbilisi</strong>s dasavleT nawilSi. proeqtis developeria arabuli kompania “ Rakeen Development”.<br />

proeqtis savaraudo mTliani farTi iqneba daaxloebiT 75,000 m 2 da moicavs Tanamedrove<br />

savaWro centrs, sacxovrebel farTebs da saofise Senobebs. proeqti jer-jerobiT<br />

ganviTarebis Zalian adreul etapzea.<br />

cxrili cxrili cxrili 6-1 TbilisSi TbilisSi arsebuli arsebuli ZiriTadi ZiriTadi savaWro savaWro centrebi<br />

centrebi<br />

# # arsebuli arsebuli savaWro savaWro centrebi centrebi centrebi<br />

misamarTi misamarTi<br />

m2 m2 qira, aSS dalarSi<br />

1<br />

2<br />

3<br />

4<br />

5<br />

6<br />

7<br />

ji-ti-si vekuas quCa 3 10,000<br />

megalaini kereseliZis quCa 4,000<br />

kidobani cabaZis quCa 8 10,000<br />

pasaJi cabaZis quCa 19 5,000<br />

morkinali 26 maisis quCa 1 3,000<br />

43<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

50-100<br />

muxianis varskvlavi metro "axmetelis" mimdebare teritoria N/A N/A<br />

gudvili farnavaz mefis quCa 1 27,000<br />

cxrili cxrili 6-2 ZiriTadi ZiriTadi axali axali proeqtebis proeqtebis CamonaTvali CamonaTvali 2007 2007-2010 2007 2010 2010<br />

# dagegmili dagegmili savaWro savaWro centrebi centrebi<br />

misamarTi misamarTi<br />

m2 dasruleba<br />

dasruleba<br />

dasruleba<br />

1 centraluri rkinigzis sadguri rkinigzis sadguris moedani 2 22,800<br />

2008<br />

2<br />

3<br />

4<br />

5<br />

6<br />

7<br />

8<br />

moTxovna<br />

moTxovna<br />

<strong>Tbilisi</strong>s univermagi Tavisuflebis moedani N/A 2009<br />

piqsel 34 WavWavaZis quCa 34 8,700<br />

qarvasla dadianis quCa 19,000<br />

aqsis tauersi WavWavaZis quCa 3,000<br />

centr pointis savaWro centri didube, eliavas bazroba 30,000<br />

geost jgufi didube 20,000<br />

<strong>Tbilisi</strong>s centraluri supermarketi didube, yofili centraluri bazari 20,000<br />

savaWro centrebze da komerciul farTebze moTxovnis mTavari ganmsazRvreli faqtori<br />

aris savaWro brunvis zrdis maRali tempebi. 2003 wlidan 2007 wlamde TbilisSi sacalo<br />

vaWrobis brunva TiTqmis oTxjer gaizarda. momavalSi savaWro/komerciul farTebze<br />

moTxovnis zrdis erT-erTi mniSvnelovani faqtori unda gaxdes mTliani Sida produqtisa<br />

da mosaxleobis Semosavlebis savaraudo zrda.<br />

aseve moTxovnis erT-erTi mniSvnelovani ganmsazRvreli faqtori unda gaxdes Zveli<br />

stilis Ria bazrebis gardaqmna axali stilis savaWro centrebad, rogorc es bevr<br />

aRmosavleT evropis qveyanaSi ganxorcielda. movaWreebis umetesoba Ria bazrebidan<br />

TandaTan gadavlen Tanamedrove savaWro centrebSi.<br />

2009<br />

2009<br />

2009<br />

2010<br />

N/A<br />

N/A<br />

30-60<br />

50<br />

N/A<br />

N/A<br />

N/A


6. savaWro savaWro centrebi<br />

centrebi<br />

4_5 wlis win yvelaze popularuli adgilebi iyo Ria bazrebi da patara moxerxebuli<br />

maRaziebi, magram dReisaTvis Ria bazrebi kargaven TavianT mimzidvelobas da poziciebs.<br />

ufro da ufro met momxmarebels izidavs axali Tanamedrove savaWro centrebi.<br />

momxmareblebi ufro metad aqceven yuradRebas savaWro adgilebis xarisxs.<br />

saijaro qira, datvirTvis koeficienti koeficienti da da Semosavlianoba<br />

Semosavlianoba<br />

dReisaTvis TbilisSi savaWro/komerciuli farTebi erT-erTi yvelaze ZviradRirebuli<br />

uZravi qonebis saxea. yvelaze moxerxebuli da popularuli adgilebi <strong>Tbilisi</strong>s<br />

centralur ubnebSi TiTqmis orjer ufro Zvirad qiravdeba, vidre „a“ klasis saofise<br />

farTebi imave raionebSi. magaliTad GTC-s saukeTeso adgilebSi erTi m 2 qiravdeba<br />

