Real estate in Georgia in recent years has attracted increasing interest from foreign investors. The increased demand is explained by the fact that the country is actively developing and strengthening its economic and tourist potential. In Tbilisi, Batumi and other cities, dozens of new residential complexes are built annually – large and small, economy class and premium segment, well-known hotel brands and young companies. Villas, townhouses, apartments, flats, private country houses – each segment has its own buyer. The construction started a few years ago did not stop even during the pandemic.
Luxury real estate in Georgia: to buy or not
High demand is explained not only by developed tourism, but also by simplified tax legislation. The purchase itself is also simplified as much as possible – there are no additional taxes and other payments. Having real estate in this country is several times cheaper than in other countries – there are no taxes on either purchase or ownership. The only expenses that await the owner are utilities. If the owner lives abroad, then the utility costs are supplemented by payment for the services of the management company, which, in the absence of the owner, rents out and manages his property.
You can buy real estate in Georgia in one day. The registration procedure is extremely simple – the seller and the buyer go to the House of Justice, conclude a purchase and sale transaction. Registration costs about 70 US dollars. The next day, the new owner receives an SMS to the specified mobile phone number with a code confirming the ownership of the property. Available is also remote purchase, it has become popular during the pandemic and lockdown, but even after the opening of borders, many customers are opting for remote purchase.
How much can you earn on rent
Georgia attracts millions of tourists every year. They spend billions of dollars in the country. Investors know: real estate in tourist places is very much in demand. Buying an apartment and renting it out, you can earn decent money.
Rental income in this country ranges from 500 to 3000 US dollars per month and above (depending on the area, its condition and location). In 2022, after a large influx of Russians, rental prices rose markedly (by an average of 30-50%). On average, today you can rent an apartment in Tbilisi or Batumi for 700 US dollars and above.
Among foreign buyers there are many citizens of the USA, Israel, Russia, and central Asian countries. Some foreign investors are buying up entire floors. New buildings are in particular demand, but not all, but those that are built by reliable proven developers with a good biography.
