Property for Sale in Georgia

Country on the map

Georgia (Georgian - Sakartvelo) - a country located in the Caucasus, at the junction of Eastern Europe and West Asia, part of the territory - in the east of the Black Sea coast.

 The market and prices for real estate in Georgia

The Georgian market is interesting for investors with high yield, the possibility of operational sale of facilities at market prices, comfortable legislation, developing economies, relative political stability. The country is beautiful due to its natural conditions.

Taking into account force majeure (influx of Russian, Belarusian citizens), the prices for acquiring and the rental of real estate went up. Some experts use such epithets when assessing the rise of prices: "Impaired, never previously observed." If earlier many people could afford an apartment for a small (according to the European standards) sum of money, then today the situation has changed. It is so dynamic that the estimates of the experts differ: from the growth of "twice" to "20%".

IT specialists become the main buyers and tenants of apartments - people with significant savings, so the real estate market reacted to such a change. No one can predict how long the trend will last, because much does not depend on objective economic factors, but on the effects of geopolitical processes. Prices for primary real estate increase also due to the noticeable rise in price of materials.

The cost of real estate in Georgia depends on its type, size, category of comfort (if it is about a residential apartment), location, quality and condition. Current prices in new buildings per square meter by category:

• economy - from 600 USD,
• comfort - from 900 USD without renovation;
• premium - from 1,600 USD (most of the offers are presented with renovation).

In the secondary market, the prices for apartments with repair, furniture, technical equipment start from 1,100 USD per square meter. The price of land without the status of the agriculture is from 50 USD per square meter. It is possible to purchase a detached house on the secondary market for about 15,000 USD, today prices are significantly higher, even for old objects (from 50,000 USD for the house and higher).

Types of property in Georgia for sale

The property is presented in the city:

• primary and secondary housing;
• commercial foundation (warehouse, trade, office objects);
• new buildings at the design or construction stage;
• land for construction.

In the most developed cities (Tbilisi, Batumi), sales of secondary and primary market are approximately equal, whereas in less prestigious places the secondary housing prevails noticeably over the new due to the insufficient number of development and its implementation in not very favorable places for subsequent sale.

In addition to the apartment you can buy a detached house (a plot of land). As for private houses - the situation is as follows: there’s not a whole lot of high-quality modern houses in the market.

It is possible to purchase real estate in Georgia on the primary market at different stages of construction:

• black frame condition (at the end of installation of concrete foundation),
• white frame condition (plumbing, electrical work),
• green frame condition (housing with renovation without furniture and house equipment),
• turnkey condition (with furniture and house equipment).
• Green frame - the most common purchase option by foreigners, as well as turnkey objects.

Apartments on the secondary market in the Soviet style are not so beneficial for investors (less rental price), but they can be quickly rented out to local residents.

Real estate in the historical part is designed to be preserved, so it is forbidden to make changes to the facade (a fine is possible in case of violation). Acquisition of such apartments is beneficial for short-term lease to tourists. Such objects are used with the greatest demand for non-residents. They are situated near the bars, restaurants and shops; popular tourist attractions are within walking distance. The real estate of the old part is represented by the apartments in the "Italian courtyards" (less demanded objects), since the windows of such apartments almost always come out not to the street, but in the courtyard, and their condition often leaves much to be desired. However, there are yards where you truly feel a local color (after reconstruction or restoration)

Real estate website in Georgia (entire catalog)

It is advisable to use expert information and follow their recommendations. GEOLN.COM contains real estate objects presented for sale to investors and buyers from around the world.

Buying property in Georgia (nuances)

All information about real estate transactions is available in the public registry. It is advisable to protect yourself (as non-residents), checking the data on the cadastral code. It is important to find a translator because the extract and the transaction is issued in Georgian. When buying an apartment in a building under construction, it is more correct to check the reputation of the developer. The personal presence of the buyer at the conclusion of the transaction is optional; real estate can be purchased through a trustee on the basis of a notarized power of attorney with the provision of existing contact data and copies of the passport. The presence of interest-free installment plans provided by many developers can be considered as one of the positive features of real estate acquisition. Real estate can really be purchased even for cryptocurrency.

Foreign citizens have the right to buy any real estate in Georgia, except for land for agricultural purposes (such offers are limited). However, it is possible to change the status of the land plot, but the process will take some time (starting from six months), therefore it makes sense to immediately select the appropriate options.

The right to receive a residence permit appears when the cost of purchased housing exceeds one hundred thousand dollars. Also owner will need to pay for the utilities: light, water, and elevator maintenance fee. It should be remembered that there is no centralized heating in the new buildings (gas installation is optional). However, apartment owners can install air conditioners with heating function and other equipment independently (depending on personal preferences).

The acquisition of real estate in Georgia is a promising investment in order to receive income from renting the property out, or live in a free, tolerant country with a comfortable climate, developing economy.