daaxloebiT 100 aSS dolarad TveSi, dRg-s da momsaxurebis xarjebis CaTvliT. saijaro<br />

qira ki iseT popularul savaWro centrebSi, rogoricaa pasaJi, kidobani da megalaini<br />

meryeobs 30_60 aSS dolaris farglebSi.<br />

datvirTvis maCveneblebi TiTqmis 100%-s utoldeba. dResdReobiT savaWro centrebis<br />

umetesoba mTlianad gaqiravebulia da Zalian iSviaTad aris Tavisufali adgili didi<br />

xniT.<br />

rac Seexeba saijaro qiras Ria bazrobebze: saSualo wliuri saijaro qira m 2 -ze meryeobs<br />

40_50 aSS dolaris farglebSi, rac TiTqmis 8_10 jer naklebia didi Tanamedrove savaWro<br />

centrebis saijaro qiraze. bazrobebis datvirTvis koeficienti daaxloebiT 75_80%-ia.<br />

didi savaWro centrebis gayidvebis tranzaqciebze limitirebuli sajaro informaciis<br />

gamo rTulia mimdinare Semosavlianobis zusti donis gaangariSeba. dReisaTvis 1 m 2 -is<br />

komerciuli farTis mimdinare sabazro fasi „qarvaslaSi“ daaxloebiT 2,500 aSS dolaria<br />

da mimdinare saijaro qira ki axlomdebare savaWro centrebSi saSualod wliuri 500 aSS<br />

dolaria dRg-s gareSe.<br />

44<br />

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6. savaWro savaWro centrebi<br />

centrebi<br />

aseve erT m 2 -is savaraudo gasayidi fasi piqsel 34-Si aris 4,500_7,500 aSS dolaris<br />

farglebSi da mimdinare wliuri saijaro qira GTC-Si aris 700_1,200 aSS dolari. aqedan<br />

gamomdinare, Cveni SefasebiT komerciuli farTebis Semosavlianoba dReisaTvis unda iyos<br />

wliuri 14_16%-is farglebSi.<br />

rogorc qvemoT moyvanil grafikebSia naCvenebi Tbiliss aqvs yvelaze dabali maCvenebeli<br />

yovel aTas sul mosaxleze arsebuli savaWro centrebis. aseve saSualo saijaro qirac<br />

mniSvnelovnad dabalia TbilisSi vidre aRmosavleT evropis sxva nebismier qalaqSi.<br />

grafiki grafiki 32 savaWro savaWro centrebis centrebis mTliani mTliani farTi farTi, farTi 000’m 2<br />

700<br />

600<br />

500<br />

400<br />

300<br />

200<br />

100<br />

0<br />

<strong>Tbilisi</strong><br />

buxaresti<br />

kievi<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

vilniusi<br />

riga<br />

45<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

talini<br />

varSava<br />

grafiki grafiki 33 savaWro savaWro centrebis centrebis sa saSualo sa saSualo<br />

Sualo farTi farTi 1000 1000 mosaxleze mosaxleze m 2<br />

1400<br />

1200<br />

1000<br />

800<br />

600<br />

400<br />

200<br />

0<br />

<strong>Tbilisi</strong><br />

buxaresti<br />

kievi<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

varSava<br />

budapeSti<br />

praRa<br />

vilniusi<br />

praRa<br />

riga<br />

budapeSti<br />

talini


6. savaWro savaWro centrebi<br />

centrebi<br />

grafiki grafiki 34 saSualo saSualo wliuri wliuri saijaro saijaro saijaro qira qira<br />

qira<br />

$1,200<br />

$1,000<br />

$800<br />

$600<br />

$400<br />

$200<br />

$0<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

daskvna<br />

daskvna<br />

<strong>Tbilisi</strong> praRa kievi varSava budapeSti<br />

savaWro/komerciul farTebze mimdinare moTxovna aWarbebs arsebul miwodebas, magram<br />

axali proeqtebis CamonaTvalze dayrdnobiT SegviZlia vTqvaT, rom bazarze savaraudod<br />

150,000 m 2 -ze meti saerTo farTis savaWro centri gamoCndeba momdevno 2_3 wlis<br />

ganmavlobaSi. garda amisa, ramodenime Zalian didi proeqti ganviTarebis adreul<br />

stadiazea. axali proeqtebis gaTvaliswinebiT savaraudod 2010 wlisaTvis Tbiliss yovel<br />

