How to make real estate market safe?

How to make real estate market safe?

Construction industry customers have mainly sustained harm for improperly administered companies. As specialists say, one of the risk prevention measures is introduction of compulsory insurance. Before this step is taken, the possibility of deceiving flat occupiers will always exist notwithstanding regulations by the government.

Construction law expert Ucha Zakashvili says that one of the ways out of this stalemate is compulsory insurance, with this resulting in higher real estate prices, on the one hand, and provision of risk prevention guarantees to real estate market, on the other.

The lawyer also underscores that customers also have responsibilities which they must fulfil when buying a flat.

“The state is obliged to secure the market through regulations and ensure customers’ safety; however, customers must also be more careful,” says Zakariashvili and adds that, if possible, those who plan to purchase flats should consult lawyers and carefully introduce themselves to the agreement terms and conditions.

Lawyer Akaki Chargeishvili deems defective and faulty regulations causes of existing issues, whereas developer Kiazo Abesadze considers bureaucratic practices and excessive restrictions unreasonable.

Despite the priority of the City Hall being customers and despite it having taken certain measures in this field, issues which thousands of Georgian flat occupiers are faced with have remained unresolved so far.                     

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