Beka Khoperia of Apart Development - Leading with Confidence
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The construction industry is booming in Georgia. It is a significant contributor to economic growth, with its share of GDP standing at 8% for over a decade now. It is also one of the highest indicators compared to the other countries in the region.
As far as the numbers are concerned, the industry continues to look promising. As per the latest residential real estate market overview by TBC Capital in 2022, the residential market size was valued at 3.6 billion USD – making up 14.7% of GDP. The demand for renting or buying residential properties was mainly driven by urbanization and a decreasing number of people per household – all resulting in more sales of properties and high rental yield. In fact, rental yield reaching its highest point in the first quarter of 2023 explains why so many foreigners are eager to invest in Georgia. The demand for investment properties from foreign citizens has steadily increased since 2020, and this trend is expected to continue well into 2024.
Considering all the above, founding a construction company with an experienced management team proved to be a great idea. Apart Development is already four years old and, today, owns up to 20 hectares of land for the construction of large-scale projects that are planned or already underway.
The founder of the company, Mr. Khoperia, recalls that from a young age, he was interested in things that could benefit him in one way or another, and he says he learned the value of money early on. He reminisces about the time when, during a house renovation, he and his brother helped the workers carry heavy loads to the upper floors, and got paid for it by their mother. Earning money with hard work and devotion was always appreciated and encouraged by the family.
During his student years, Mr Khoperia was open to new experiences, and did not shy away from any side hustle that came along. Time spent in Russia taught him to be more self-reliant and how to fight for a place in the sun. Once back in Tbilisi, he joined the family business in the construction field, but soon decided to start his own company. With a borrowed small amount of money as initial capital, and a strong belief in his vision for modern construction projects and business development, Mr. Khoperia founded Apart Development.
Within a year, his chosen strategy had paid off, and the company was named one of the leaders in the field. In 2023, Apart Development came second in terms of its revenues and capital. Soon, it will start operating under the name "Apart Group," uniting several companies: "Apart Construction," design-architecture company "Apart Architect," design and renovation company "Apart Showroom," and the parent company itself - Apart Development. Currently, Apart Development assists and advises several other smaller developers to manage sales of apartments, and plans to pursue and grow that side of the business as well.
Mr. Khoperia highlights that the current challenge that has been prioritized by industry-leading companies in Georgia is the implementation of European standards across the construction and development industry. Developers are ready to devote as much time, money, and resources as necessary to achieve high-quality construction and development projects in the country.
Being at the forefront of the leading industry is never an easy task, especially when major obstacles lie on the way to success. Soon after the first construction project began, the Covid-19 pandemic hit, and brought both start-up companies and large construction companies to a halt. Mr. Khoperia believes that a positive attitude and enthusiasm gave the Apart Development team the strength to continue operating in those circumstances. To the surprise of many, during the Covid-19 pandemic, investment in property sales increased, especially from foreign citizens, which slowly led to the accumulation of capital for growth.
At first, the challenge faced by the founder, apart from the pandemic, was that he was solely responsible for all company-related decisions. That is when he started to consult with experienced people in the construction business and took into account the opinions of trusted professionals to improve his decision-making skills.
Today, with the company already having grown from just a few employees to over 150 staff members and contractors, the company is transforming its management style to having a board of directors, where each director is responsible for specific areas in the company and to contributing to the strategic decision making with reliable data and sound judgment.
"As for our plans for the next year, we see the market demand increasing at a steady rate, and we are ready to offer our concept, quality, and locational advantages to a wider consumer base," – says Mr. Khoperia.
Apart Development stands for the highest quality – all its buildings are structurally sound and earthquake resistant. The company's strategy is to implement innovative solutions in every area of the business. Remaining accountable to the customer and emphasizing an individual approach makes this company truly stand out in the industry.
The advice Mr. Khoperia gives to novice business people is to listen to others, ask questions, and talk with people who are successful in their fields. Those who have already been through the different stages of growing their business will have much to share. He believes that to be successful, one has to take a calculated risk; without it, there can be no progress. Last but not least, a tireless work ethic is what makes all the difference, he says.
The location of the Apart Development projects is genuinely lucrative and unique. Situated in Old Tbilisi the historical part of the Tbilisi city, with spectacular views and within walking distance of the main attractions, they perfectly fit the neighborhood's architectural style, and add a modern flair to it. Apart Development's properties attract all types of customers – both those looking for a family home and those hunting for an investment property.