Progressive Georgian legislation allows all citizens to purchase real estate in the country without exception. Residents of foreign countries do not have the right to buy agricultural land. Real estate of all other categories is available to them on an equal basis with citizens of Georgia.
If you need to buy agricultural land (if you really need a house in the agricultural area), you need to go through a special procedure for transferring the purpose of the land plot. Explanations for this specific request will be given in new publications. You can also request for free legal advice on this issue.
It is thanks to the attraction of foreign investment in the real estate field, the country's economy has made a huge leap in development over the past 1.5 decades. In the cities of Georgia began mass construction, expanded infrastructure, changed the shape of cities. According to the report of the National Bank of Georgia published in September 2019, in 2018 the share of the construction sector in the economy amounted to 12.2%, and in real GDP-20%.
This attracted a huge number of international tourists, many of whom decided to buy their own property on the beach. According to the same report, there is still a high demand for real estate in Georgia. For 2018, the number of transactions related to the residential sector nationally increased by 22% compared to last year. In Tbilisi and Batumi, this figure increased by 33% and 15%, respectively.
Analysts of GEOLN.COM fully share the point of view of regional and world experts on the leading position of Georgia in the real estate market of the Caucasus. It is the Georgian market that is the most dynamically developing and competitive in its region. Apartments and houses here can be used for own living, or for renting to tourists, whose number is growing from year to year.
Houses in Tbilisi.
Real estate in Georgia: how can a foreigner buy a private house?
As we have already noted, buying a house in Georgia for a citizen of the Russian Federation or residents of EU countries will be as easy as for local residents. There are no differences between these categories of buyers. There are no additional requirements and no additional taxes for foreigners.
The process of buying and registration of property rights is extremely simple and transparent. Any buyer will only need a passport and 1-day time.
The template contract in the House of Justice is signed in three copies, one for the buyer, another for the seller, the third remains in the Register. If the buyer does not speak Georgian, one of the copies of the contract must be translated into his native language, you can even write the text by hand.
A foreign citizen can buy property in Georgia remotely. This will require a notarized power of attorney for any person (including a foreigner) located on the territory of Georgia, and a notarized copy of the grantor's passport. You will also need to give the phone number and email of the notary, so that the Registry staff can contact him to confirm the authenticity of the documents.
You can use the service of the remote purchase of real estate from GEOLN.COM. Our specialists will prepare all necessary documents and take care of the full legal security of the transaction. Read more about remote purchasing here
How to find a house in Georgia to buy?
Most often, foreign citizens invest in such types of residential real estate as flats, apartments and private houses. To buy a house in Georgia, first, you need to choose the appropriate options. This can be done by contacting one of the many real estate agencies in the country. At the same time, of course, you need to be prepared for the fact that you have to pay for the services of a realtor, and this is 3-5% of the transaction amount.
Real estate search engine No. 1 in Georgia GEOLN.COM provides the opportunity to independently find any accommodation you are interested in without intermediaries. Our database includes houses in Georgia, Tbilisi, Batumi, Kutaisi, and many other settlements of the country.
Thanks to comprehensive information about each object, you will be able to choose a house based on specific individual needs, and you can clarify the details of each object online, in the chat box of the website. It is enough to start a dialogue. Right now you can send a message and we will be happy to give you a piece of advice or refer you to the right expert.
Buying a house in Tbilisi is a profitable investment, both for your own living and for renting. This investment is able to make a profit all year round – in the capital city business and tourist activity is almost independent of seasonality.
In Batumi, houses near the sea will have the greatest profitability, since the entire economy is based on the seasonal nature of demand. The farther from the sea, the cheaper a house in Batumi will cost. The price of a resale private house starts from $800 per 1 sq. m. We should mention, that in Batumi the private sector is not as popular among tourists as apartments in multi-storey buildings, but the cost of renting a house in Batumi is usually more expensive, due to a large number of residents.
On the website GEOLN.COM, you will also find a large database of offers for commercial and country real estate. Also, the most popular requests of this category in Batumi are hotels, townhouses, and villas. The process of finding a home we described in the first publication of the article series. You can follow the link https://geoln.com/kupit-dom-v-gruzii/my-dream-home-in-georgia.
Is it safe for a foreigner to buy a real estate property in Georgia?
Experts of GEOLN.COM strongly recommend you study carefully the information about the house before buying it. You can check the status of any property by yourself, or in the cadastre of the Public Register on the website https://napr.gov.ge, or make an application in the House of Justice. The statement will contain information about the real owner of the property, as well as all existing encumbrances, burdens or alienations of the object.
Please pay attention that in Georgia, the broker (realtor) does not bear any responsibility for possible risks when buying a house. After the conclusion of the transaction, the buyer is left alone with possible problems. To fully protect yourself, we recommend ordering the service of legal support of the transaction from accredited lawyers of the company GEOLN.COM. Read more about the support of real estate transactions here
Issues of personal security, as well as issues of security and transparency of private business, we have disclosed in the articles:
Georgia, why does it work successfully?
Georgia for investment, business and life.
Georgia invests a lot in creating effective reforms in the security sector, as well as in promoting Georgia as a country where it is safe and hospitable for all tourists, investors, and buyers. We suggest you watching one of the videos about safety in Georgia below.
Additional privileges for foreigners
Investing in real estate in Georgia, foreigners have the opportunity to become residents of the country. The basis for applying for a residence permit or citizenship of Georgia is the ownership of real estate worth from 300 000 GEL, which is equivalent to $100 000.
Summary:
Our overview of the intricacies of buying a house in Georgia for foreigners is completed. We have covered the procedure of search, purchase, security and additional privileges. In the next publication, we will tell you how to build a house in Georgia from scratch.
Thank you for your choice,
team of experts and analysts of GEOLN.COM
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