1,000 sul mosaxleze eqneba komerciuli farTebis ufro maRali maCvenebeli vidre es dRes<br />

aris kievsa da buqarestSi. Tu ar moxda proporciulad mosaxleobis Semosavlebis donis<br />

zrda, maSin arsebobs riski, rom 2010 wlisaTvis savaWro centrebis miwodebam gadaaWarbos<br />

arsebul moTxovnas da datvirTulobis koeficienti daeces.<br />

46<br />

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7. 7. sasawyobo sasawyobo meurneobebi<br />

meurneobebi<br />

meurneobebi<br />

47<br />

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7.sasawyobo .sasawyobo meurneobebi<br />

meurneobebi<br />

miwodeba<br />

miwodeba<br />

miuxedavad saqarTvelos xelsayreli geografiuli adgilmdebareobisa sasawyobo<br />

meurneobebi kvlav rCebian uZravi qonebis yvelaze ganuviTarebel segmentad. dReisaTvis<br />

TbilisSi ar arsebobs maRali klasis sasawyobo meurneoba. arsebuli sawyobebis yvelaze<br />

didi nawils warmoadgens ganaxlebuli da garemontebuli Zveli sabWoTa stilis<br />

industriul Senobebi. saqarTvelos statiskuri departamentis mixedviT amJamad TbilisSi<br />

funqcionirebs daaxloebiT 15 sasawyobo meurneoba, daaxloebiT 100,000_120,000 m 2 -is saerTo<br />

farTis farglebSi. garda amisa arsebobs bevri patara aRuricxavi sawyobi da aseve<br />

sawyobebi, romelic uSualod mesakuTris mier aris gamoyenebuli sakuTari miznebisaTvis.<br />

developerebma mxolod axlaxans daiwyes investiciebis ganxorcieleba aRniSnul seqtorSi.<br />

savaraudod ramodenime “a” da “b” klasis sawyobi unda gamoCndes bazarze, magram<br />

proeqtebi ganviTarebis adreul etapebzea.<br />

saqarTvelos uZravi qonebis ganviTarebis kompania (GRDC) gegmavs 2 didi sasawyobo<br />

meurneobis aSenebas. erTi maTgani ganTavsebuli iqneba <strong>Tbilisi</strong>s saerTaSoriso<br />

aeroportis maxloblad da misi mTliani farTobi savaraudod iqneba 106,000 m 2 -s. meore<br />

proeqti ki mdebareobs <strong>Tbilisi</strong>dan dasavleTiT 20 kilometrSi. mTliani proeqtis farTobi<br />

aris 95,000 m 2 . dagegmilia, rom orive Senoba iqneba “a” klasis sasawyobo meurneoba, Tumca<br />

orive maTgani ganviTarebis Zalian adreul etapzea da daaxloebiTi dasrulebis TariRic<br />

ar aris cnobili.<br />

arsebuli sawyobebis umetesoba mdebareobs samgori/lilos an didubis raionSi.<br />

samgori/lilos raioni tradiciulad iTvleboda sasawyobo meurneobebisaTvis yvelaze<br />

moxerxebul mdebareobad, radganac is axlos mdebareobs <strong>Tbilisi</strong>s saerTaSoriso<br />

aeroportTan, qalaqis centrTan da rkinigzasTan. mimdinare da gacxadebuli proeqtebis<br />

umetesoba swored am raionSia ganlagebuli. Ddidube ki aris popularuli adgili am<br />

miznebisaTvis savaWro centrebTan, bazrobebTan da rkinigzis CixebTan siaxlovis gamo.<br />

istoriulad aq ganlagebuli iyo gayinuli produqtebis Sesanaxi sasawyobo meurneobebi.<br />

moTxovna moTxovna<br />

moTxovna<br />

saqarTvelo geografiuli mdebareobis gamo iTvleba satransporto derefnad, romelic<br />

akavSirebs evropas kavkasiis regionTan da centralur aziasTan. saqarTvelo aris<br />

CrdiloeT-samxreTis da aRmosavleT-dasavleTis (abreSumis didi gza) satransporto<br />

derefnebis gzajvaredinebze. saqonlis transportireba xdeba Savi zRvis mTavari<br />

portebidan konstancidan da burgosidan saqarTvelos gavliT azerbaijanSi, somxeTSi da<br />

centraluri aziis mTavar qveynebSi. magaliTisaTvis saqarTvelos satransporto<br />

kompaniebis brunva 2003 wlidan 2006 wlamde daaxloebiT oTxjer gaizarda.<br />

sxva faqtorebi, romlebic iwveven moTxovnas sasawyobo meurneobebze aris saqonlis<br />

importisa da sacalo vaWrobis brunvis zrda. 2003 wlidan 2006 wlamde saqonlis importi<br />

saqarTveloSi daaxloebiT samjer gaizarda da sacalo vaWrobis brunva ki TiTqmis<br />

oTxjer.<br />

saijaro saijaro qira, qira, datvirtvis datvirtvis koeficienti koeficienti da da Semosavlianoba<br />

