How to buy property in Georgia? A question which gets asked by anyone who is thinking about moving in the country of Georgia, Properties in Georgia have been under the radar of many investors and large building companies due to its peaceful and relaxed lifestyle. Stay with us to learn more about how to buy a home in Georgia and much more.
Why Georgia is a Great Place to Buy Property
Georgia’s rich history and diverse climate have made it a top destination for both tourists and homebuyers. The country’s appealing mix of cultural heritage and multi-seasonal weather draws visitors year-round, enhancing its reputation as a prime tourism hotspot. This vibrant appeal is followed by Georgia’s growing economy, making it not only an attractive place to visit but also a promising location for real estate investment. The combination of a strong tourism sector and economic growth creates a favorable environment for investing in property, offering both enjoyable lifestyle as well as long-term financial benefits.
Georgia’s Real Estate Market
To know how to buy real estate in Georgia you will need to familiarize yourself with Georgia’s real estate market, thanks to its steady growth during the past four years, entering this market has proven itself to be profitable and not to mention Georgia’s very low inflation rate of only 1.8% annually which further makes this country a great choice when it comes to living.
Why Choose Georgia for Property Investment?
Not only Georgia has a great economy and property market but it also has one of the most relaxing and calm lifestyles you can experience, these combined with its rich history and open society, makes Georgia a valuable option to consider when it comes to buy property in Tbilisi.
The Georgian Property Market Overview
How to buy a house in Georgia? How is the property market doing? What are the current trends in Georgian real estate? The answer to these questions can be crucial for making the decision on whether Georgia is a good option for you or not so it is recommended to get the needed consultations from experts at SearchProperty so this process becomes much easier as well as the consultations being FREE.
Current Trends in Georgian Real Estate
Since the end of 2022, the property market has shown a steady and notable upward trend. Property values have increased by 18.97%, reflecting a robust and stable market. This consistent rise in property values indicates a secure environment for long-term investments, making it an attractive option for those looking to invest in real estate. The ongoing growth in property values suggests a promising and reliable market for potential investors seeking stability and positive returns over time.
Benefits of Buying Property in Georgia
There are many benefits in buying property in Georgia, but some of the main ones are the safety of this country, Georgia is the 4th safest country in Europe and the crime rates are extremely low making it a great option for homebuyers. Another benefit of buying properties in this country is its stable economy, Georgia enjoys a 1.8% inflation rate annually which only gets beaten by northern European countries, so it is safe to say that Georgia’s economy has proven its stability over the years of statistics.
Buying a Property in Georgia: A Step-by-Step Guide
Here is a brief yet comprehensive guide on how to buy property in Georgia, aimed at helping foreigners gain a clearer understanding of the process involved in purchasing real estate in this country. This guide will walk you through the essential steps, from initial research to closing the deal, ensuring you are well-informed and prepared for each stage of the property-buying journey in Georgia.
Researching the Market
As with any country, it’s essential to thoroughly research the market and identify potential properties that meet your needs. This process can be carried out in a couple of ways: you can conduct your research online, exploring various listings and property details, or you can visit real estate agencies in person to get a firsthand look at the properties. Both methods offer valuable insights and can help ensure you find a property that aligns with your requirements.
Navigating Legal Requirements and Documentation
Unlike many countries, it is possible to purchase houses in Georgia without the need of residential permit, the only needed identification is passport, after the approval of the property by you, you will need a property appraisal report and after that the only needed documents is the title transfer deeds and property registration.
Financing Your Property Purchase
The payment for the purchased property can be completed in two primary ways. Firstly, it can be done through a bank transfer, which requires mutual agreement between both parties involved in the transaction. Alternatively, if both parties agree or if there is no disagreement regarding this method, the payment can be made in cash. To sum up, property purchase payments are designed to be quite straightforward and flexible, accommodating the preferences and agreements of both parties.
Understanding Additional Costs
Of course there will be additional costs when it comes to buying property in Georgia, it can be a lawyer you have hired for the legal procedure or the property registration fees incase if you as the new owner want to receive residential permit from property value, this will need a property appraisal report from an official appraiser which then reports the property value to the public registry office of Georgia and the residential permit application fees itself are some of the main additional costs which needs to be taken into consideration.
Special Considerations for Buying Property in Tbilisi
How to buy property in Tbilisi, in this section there will be some information about properties in Tbilisi and ways of finding and evaluating a desired apartment in Georgia.
Overview of Tbilisi’s Real Estate Market
Tbilisi’s real estate market yields similar values to the total property prices in the Georgia, property market with the difference of Tbilisi being the capitol city of this country and housing more than half of Georgia’s population. The average apartment prices have increased 40% during the past two years and the average property price increase has been close to 19% which makes way of how to buy a house in Tbilisi much more appealing to property investor and homebuyers.
Choosing the Right Neighborhood in Tbilisi
Choosing the right neighborhood in Tbilisi can be crucial since the prices differ in each one. Some of the most popular districts in Tbilisi are Saburtalo, Vake, Didi Dighomi and Bagebi, because of high demand, naturally the property prices are higher in these districts so choosing the right one for your needs should be a top priority.
Finding and Evaluating Properties
How to buy an apartment in Tbilisi? How to buy an apartment in Georgia? These questions are simply the first step on finding your desired apartment in Tbilisi, the most important part of searching for an apartment is to find and evaluate them so you can choose the best option available to you, for this its much easier to use the free consultations of SearchProperty and use the expertise of our experts to find your dream apartment in Tbilisi.
How much money do you need to get residency in Georgia?
How much money do you need to get residency in Georgia? For basic short-term residency in Georgia by buying property you will need to own at least $100,000 worth of properties or a singular property which is worth $100,000 to be eligible for a residential permit, this value needs to be approved by an official property appraiser from the government.
Getting Residency in Georgia: Financial Requirements
As mentioned above, you will need to have the ownership of a property which has an official value of $100,000 or multiple smaller properties which their sum total value is above $100,000, these values will need to be approved by the Georgian registry office to be considered official.
Additional Costs Related to Residency
The Issuance of the property by the property appraiser will have fees but its up to the owner to choose one of these 3 plans for the property appraisal, same working day results for 350 GEL, 24 hours later for 270 GEL and 4 working days for the result for 150 GEL. There is also a fee for the actual residential permit application which has the similar plan, to receive your residential permit application results in 10 days the fee is 600 GEL, in 20 days for 450 GEL and in 30 days for 300 GEL.
Ready to Make Your Move?
As a foreigner its very important to understand the basics of how to buy property in Georgia to have the best experience, in this blog we detailed every important step of searching and evaluating properties in Georgia as well as ways to obtain residential permit by buying property. Contact us today to ensure your success in finding your perfect home in Georgia as well as free consultations from our experts at SearchProperty for maximum convenience when dealing with properties in Georgia.
