Georgia attracts more and more foreign investors every year. Real estate here can be bought and issued in one day. Developed remote online services. However, before buying a home, a foreigner should be familiar with some of the nuances.
The dynamic development of the market and liberal legislation has made Georgia a regional leader in the real estate market. The influx of tourists has increased the demand for profitable apartments. Large and small investors buy houses, apartments, villas in order to rent them out and earn money. There are more and more foreign citizens among buyers. They willingly buy houses in the country’s capital Tbilisi and resort areas.
How to buy property in Georgia
Real estate in Georgia has the right to buy a citizen of any country.
Buying real estate in Georgia by a foreigner is absolutely no different from buying a Georgian citizen. For foreigners, the same procedure is provided for registration as for citizens. The only exception is that the law does not allow non-residents to acquire agricultural land (however, they can rent it). Land of all other categories is available to them. The fact that there is no tax on purchase and ownership in Georgia makes the country’s market even more attractive for investors.
Georgian legislation is quite liberal – registration is as transparent and simplified as possible. Registration in the House of Justice takes about half an hour. The property is transferred to the name of the new owner in standard four days ($20), in an accelerated mode – in one day ($80).
Among other advantages, foreigners are attracted by the chance to obtain a residence permit in Georgia. By law, anyone who buys real estate in the amount of $100,000 or more can apply for a residence permit. In the future, this gives the right to obtain a Georgian passport, which allows you to travel to Europe without a visa. Therefore, Georgia is increasingly viewed as a “reserve airfield” where you can move from disadvantaged countries.
The conditions for buying real estate in Georgia are as simple as possible: it is enough to have only a passport. You can check the status of the purchased housing on your own – you must either go to the House of Justice or send an application electronically (on the website https://napr.gov.ge). Buying real estate in a trusted agency, you cannot waste time on inspections – large real estate companies care about their image, so they work only with proven objects.
Is it worth buying an apartment in Batumi
The resort town of Batumi is especially popular with investors. The capital of the Adjara region is developing at a rapid pace. Even during the pandemic, investments in Adjara did not stop – moreover, in the second quarter of 2020 they increased by 15% (data from the Georgian Statistics Service). According to IMF forecasts, in 2021-2025, the Georgian economy will grow by 5%. As the economy grows, so will the price of real estate. Resorts are recovering faster than other cities. They are always popular with tourists (which is why investments in resort real estate are considered low-risk). Real estate, occupied all year round, guarantees a stable income – in summer Batumi is chosen by lovers of sunbathing and swimming, in winter people come here to ride in the Goderdzi ski resort.
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