Georgia is successfully breaking records in economic development, creating favorable conditions for living and doing business. This attracts foreign investors interested in profitable investments. For instance, Batumi, a tourist city with excellent infrastructure, is currently experiencing a real construction boom. New buildings are being erected both in the city center and along the Black Sea coast. The large number of real estate in Georgia being developed is due to the annually increasing influx of tourists and entrepreneurs wishing to conduct business in Georgia.
Advantages for Property Owners in Georgia
Property rentals in Georgia are currently in high demand like never before. It’s easy to predict the income you’ll receive by renting an apartment near the sea or in the city center. According to the experience of property owners, the investment pays off completely within 5-6 years.
- Beach Holiday. In Georgia, the beach season lasts from May to October. Tourists are attracted by the warm sea, comfortable pebble beaches, and unique landscapes. The peak season is in July and August.
- Business Climate. There is no corruption in the country. Registering your own business in Georgia requires minimal formalities. Entrepreneurs are also attracted by the lowest taxes in Europe.
- Safety. According to the GALLUP World public opinion institute, Georgia ranks 3rd in the world’s safest countries. Unlike many resort towns in other countries, residents and tourists in Batumi can feel completely safe.
It takes just one day to become a full-fledged property owner. The cost of document processing is approximately $100.
Rules for Buying Real Estate in Georgia
Regardless of whether you want to buy property in Batumi, Tbilisi, or any other city in Georgia, the property acquisition process follows some basic rules according to Georgian legislation:
- The agreement can be concluded either personally or through a representative. The personal participation of the buyer is the simplest option. To conclude the contract, only a foreign passport and the necessary amount for payment are required, and no proof of income is needed. If the services of a representative are used, an additional notarized general power of attorney is required, which should contain the representative’s details and the contact information of the notary for the possibility of verifying the document’s authenticity.
- If a foreigner acts as the buyer, the purchase and sale agreement is concluded in two languages (Georgian and the buyer’s native language, for example, Ukrainian). To ensure the identity of texts in different languages, a translator is additionally involved, who also signs the contract.
- The contract for the purchase of real estate must be notarized and registered with the state. The costs of notary services are distributed between the parties by agreement, and the registration of ownership rights is carried out by the buyer. The fee for entering information into the Public Registry ranges from $106 to $200, with a processing time of 1-4 business days. After this period, the document on property rights can be viewed on a special internet resource and downloaded if necessary.
- The conclusion of the agreement takes place at the House of Justice, which verifies the property and registers the contract.
- The purchase of real estate is not subject to any taxes; income tax is paid only in case of further sale of the property before the end of 2 years from the date of purchase.
However, the final decision to purchase real estate in Georgia depends on the individual financial goals and risk tolerance of each investor.