According to the law of Georgia, in order to receive any kind of property residency (Georgia temporary and permanent residency), there is a need to value property in Georgia . You should note that value property in Georgia must be done by an official appraiser approved by the government. Usually, these evaluators work as natural persons or legal entities. The working routine of appraisers is usually in this way that after presenting the property document and a copy of the owner's passport, they go to the place for a visit to evaluate the property, and after taking photos and preparing the necessary documents, they provide an evaluation of the property between 24 and 72 working hours.
value property in Georgia is generally in the form of a multi-page folder, where the appraiser's specifications and license, description of the price of similar properties (sometimes with examples), property specifications along with photos, owner's specifications and finally the overall property price evaluation in GEL. All its pages are stamped and signed by the evaluator. It should be noted that in SisnoGroup, in addition to selecting the best and most reliable appraisers, all standards related to value property in Georgia are controlled by the company's experienced lawyers.
For the evaluation of several properties in Georgia, all the above items are included in the evaluation document for each individual property.
Property evaluation fees in Georgia are generally between 300 and 500 GEL (depending on the type and value of the property) for each property document. So beware of profiteers who want to take extra money from you.
You may have this question that in the immigration law, the amount of the property is determined in US dollars, but property valuation in Georgia is presented in GEL. So how will this difference be calculated? To better explain this question, we have to proceed with an example: the buyer presents his property for evaluation, and the appraiser evaluates it at 330,000 GEL. Now it's time to calculate the exchange rate of GEL to dollar according to the official announcement of the National Bank of Georgia on that day. For example, if this parity rate is 3, it means that every $1 is equal to 3 GEL, as a result, 330,000 GEL is equal to US $110,000.
We hope that this article has been useful for you. If you have any questions about value property in georgia and property in Georgia, our experts are ready to provide free advice to you dear ones.
1What is the standard for evaluating buildings in Georgia?
The criteria of the Immigration Office for evaluating the price of a property is the valuation of real estate in Georgia by an official appraiser and not the standard for the price of a property purchased by a person
2What is the unit of calculation for the valuation of buildings in Georgia and how is it calculated?
The real estate valuation is calculated on the basis of lari and will be billed in dollars according to the official announcement of the Central Bank of Georgia
3Is it necessary to evaluate all purchased real estate in order to obtain a residence permit in Georgia?
Yes, all properties in Georgia with a total value of $100,000 must be appraised.
We hope this article was useful to you. If you have any questions about this matter, our experts are ready to provide you with a free consultation