Maqro Construction’s “Green Budapest” project marked a significant milestone in the company’s journey. Launched with the ambition to redefine urban living, Green Budapest featured a host of amenities designed to enhance residents’ quality of life. “Our vision for “Green Budapest” was to create a residential environment that not only meets but exceeds modern living standards,” Deputy General Director Oguz Kaan Karaer explains. “We wanted to integrate green spaces, fitness facilities, and recreational areas to foster a vibrant community.”
The project included playgrounds, a basketball court, and a running track—features that were rare at the time in Tbilisi. By waiving maintenance fees for the first year, Maqro Construction aimed to offer residents a risk-free introduction to these amenities. “We believed that by eliminating initial costs, we could showcase the true value of our community and build trust with our residents,” Karaer adds.
To enhance its focus on people-centered development, Maqro Group has strategically separated Maqro Development from Maqro Construction. This separation allows Maqro Development to concentrate exclusively on delivering outstanding residential environments, adhering to the high standards and strategic vision originally set by Maqro Construction. Meanwhile, Maqro Construction is directing its efforts towards essential infrastructure projects, such as two major road construction ventures and the development of a new ice skating center. “These infrastructure projects are pivotal in enhancing urban connectivity and providing valuable recreational facilities,” explains Karaer. “By focusing on these areas, Maqro Construction supports broader urban growth and contributes significantly to community development.” This approach ensures that while Maqro Development remains dedicated to its core mission, Maqro Construction continues to advance infrastructure that complements and supports the company’s overall vision.
Advancements and Innovations
Building on the resounding success of Green Budapest, Maqro Construction has elevated its vision of luxury urban living with the launch of Green Diamond. Introduced in 2014, Green Budapest was a groundbreaking project for Tbilisi, setting a new standard with its European-style residential complex featuring 350 fully fitted apartments. The project was notable for its emphasis on minimizing post-move-in disruptions, offering complete kitchens and bathrooms, advanced technical amenities, and soundproofing to ensure a comfortable living experience from day one. The development also embraced green living, , a basketball court, and playgrounds, enhancing the residents’ quality of life.
Building on the lessons learned from Green Budapest, Maqro Construction’s Green Diamond project, launched in 2016, represents a significant leap forward. Encompassing approximately 70,000 square meters and 1688 apartments, Green Diamond integrates advanced features and upscale materials to elevate the residential experience. Located in Dighomi, just 8 km from Tbilisi’s city center, Green Diamond combines luxury with green living, featuring extensive amenities like swimming pools, sports grounds, and educational facilities, setting a new benchmark for modern residential living in the city.
In addition to these design improvements, the partnership with Mitsubishi for high-quality lift systems in Green Diamond stands as a testament to Maqro Construction’s dedication to excellence. “Our collaboration with Mitsubishi was a strategic decision to incorporate top-notch technology and ensure the utmost reliability in our developments,” Karaer elaborates. “By integrating their advanced lift systems, we are able to provide a smooth and efficient experience for residents, reflecting our commitment to incorporating the best possible solutions into our projects.”
Moreover, Maqro Development remains steadfast in their initial promise to deliver exceptional living environments. As part of their ongoing commitment, the company will continue to offer renovations and updates to their properties, ensuring that residents benefit from the latest in design and technology. “We are dedicated to continuously improving our developments and providing our residents with the highest level of comfort and modern amenities,” Karaer emphasizes. “Our promise to deliver ongoing renovations and enhancements is a core part of our mission, and we are committed to maintaining that standard across all our projects.”
This approach not only highlights Maqro Development’s focus on technological innovation and quality but also underscores their dedication to long-term resident satisfaction. By staying true to their initial promises and continually investing in property upgrades, Maqro Development aims to redefine luxury living and uphold their legacy of excellence in the real estate market.
Dynamic Pricing
Maqro Development’s dynamic pricing strategy has played a crucial role in the success of their residential projects, offering significant benefits to early investors. For instance, with Green Budapest, initial prices began at $700 per square meter and increased to $1,500 during pre-sales. Today, these units are valued between $2,500 and $2,750 per square meter on the secondary market. Similarly, Green Diamond started at $700, rose to $1,350, and now averages around $1,500.
“Our dynamic pricing model has proven successful in the past,” notes Karaer. “By providing early-bird pricing and gradually adjusting it, we attract early investors who become almost like partners in the project.” This approach not only rewards early adopters with substantial returns but also aligns their interests with the company’s growth.
Future Projects
Maqro Development is advancing its ambitious vision with two major projects in Georgia: one in Tbilisi and another in Batumi. The Tbilisi development, set in the Samgori district near the Ministry of Internal Affairs, will be the largest of its kind in the city, featuring 4,000 apartments. This project will also include a nursery school children’s pool, indoor fitness center, emphasizing the company’s commitment to community and family-friendly amenities. Karaer, a key figure in the project, highlights the improvements: “With new Tbilisi project, we took a deep dive into the feedback we received from our earlier projects and implemented several significant upgrades,” including larger, aluminum windows for better natural light and expansive views and sliding doors”.
Meanwhile, the Batumi project, which continues the green concept championed in Tbilisi, aims to introduce similar sustainable and eco-friendly features. “Our goal with the Batumi project is to provide a comprehensive residential experience that caters to both families and individuals,” Karaer explains. This development will stand out by emphasizing greenery and nature, in contrast to many other major Batumi projects that focus exclusively on the seaside.
Additionally, as the company has a practice of offering pre-sales to reward its loyal customers, and Karaer elaborates on this approach: “We offer pre-sales exclusively to our loyal customers who have previously invested in our projects. These clients follow our developments closely and continue to do business with us because they know investing at the early stages ensures a guaranteed profit. As our projects’ sale and rental prices increase significantly over time, early investment is highly advantageous. Until the end of 2024, pre-sales will be reserved solely for our existing customers, with official sales set to commence in 2025.”
While the Tbilisi project showcases Maqro’s dedication to integrating green living with urban convenience, the Batumi development will extend this vision by incorporating innovative environmental design and green spaces, reinforcing the company’s holistic approach to sustainable urban development across both cities.
