During the last few years, buying real estate in Georgia by foreigners has grown significantly so that more than 25% of real estates in Georgia have been purchased by foreigners. The issue of buying property growth in Georgia has several reasons, which we will explain in more detail below:
One of the main reasons why foreigners want to buy real estate in Georgia is the lack of property maintenance tax. This means that if someone owns a real estate in Georgia , he is not required to pay any taxes. If you look at European countries and the region, you will understand how attractive and important this issue can be for foreigners.
Another reason for the popularity of buying real estate in Georgia by foreigners is the very reasonable price of real estate in this country. For example, you can buy a furnished apartment in the best area of Tbilisi (the capital) and in the best Burj Bagh with all amenities such as a swimming pool, club, meeting halls and many other attractive facilities at a price of about US $2,500 per square meter. Buying that amount is less than the average property price in most countries. Of course, it should be noted that in the good area of Tbilisi, the price of furnished apartments starts at $1,200 per square meter, which increases according to the facilities and conditions of the building and location.
Another reason why foreigners from all over the world want to buy real estate in Georgia is the very high social security along with the incredible peace of this country. This security is such that Georgia has always been among the 10 safest countries in the world in the international statistics of the last few years. It may be hard to believe, but if you live in Georgia, you may not hear about theft or harassment even once a year.
Another reason for the popularity of buying real estate in Georgia and people turning to investing in Georgia is the economic stability and the wonderful platform for starting a business because this country is growing at an incredible speed in such a way that the World Bank has introduced Georgia as the sixth suitable destination for foreign investment. Also, Georgia has been presented as the third-ranked holder in the world in the ease of starting a business, which indicates that Georgia has suitable conditions for investment, and investing in buying real estate in Georgia is also in this category.
Another reason for the popularity of buying real estate in Georgia by foreigners is the climate of Georgia and its extremely pleasant climate. Georgia has a four-season climate and is rich in excellent natural resources, along with fertile soil and abundant water. It can never be denied that living in a pleasant climate is one of the dearest wishes of every human being.
Another reason for the growth of foreign investment in buying real estate in Georgia is the country's good international relations with the world, and this has made Georgia known to the world as a peaceful country with free commercial and political relations so that the Fraser Institute has placed Georgia in the twelfth place in the world in terms of free trade.
Another main reason for the popularity of buying real estate in Georgia by foreigners is the good relationship between the people of this country and foreigners. Georgia has very hospitable and kind people, and this good behavior has caused an increasing number of immigration and travel to this country. You can easily feel the proper behavior and hospitality of the people of this country in a short trip to Georgia.
Another reason for the popularity of buying real estate in Georgia by foreigners, especially the people of Europe, Central Asia, Iran, the Middle East and CIS countries, is the geographical location of this country, because Georgia is located between Europe, Russia and Central Asia, which is far from the countries of the mentioned regions. It doesn't have any and therefore it makes it easier for them to travel and there is also the possibility of traveling to this country by air, land and sea, and this is one of the advantages of this country in terms of transportation.
At first, we suggest that you ask your real estate agent to show you around the city so that you can identify different parts of the city and also get a general impression of construction projects in Georgia and see different examples of villas, apartments and land. After that, you can choose the area you want to buy real estate in Georgia , and according to your budget, and using real estate search engines, you can identify properties and review and view properties in a few days. After choosing the desired property, together with the seller of the property, who can be a person or a company, go to the Public Utilities Office and at the same time pay for the property, which, according to the agreement of the parties, is either cash or transfer to the bank account, and sign the property transfer documents is done and the buyer can receive the property deed the same day by paying 300 GEL, after 1 working day by paying 220 GEL and after 4 working days by paying 75 GEL. The property document in Georgia is issued online and anyone can view the property document by entering the property registration code on the website of the Georgian Real Estate Department, which prevents any abuse and fraud. Do not forget a very important point that you can sign documents translated in the presence of an official translator in Georgian government offices in any language you are fluent in. Remember that a professional team with professional advisors and lawyers are by your side to make the best choices and do your job without any problems in buying real estate in Georgia .