Semosavlianoba<br />

miuxedavad imisa, rom TbilisSi ar gvxvdeba maRali klasis sasawyobo meurneobebi,<br />

saijaro qira arcTu ise dabalia Tu SevadarebT saijaro qiris dones maRali klasis<br />

sasawyobo meurneobebze aRmosavleT evropis qveynebSi. yovelTviuri saijaro qira meryeobs<br />

2_5 aSS dolaris farglebSi dRg-s gareSe, saoperacio xarjebis CaTvliT. developerebi<br />

romlebic apireben maRali donis sasawyobo meurneobebis ganviTarebas saijaro qiras<br />

gegmaven daaxloebiT 7-8 aSS dolaris farglebSi dRg-s da saopercio xarjebis gareSe.<br />

daTvirTvis maCveneblebi aris sakmaod maRali, TiTqmis yvela patara logistikuri centri<br />

srulad gaqiravebulia. mxolod arsebul yvelaze did sasawyobo meurneobas aqvs<br />

vakansiis maRali maCvenebeli, radganac meurneobis nawili dResac remontis stadiaSia.<br />

Cveni SefasebiT datvirTvis saSualo koeficienti dReisaTvis 90%-is farglebSi unda<br />

meryeobdes.<br />

48<br />

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7.sasawyobo .sasawyobo meurneobebi<br />

meurneobebi<br />

radganac ar arsebobs sasawyobo meurneobebis gayidvis sajarod gamoqveynebuli monacemebi<br />

SeuZlebelia gaxda sasawyobo meurneobebis Semosavlianobis gaangariSeba.<br />

cxrili cxrili 7-1 TbilisSi TbilisSi TbilisSi arsebuli arsebuli ZiriTadi ZiriTadi sasawyobo sasawyobo meurneobebi<br />

meurneobebi<br />

sawyobi awyobi misamarTi misamarTi gaqiravebuli gaqiravebuli farTi<br />

farTi<br />

ijara ijara m 2 / aSS<br />

aSS<br />

dolarSi dolarSi TveSi<br />

TveSi<br />

ss “saqcivproduti” didube 10,000 N/A<br />

ss “bakaleia” isani 5,000 3<br />

Sps “lilo 1” lilo 38,016 3,5<br />

Sps “arko” samgori 4,000 4<br />

lilos sawyobi lilo 9,195 4,5<br />

isnis terminali lilo 5,000 3,8<br />

Sps “macivarkombinati” isani 5,000 N/A<br />

gudvili diRomi 11,000 N/A<br />

cxrili cxrili 7-2 axali axali axali proeqtebi<br />

proeqtebi<br />

sawyobi sawyobi<br />

misamarTi misamarTi gaqiravebuli gaqiravebuli farTi<br />

farTi<br />

dasrulebis<br />

dasrulebis<br />

TaroRi<br />

TaroRi<br />

GRDC lilo N/A N/A<br />

GRDC nataxtari N/A N/A<br />

SedarebiTi SedarebiTi SedarebiTi analizi<br />

analizi<br />

2006 wlis monacemebiT sasawyobo meurneobebis saerTo farTis mixedviT <strong>Tbilisi</strong> uswrebda<br />

iseT qalaqebs rogoricaa alma-ata da kievi. Tumca es Sedareba saskmaod gadaWarbebulia,<br />

radganac <strong>Tbilisi</strong>s industriuli Senobebi dabali klasisaa, sxva qalaqebSi „a“ da „b“<br />

klasis SenobebTan SedarebiT.<br />

grafiki grafiki 35 sasawyobo sasawyobo meurneobebi meurneobebi yovel yovel 1,000 1,000 mosaxleze mosaxleze m m<br />

2<br />

1,000<br />

900<br />

800<br />

700<br />

600<br />

500<br />

400<br />

300<br />

200<br />

100<br />

-<br />

talini<br />

805<br />

varSava<br />

767<br />

vilniusi<br />

365<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

moskovi<br />

240<br />

buxaresti<br />

49<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

135<br />

<strong>Tbilisi</strong><br />

101<br />

alma-ata<br />

90<br />

83<br />

kievi<br />

sant-peterburgi<br />

saijaro qira TbilisSi yvelaze dabalia aRmosavleT evropis sxva qalaqebTan SedarebiT.<br />

es aixsneba im faqtiT, rom TbilisSi warmodgenilia mxolod dabali klasis sasawyobo<br />

meurneobebi, Tumca saijaro qiraSi sxvaoba arc ise mniSvnelovania, xolo sasawyobo<br />

meurneobebis xarisxi TbilisSi mniSvnelovnad Camouvardeba aRmosavleT evropis sxva<br />

qalaqebSi arsebul sasawyobo meurneobebis xarisxs.<br />

76


7.sasawyobo .sasawyobo meurneobebi<br />

meurneobebi<br />

grafiki grafiki 36 saSualo saSualo sa saijaro sa sa ijaro qira TveSi m2 / $<br />

