Three months ago, Maqro Development unveiled its most ambitious project yet — Maqro City Tbilisi. In that short time, the multifunctional complex has already sold 1,000 of its 4,000 apartments. The company attributes its rapid success to a clear vision and a carefully crafted strategy, refined over years of tackling challenges in Georgia’s real estate market.
By Iza Gvaramadze
At the start of the last decade, the local real estate market continued to face numerous challenges. Construction projects were often carried out without uniform quality standards, completion guarantees were weak, infrastructure was insufficient, and environmental and energy efficiency norms were largely ignored. International investment was limited, and local developers primarily focused on selling residential units rather than creating multifunctional environments.
Into this landscape stepped Maqro Development in 2013, seizing the opportunity to raise the bar for the sector. With environmentally conscious designs, solid financial models, and infrastructure tailored to residents’ needs, the company set a new standard. The result is Maqro City Tbilisi, a $450 million flagship project that sold 1,000 of its 4,000 apartments within just three months of its launch — a testament to vision, strategy, and meticulous execution.
Maqro Development began addressing challenges in the real estate sector by focusing on the specific problems buyers faced when selecting a home. On the one hand, constructing residential complexes in densely built-up neighborhoods often creates uncomfortable living conditions, characterized by gridlocked streets, noise, and polluted air. Parking shortages are also common, further reducing the quality of life.
On the other hand, projects built far from the city’s active districts frequently lack access to essential infrastructure, including recreational areas, sports and entertainment facilities, kindergartens, and the everyday commercial amenities that residents rely on.
Maqro Development set out to solve these challenges with a “city within a city” concept, honed over the years through previous projects. It all began with Green Budapest, where residential units were combined with a 3,500 m² green zone, sports and children’s facilities, and commercial spaces.
The positive response paved the way for an even larger development — Green Diamond — where the recreational area grew nearly sevenfold, complemented by multiple swimming pools, indoor fitness centers, and a wide range of infrastructure. This experience laid the foundation for Maqro City Tbilisi, offering the market a fully realized urban ecosystem.
“We are not creating just a residential complex with Maqro City Tbilisi — we are building a full-fledged urban ecosystem that combines living spaces, commercial areas, business centers, an international hotel, and a recreational zone covering nearly half of the project,” says Oguz Kaan Karaer, the company’s Marketing and Sales Director.
Every square meter in Maqro City Tbilisi is designed with comfort and functionality in mind. The project incorporates modern planning and innovative systems, including advanced building insulation and efficient resource use. Such approaches connect the project to international standards, enhance resident comfort, and create additional value for investors. The project, spanning over 100,000 m², dedicates more than half of its territory to green and recreational zones, reflecting the company’s vision for sustainable urban development. Against the backdrop of densely built-up city areas and a shortage of green spaces, this feature gives the project a significant advantage.
Complementing this are diverse sports facilities — both indoor and outdoor fitness areas, cycling and jogging paths, swimming pools, and basketball and tennis courts — which not only enhance residents’ well-being but also contribute to the city’s ecological balance. To ensure residents have access to all essential amenities without leaving the complex, the team incorporated a kindergarten and commercial spaces, while also increasing the number of parking spaces.
Although a large share of Maqro City Tbilisi is dedicated to infrastructure, recreational, and sports zones, this has not come at the expense of residential space. On the contrary, through optimal planning, the company has been able to offer a diverse range of apartments, including standard units with efficient layouts and energy-saving systems, terraced apartments with sweeping views and open spaces, and garden apartments designed to provide an even closer connection to nature.
The company also notes strong interest in the project’s commercial and office spaces. These are strategically located in blocks facing both the interior and exterior of the complex. “This decision was made deliberately to ensure that commercial facilities are equally accessible to both residents and external visitors,” explains Oguz Kaan Karaer.
The functional separation of residential and commercial zones creates a harmonious, balanced environment that ensures both comfortable living conditions and easy access to everyday services.
“Maqro Development offers buyers not only the complete ecosystem of Maqro City Tbilisi, but also an attractive financial model — with flexible payment terms and the guarantee of long-term value,” notes Oguz Kaan Karaer. According to him, buyers who make the whole payment upfront receive a 15% discount, while in other cases, payment terms are tailored individually to each client’s needs.
The company also offers attractive terms for investors, providing significantly lower prices at the initial stage than at completion or afterward. In Maqro City Tbilisi, apartment prices start at $1,460 per square meter; however, in line with previous projects and broader real estate market trends, these prices are expected to increase as construction progresses gradually. This represents a key competitive advantage for Maqro City Tbilisi, especially given the rising renovation costs observed across the market. Furthermore, buyers gain ownership of a property in a complex equipped with comprehensive infrastructure.
According to Oguz Kaan Karaer, this strategy has proven effective, with interest coming not only from local residents but also from the Georgian diaspora and foreign investors. This creates a diverse client base and underscores the project’s international appeal. “More than 50% of buyers are investors who understand that entering at an early stage is far more profitable,” the Marketing and Sales Director notes.
At this stage, the return on investment (ROI) stands at 13%, although experience from the company’s previous Green Budapest and Green Diamond projects indicates that this figure increases significantly over time. For this reason, expectations are that the ROI for Maqro City Tbilisi will be even higher.
Underscoring the project’s international appeal is the fact that Maqro City Tbilisi will feature branded apartments under Mövenpick Living, part of Accor, Europe’s largest hospitality group. Partnering with a global player of this scale not only reassures future residents and investors that the project is being carried out to international standards but also strengthens Maqro City Tbilisi’s competitive advantage.
According to Oguz Kaan Karaer, Maqro Development’s competitive advantage also lies in its team, which brings years of expertise in architecture, urban planning, finance, and other key fields. “Delivering a project like Maqro City Tbilisi requires not only capital but also deep knowledge of the local market, regulations, and urban planning — and this is where our team truly stands out in the sector,” he explains.
Together with his team and the experience gained from Maqro City Tbilisi, Karaer promises many more large-scale developments in the future. “I am confident that Maqro Development will continue to set new benchmarks in both the local and regional real estate markets,” he adds.
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