To buy a house in Georgia, 2 different categories should be considered:
General conditions of the building
Internal conditions of the building
First, we examine the general conditions of the building, which itself is divided into 2 general categories:
1. Buildings under construction
2. Finished buildings
Regarding the villa, it can be said that the price of the villa in Georgia is very reasonable and compared to other countries, it can even be said that it is incredible, and you can experience having a villa in a great climate by paying the lowest cost. For example, you can buy a luxury 300-meter finished villa on a plot of about 1,000 meters in one of the good areas of Tbilisi, which is a villa-building area, for about $450,000 to $500,000. Only one important point that we explain below is that in order to buy a villa in Georgia, you must make sure that the land is non-agricultural because the villas built on agricultural land cannot be bought and sold by foreigners. Of course, it should be noted that with a good consultant and lawyer, this mistake will never happen to you in the field of buying real estate in Georgia .
As the name suggests, agricultural land in Georgia is used for agriculture, but when you plan to buy real estate in Georgia and think about buying villas, note that villa houses are agricultural after checking their documents but the construction of a villa has been done on it. This case is only possible for Georgian citizens, and in this regard, stricter decisions are applied to them every day.
According to the law of Georgia, foreigners have not been able to buy agricultural land or a house located on agricultural land since several years ago. Therefore, due to the fact that it is not possible to buy and sell agricultural land for foreigners, there is no need to examine it further.
Of course, due to the fact that the country of Georgia has excellent weather conditions and very fertile soil, it has attracted the attention of many agricultural enthusiasts in Georgia, and we can tell them that it is possible to rent agricultural land for a long period of time, for example 20 years. This is very common among foreign investors in the field of agriculture.
Non-agricultural land in Georgia, as its name suggests, has non-agricultural use, and its buy and sale is also allowed for foreigners, and foreigners who intend to buy real estate in Georgia can buy and sell without any problems. The important thing for those who want to use non-agricultural land for their desired construction is to check its construction permit and the level of occupancy and density. The simplest and most understandable definition can be expressed as the occupation level means how much of the area of this land can be built and the density means how many meters of buildings can be built in that occupation level. For example, the land is 1,000 meters and its occupation level is 0.5; it means that you can build a building on 500 meters of this land and the rest is for the yard, and its density is 1.5, which means that you can build 1,500 meters of building on the occupied level of this land. It is necessary to explain that due to the profit and suitable space for investing in construction in Georgia, the demand for non-agricultural land is high, but note that the purchase of land has very small and important points that should be discussed with professional experts in the field of buying real estate in Georgia . Therefore, the experts and lawyers of SisnoGroup are ready to advise and accompany you in this matter.
1 Is it possible to get residency in Georgia by buying a real estate?
Yes, you can get a residence permit by buying a real estate in Georgia for at least one hundred thousand US dollars
2 How long does the administrative process of buying a real estate in Georgia take?
The administrative process takes about an hour at the Public Service Office and you can get your title deed in one of three modes on the same day by paying 206 GEL, after 24 working hours by paying 150 GEL and after 4 working days by paying Get 55 GEL.
3 Is it necessary to have a residence in Georgia to buy a real estate in Georgia?
No, it is not necessary to have a residence permit to buy a property, and you can buy a real estate in Georgia with a passport of any nationality.
4 How to pay for real estate in Georgia? Cash or bank transfer?
According to the agreement with the seller, the buyer can pay the purchase amount of the property both in cash and by bank transfer.
5 Is property ownership in Georgia definitive and does it include inheritance monopoly?
Yes, property ownership in Georgia is 100% definitive and even includes inheritance laws.
If you have any questions after reading a text, our experts are professionals in the company «Sisno Group» beside you to provide a free consultation