<strong>Tbilisi</strong><br />

varSava<br />

vilniusi<br />

buxaresti<br />

talini<br />

alma-ata<br />

kievi<br />

sant-peterburgi<br />

moskovi<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

grafiki grafiki 37 saSualo saSualo vakansiis vakansiis koeficientebi<br />

koeficientebi<br />

talini<br />

kievi<br />

sant-peterburgi<br />

vilniusi<br />

alma-ata<br />

moskovi<br />

buxaresti<br />

<strong>Tbilisi</strong><br />

varSava<br />

3.5<br />

50<br />

uZravi qonebis bazris mimoxilva Deloitte•<br />

<strong>4.</strong>4<br />

5.8<br />

6.3<br />

7.2<br />

9.5<br />

10.0<br />

10.0<br />

10.1<br />

- 2.0 <strong>4.</strong>0 6.0 8.0 10.0 12.0<br />

0.0%<br />

0.0%<br />

0.0%<br />

1.0%<br />

wyaro: Colliers International, JLL, Deloitte & Touche estimates<br />

1.0%<br />

1.7%<br />

5.9%<br />

0% 3% 5% 8% 10%<br />

10.0%<br />

10.1%


8. UuZravi UuZravi UuZravi qonebis qonebis dafinansebis wyaroebi<br />

51<br />

uZravi qonebis bazris mimoxilva Deloitte•


8. uZravi uZravi qonebis qonebis dafinansebis dafinansebis dafinansebis wyaroebi wyaroebi<br />

wyaroebi<br />

ipoTekuri ipoTekuri sesxebi<br />

sesxebi<br />

sabanko seqtori saqarTvelos ekonomikis erT-erTi yvelaze ganviTarebuli seqtoria da<br />

man mniSvnelovnad Seuwyo xeli uZravi qonebis seqtoris ganviTarebas. saqarTvelos<br />

sabanko bazari izidavs iseT saerTaSoriso brendebs, rogoricaa HSBC da jgufi « Societe<br />

<strong>Ge</strong>nerale”. uZrav qonebaze gazrdilma moTxovnam zegavlena moaxdina qarTul bankebze, raTa<br />

maT momxmareblebisaTvis SeeTavazebinaT ipoTekuri sesxebis gamartivebuli pirobebi da<br />

SeemcirebinaT saprocento ganakveTi, romelic dReisaTvis aris 14%-18% farglebSi.<br />

ramodenime wlis win ki 20-% 25% farglebSi meryeobda. ipoTekuri sesxis odenoba meryeobs<br />

3,000-dan 300,000 a.S.S. dolaramde da damokidebulia potenciuri msesxeblis saSualo<br />

Semosavalze. gadaxdis periodi 5-dan 10 wlamdea. ipoTekuri sesxebis wilma bankebis<br />

mTlian portfelSi daaxloebiT 18% Seadgina. grafiki 38 asaxavs ipoTekuri sesxebis<br />

moculobis zrdis tendencias. ipoTekuri sesxebis moculoba 2003 wlidan 2007 wlamde<br />

daaxloebiT ocjer gaizarda.<br />

grafiki grafiki 38 ipoTekuri ipoTekuri sesxebis sesxebis moculoba moculoba m/ m/ $<br />

500<br />

400<br />

300<br />

200<br />

100<br />

wyaro: National Bank of <strong>Ge</strong>orgia<br />

proeqtebis proeqtebis dafinanseba<br />

dafinanseba<br />

-<br />

2003 2004 2006 2007<br />

qarTveli developerebi Cveulebriv iyeneben dafinansebis ramdenime wyaros. erT-erTi<br />

yvelaze popularuli dafinansebis wyaroa individualuri myidvelebis mier winaswar,<br />

proeqtis dasrulebamde gadaxdili Tanxebi. dafinansebis alternatiul wyaros<br />

warmoadgens proeqtebis dafinanseba adgilobrivi qarTuli bankebis meSveobiT da iSviaTad<br />

saerTaSoriso finansuri institutebis daxmarebiT. miuxedavad imisa, rom samSeneblo<br />

seqtorze gacemuli sesxebis portfeli 2003 wlis Semdeg daaxloebiT xuTjer gaizarda,<br />

SegviZlia vTqvaT rom dafinansebis pirobebi ar aris sakmaod moqnili. sesxis vada<br />

