New builds in Georgia
Location, climate, and economy
Georgia or Sakartvelo is a country in Eastern Europe, on the southeastern coast of the Black Sea. The country is a member of the Council of Europe, Eurocontrol, OSCE and Organization for Democracy and Economic Development.
In the west of the country the climate is subtropical, in the east - transitional from subtropical to temperate. The average temperature in January is from +3 to -2°C, in August from +23 to +26°C.
The economic activity of the country is focused on the cultivation of agricultural products, the extraction of minerals and the production of beverages, as well as metals, machinery and chemicals. Tourism in Georgia is an important component of the country's economy. International tourism is becoming a fast growing industry (approximately 61.4% of Georgia's service export revenue comes from tourism).
Georgia's New Construction Market
With the wave of emigration and tourist attraction, the popularity of new builds in Georgia is growing rapidly. This means that the acquisition of an object in a popular location is a profitable investment. If we consider the purchase of an apartment in a new builds in Georgia as an investment, then it should be borne in mind that the demand for long-term rentals is constantly increasing, as more and more foreigners, especially CIS citizens, come here for a long term or for the purpose of spending holidays. The real estate market in Georgia has been developing dynamically in recent years. The construction of new real estate is marked by increased rates. Residential complexes in Georgia in the most picturesque and tourist places of the country (Tbilisi, Batumi, Kutaisi, Gudauri, Rustavi, Bakuriani) are in great demand among potential buyers for the purpose of further renting, obtaining a stable income and own living. Investors are actively buying apartments in hotel complexes at the stage of completion. The most successful cities where the investment market is rapidly developing are Tbilisi and Batumi. New builds in Batumi attract investors with the unique nature of the city, the presence of the sea with well-groomed beaches (both inexpensive one-room studios at a loyal price and luxury apartments by the sea with panoramic views are presented). Recently, the focus has shifted somewhat towards the suburbs. Increasingly, investors are buying property in resort areas. Housing with sea views in new builds located on the first line is especially appreciated. Real estate from a developer in Georgia is rented out completely ready for operation, with engineering systems and the ability to connect additional communications.
Real estate prices in Georgia in the new builds
The cost of real estate in Georgia depends on its type, size, category (economy, comfort, premium), quality and condition. It is also important to consider that the location of the new building in Georgia plays a significant role in pricing. According to the GEOLN.COM website, the approximate price per 1 sq.m. the area of an apartment in a new building in Georgia is:
- Tbilisi - from 1,500 to 5,000 USD;
- Batumi - from 580 to 1,200 USD.
Real estate in Georgia in the new buildings (types)
Potential investors can choose the following types of real estate in the new buildings:
- residential (apartment, flat, villa, mansion, penthouse, etc.);
- commercial (offices, retail real estate, hotel business, restaurants, cafes, etc.).
How to buy an apartment from a developer in Georgia: investment nuances
Advantages of investing in new buildings in Georgia:
- the possibility of obtaining a residence permit and citizenship of the country through the purchase of real estate;
- quick payback (an investor can count on rental income of 10-15% per annum);
- affordable cost of new buildings;
- good business climate (the government regularly carries out reforms aimed at liberalizing the economy and reducing bureaucratic procedures for business);
- low taxes (no property tax).
Georgian banks are willing to give foreigners loans and installments for housing. The procedure for buying and selling an apartment in a new building in Georgia is clearly regulated by law, the process of concluding a transaction is transparent. Citizens of other countries can freely buy an apartment in Georgia in a new building. Information on transactions with primary real estate is available in the Public Register. When buying an apartment in a residential complex under construction, it is advisable to check the reputation of the developer. We suggest that you seek qualified assistance from specialists to minimize risks and losses. GEOLN experts carry out a high-quality selection of an apartment according to the individual parameters of the client. The purchase and sale of new buildings in Georgia is accompanied by professionals who provide the preparation of the necessary documents, the complex execution of transactions.
Purchasing apartments from a developer in Georgia is a promising investment that quickly pays off by renting the property out, brings a stable profit, and contributes to obtaining a residence permit and citizenship under the investment program.
