Introduction
Real estate in Georgia has long been the focus of attention of foreign investors. Entrepreneurs from Russia, the USA, Israel, the countries of Central Asia, the Baltic States, and Europe buy houses and apartments in Tbilisi and Batumi for rent and earnings.
Why real estate has been an attractive prospect in Georgia?
Investors of all times and peoples know that real estate has been and remains the best investment of money for the preservation and accumulation of capital. Georgia is the best option for this for several reasons. The country has simplified taxation. There are no taxes on the purchase and ownership of real estate, which are established in most countries.
Another plus is that there are no additional costs for a notary, translator, or registration services. If the apartment price is $50,000, then the buyer can be sure that he will not have to pay anything extra from above, except for the registration fee – it is $20 and takes only 1-4 days. For comparison, in Croatia, Montenegro, Spain, Turkey, Greece, and other countries, when buying an apartment, there are hidden but mandatory costs that significantly increase the initial cost of housing (sometimes twice).
Another important factor is a popular tourist destination. The golden rule of investment: money is where there are many tourists. And tourists in Georgia are a dime a dozen. True, the pandemic has dramatically affected the sector’s development, but the country has entered the top five countries whose economies are recovering the fastest in the world. Tourism began to revive as soon as Georgia opened its borders in the summer of 2021 – travelers tired of the total lockdown began to go to Batumi, to the sea. As of the second quarter of 2022, attendance has recovered by 60%. According to forecasts, by 2023-2024, the tourist flow will approach the pre-pandemic indicators.
Exploring how much real estate cost
The main question that worries all investors is simple: how much does real estate cost in Georgia? It’s hard to answer. Let’s try, however, not to be very burdened with numbers and calculations. The city is the first thing you need to consider before you are interested in the price. To buy an apartment for earning is in Tbilisi and Batumi. It is these two cities that attract tourists from all over the world. Prices per square meter in a new building in the capital and at the seaside resort range from 700 to 3,000 dollars. A two-piece area of 50 sq. m with turnkey repair can be bought for an average of 75 – 100 thousand dollars. Due to the large tourist flow, this amount pays off in 5-7 years, which looks quite tempting.
In general, Georgia is suitable not only for life and leisure but also for earnings. The mild climate, reasonable prices, and developed infrastructure make the country a convenient platform for those who want to live and work peacefully. And your apartment in Tbilisi or Batumi will give you more freedom of movement and allow you to visit the country anytime.