ZiriTadad ar aRemateba 3 wels da developerebs uxdebaT garda damatebiTi giraos<br />

moZiebac, rac proeqtis moculobis 20-30 procents Seadgens. adgilobrivi bankebi<br />

upiratesobas aniWeben sacxovrebeli proeqtebis dafinansebas 2-3 wliani vadiT, rodesac<br />

sesxis dafarvis mTavar wyaros qonebis gayidva warmoadgens da iSviaTad afinanseben<br />

grZelvadian proeqtebs. wliuri saprocento ganakveTi 16-dan 18 %-mde meryeobs.<br />

uZravi qonebis bazris mimoxilva 52 Deloitte•


8. uZravi uZravi qonebis qonebis dafinansebis dafinansebis dafinansebis wyaroebi wyaroebi<br />

wyaroebi<br />

grafiki grafiki 39 samSeneblo samSeneblo seqtorze seqtorze gacemuli gacemuli gacemuli sesxebi sesxebi m/ m/$ m/<br />

200<br />

150<br />

100<br />

50<br />

wyaro: National Bank of <strong>Ge</strong>orgia<br />

0<br />

2003 2004 2005 2006 2007<br />

uZravi qonebis bazris mimoxilva 53 Deloitte•


9. gadasaxadebi gadasaxadebi da da maregul maregulirebeli maregul maregul irebeli garemo<br />

uZravi qonebis bazris mimoxilva 54 Deloitte•


9. 9. gadas gadasaxadebi gadas<br />

axadebi da da maregulirebeli maregulirebeli garemo<br />

garemo<br />

sagadasaxado sagadasaxado mimoxilva<br />

mimoxilva<br />

2005 wlis 1 ianvridan saqarTveloSi moqmedebs axali sagadasaxado kodeqsi. aRniSnul<br />

kodeqss bevri miiCnevs reformebis gatarebis erT-erT mniSvnelovan faqtorad, romelmac<br />

xeli unda Seuwyos saqarTveloSi ucxouri investiciebis Semodinebas.<br />

ijariT ijariT miRebuli miRebuli Semosavali<br />

Semosavali<br />

sagadasaxado kodeqsis Tanaxmad uZravi qonebis gaqiravebiT miRebuli Semosavali iTvleba<br />

erTobliv dasabegr SemosavalSi, romelic ibegreba mogebis gadasaxadiT 20%-iT.<br />

aRniSnuli ganakveTi 2008 wlis pirveli ianvridan mcirdeba 15%-mde.<br />

saqarTveloSi registrirebuli nebismieri sawarmo, romelic eweva ekonomikur saqmianobas<br />

da misi Semosavali uwyveti, 12 kalendaruli Tvis ganmavlobaSi aRemateba 100,000 lars<br />

unda daregistrirdes damatebuli Rirebulebis gadasaxadis gadamxdelad, romlis<br />

ganakveTic aris 18%. sagadasaxado kodeqsis Tanaxmad ijaridan, qonebis gaqiravebidan<br />

miRebuli Semosavali d.R.g.-s dabegvris obieqtia.<br />

fizikuri piris mier 2 welze meti vadiT sakuTrebaSi arsebuli uZravi qonebis<br />

realizaciiT miRebuli nameti ibegreba saSemosavlo gadasaxadiT 12%-is odenobiT.<br />

saprocento saprocento xarjebis xarjebis xarjebis gamoqviTva<br />

gamoqviTva<br />

gadasaxadis gadamxdels ufleba aqvs gamoqviTos sesxebze gadaxdili an/da gadasaxdeli<br />

(aRricxvis meTodis gamoyenebis mixedviT) saprocento xarjebi ara umetes kreditis<br />

(sesxis) wliuri 24% farglebSi, Sesabamisi periodis proporciulad.<br />

amortizaciis amortizaciis amortizaciis daricxva daricxva sagadasaxado sagadasaxado miznebisaTvis<br />

miznebisaTvis<br />

amortizacia ar daericxeba miwas, xelovnebis nimuSebs, samuzeumo eqsponatebs, istoriuli<br />

mniSvnelobis mqone obieqtebs (garda Senoba-nagebobebisa), Sinaur cxovelebs da sxva<br />

araamortizirebad aqtivebs. amortizacia agreTve ar ericxeba 1,000 laramde Rirebulebis<br />

ZiriTad saSualebebs da igi mTlianad gamoiqviTeba erToblivi Semosavlidan im<br />

saangariSo wels, rodesac moxda maTi SeZena an Seqmna.<br />

aqtivebi romlebic eqvemdebareba amortizaciis daricxvas jgufdeba 5 jgufad. pirvel da<br />

meore jgufs ericxeba wliuri amortizacia 20%. Mmesame jgufs 8%, meoTxes 5% da mexuTes<br />

15%. amasTan SesaZlebelia daCqarebuli amortizaciis gamoyeneba meore da mesame jgufis<br />

aqtivebTan mimarTebaSi, Tumca araumetes arsebuli amortizaciis ganakveTis ormagi<br />

moculobisa. Aaseve aRsaniSnavia, rom gadasaxadis gadamxdels ufleba aqvs erToblivi<br />

dasabegri Semosavlidan gamoqviTos sagadasaxado wlis ganmavlobaSi SeZeneli aqtivebis<br />

mTliani Rirebuleba, aseve lizingis Tanxa (diskontirebuli lizingis gadasaxadebi).<br />

ZiriTadi ZiriTadi saSualebebis saSualebebis saSualebebis remontis remontis xarjebi<br />

xarjebi<br />

sagadasaxado kodeqsis Tanaxmad gadasaxadis gadamxdels ufleba aqvs erToblivi<br />

dasabegri Semosavlidan yovelwliurad gamoqviTos samewarmeo saqmianobisaTvis<br />

gamoyenebuli ZiriTadi saSualebebis remontis xarji, Tumca araumetes aRniSnuli<br />

aqtivebis jgufis sabalanso Rirebulebis 5%-sa. xolo Tu remontis Tanxa aRemateba<br />

sabalanso Rirebulebis 5%-s maSin sxvaoba zrdis aqtivebis sabalanso Rirebulebas.<br />

zaralis zaralis gadatana gadatana momaval momaval sagadasaxado sagadasaxado peri periodebSi<br />

peri peri odebSi<br />

sagadasaxodo kodeqsi gadasaxadis gadamxdels uflebas aZlevs sagadasaxado wlis<br />

ganmavlobaSi miRebuli zarali gamoqviTos momavali 5 wlis ganmavlobaSi da dafaros<br />

zarali momavali wlebis Semosavlebis xarjze. Tumca arsebobs aseve SezRudva im<br />

SemTxvevaSi Tu wina sagadasaxaado welTan SedarebiT iuridiul pirSi icvlebian 50% an<br />

meti xmis uflebiani wilis (aqciebis) mqone partniorebi, uqmdeba zaralis, gamoqviTvisa da<br />

kreditebis Semdgom periodSi gadatanis SesaZleloba im sagadasaxado wlis dasawyisidan,<br />

romelSic moxda es cvlileba, garda im SemTxvevisa, roca cvlilebis momdevno 3 wlis<br />

ganmavlobaSi iuridiuli piri agrZelebs imave ekonomikur saqmianobas.<br />

uZravi qonebis bazris mimoxilva 55 Deloitte•


9. 9. gadas gadasaxadebi gadas<br />

axadebi da da maregulirebeli maregulirebeli garemo<br />

garemo<br />

sagadasaxado kodeqsis Tanaxmad mogeba/zarali rac dakavSirebulia saqarTveloSi<br />

registrirebuli kompaniis aqciebis yidva/gayidvasTan ar Sedis im kompaniis erTobliv<br />

dasabegr SemosavalSi an gamosaqviT xarjebSi, romlis aqciebic eqvemdebareba<br />

yidva/gayidvas.aqciebis gayidviT miRebuli mogeba/zarali CaTvlili iqneba im kompaniis<br />

dasabegr SemosavlebSi/xarjebSi visac ekuTvnis zemoT aRniSnuli aqciebi.<br />

adgilobrivi adgilobrivi dividendebis dividendebis dividendebis dabegvra<br />

dabegvra<br />

saqarTvelos sawarmos mier fizikuri pirisaTvis an ucxouri sawarmosaTvis gadaxdili<br />

devidendebi ibegreba gadaxdis wyarosTan gadasaxdeli Tanxis 10%-iani ganakvTiT.<br />

saqarTvelos sawarmos (garda individualuri sawarmosi) miRebuli dividendebi gadaxdis<br />

wyarosTan ar ibegreba da dividendis mimRebi sawarmos mier erTobliv SemosavalSi ar<br />

CairTveba.<br />

rezidenti fizikuri piris mier miRebuli dividendebi, romlebic daibegra gadaxdis<br />

wyarosTan, ar CairTveba am piris erTobliv SemosavalSi da Semdgom dabegvras ar<br />

eqvemdebareba.<br />

Semosavlebis Semosavlebis dabegvra dabegvra gadaxdis gadaxdis wyarosTan<br />

wyarosTan<br />

ararezidentebis mier saqarTvelos iuridiuli pirebidan miRebuli Semosavali ibegreba<br />

gadaxdis wyarosTan 10%-iT. aseT Semosavlebs miekuTvneba dividendebi, sesxebze<br />

procentebi, roialti, lizingis gadasaxdelebi, sainJinro da sxva momsaxurebis<br />

gadasaxadebi. aRniSnuli gadasaxadi SeiZleba Semcirdes Tu saqarTvelosa da ucxour<br />

qveyanas Soris moqmedebs ormagi dabegbris Tavidan acilebis xelSekruleba. dReisaTvis<br />

saqarTvelos daaxloebiT 25 qveyanasTan aqvs ormagi dabegvrisagan Tavidan acilebis<br />

xelSekruleba.<br />

damatebuli damatebuli Rirebulebis Rirebulebis gadasaxadi gadasaxadi uZravi uZravi qonebis qonebis yidva yidva gayidvis gayidvis operaciebze<br />

operaciebze<br />

iuridiuli pirebis mier gayiduli uZravi qoneba ekonomikuri saqmianobis farglebSi<br />

warmoadgens d.R.g.-iT dasabegr operacias im SemTxvevaSi, Tu iuridiuli piri aris<br />

registrirebuli, rogorc d.R.g.-s gadamxdeli. xolo Tu ar aris registrirebuli (brunvis<br />

simciris gamo) da am relizaciis Sedegad misi dasaberi Semosavali aRemateba 100,000 lars<br />

(uwyveti 12 kalendaruli Tvis ganmavlobaSi), maSin igi unda daregistrirdes, rogor<br />

d.R.g.-s gadamxdeli.<br />

d.R.g.-s ganakveTi saqarTveloSi Seadgens 18%, d.R.g.-s miznebisaTvis miwa ar ganixileba<br />

saqonlad da miwis realizacia ar ganixileba dRg-iT dasabegr operaciad.<br />

qonebis qonebis qonebis gadasaxadi<br />

gadasaxadi<br />

qonebis gadasaxadi miekuTvneba adgilobriv gadasaxads.<br />

saqarTvelos sawarmoTa qonebis, garda miwisa, gadasaxadiT dabegvris obieqtia mis<br />

balansze ricxuli ZiriTadi saSualebebi, daumontaJebeli mowyobilobebi, daumTavrebeli<br />

mSenebloba da aramaterialuri aqtivebi. gadasaxadis wliuri ganakveTi ganisazRvreba<br />

saSualo wliuri sabalanso narCeni Rirebulebis (gamoiangariSeba kalendaruli wlis<br />

dasawyisisa da bolosaTvis aqtivebis saSulo Rirebulebis mixedviT) ara umetes 1%<br />

odenobiT (TbilisSi moqmedebs 1%-iani ganakveTi).<br />

saqarTvelos an ucxouri sawarmosaTvis, organizaciisaTvis an/da fizikuri pirisaTvis<br />

gadasaxadiT dabegvris obieqtia sakuTrebaSi arsebuli miwa. aRniSnul pirTaTvis<br />

arasasoflo-sameurneo daniSnulebis miwaze gadasaxadis sabazro ganakveTi dgindeba<br />

weliwadSi miwis erT kvadratul metrze 0,24 laris odenobiT. arasasoflo-sameurneo<br />

daniSnulebis miwaze qonebis gadasaxadis ganakveTebi konkretuli miwis nakveTisaTvis<br />

miwis nakveTis adgilmdebareobis gaTvaliswinebiT ganisazRvreba adgilobrivi<br />

TviTmmarTvelobis warmomadgenlobiTi organoebis gadawyvetilebiT.<br />

uZravi qonebis bazris mimoxilva 56 Deloitte•


9. 9. gadas gadasaxadebi gadas<br />

axadebi da da maregulirebeli maregulirebeli garemo<br />

garemo<br />

samSeneblo samSeneblo seqtoris seqtoris maregulirebeli maregulirebeli garemo<br />

garemo<br />

saqarTvelos kanonmdeblobiT mSeneblobis nebarTvis gacema moicavs sam stadias, romelic<br />

unda dasruldes minimum 60 dReSi:<br />

• pirveli stadia: qalaqmSeneblobiTi pirobebis dadgena, Sesrulebis vada 30<br />

dRe(dasaSvebia 15 dRiani an gansakuTrebuli mniSvnelobis obieqtebisaTvis 30-dRiani<br />

damatebiTi vada).<br />

• meore stadia: arqiteqturul samSeneblo proeqtis SeTanxmeba, Sesrulebis vada 20<br />

dRe (dasaSvebia 10 dRiani an gansakuTrebiT mniSvnelovani obieqtebisaTvis 20<br />

dRiani damatebiTi vada).<br />

• mesame stadia: mSeneblobis nebarTvis gacema, Sesrulebis vada 10 dRe(dasaSvebia 5<br />

dRiani an gansakuTrebiT mniSvnelovani obieqtebisaTvis 10 dRiani damatebiTi vada),<br />

amasTan sakmaod gaadvilda mSeneblobis nebarTvis miReba mTeli rigi obieqtebisaTvis.<br />

magaliTad mcire obieqtebi, rogoricaa 100 kubur metramde erT sarTuliani sacxovrebeli<br />

saxlebi saerTod ar saWiroebs mSeneblobis nebarTvas. xolo, Tu ar icvleba obieqtis<br />

funqciuri daniSnuleba da Senobis mTliani gabaritebi, maSin mSeneblobis nebarTva<br />

gaicema gamartivebuli wesiT mxolod meore da mesame stadiis procedurebis dacviT.<br />

uZravi qonebis bazris mimoxilva 57 Deloitte•

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