How to buy an apartment in Georgia?
The best Deals on the Market: cheap real estate in Georgia. Do you want to know how to buy a house in this country cheaply and what can be profitable when buying an apartment?
WHY IS IT WORTH BUYING REAL ESTATE IN GEORGIA?
A nice bonus is the possibility of obtaining a residence permit, which adds confidence when making a transaction. It's as simple as buying an apartment. The main condition is that the real estate objects included in your property must be worth at least $ 100,000. After obtaining a residence permit, you receive the same guarantees and opportunities as the indigenous people of the country.
Georgia is considered the safest country in Europe and the sixth in the world according to the NUMBEO rating for 2020. The low crime rate, lack of corruption and bureaucracy attract immigrants from all over the world, especially from Russia.
Magnificent nature, stunning mountain landscapes and proximity to the sea attract tourists. Visitors, conquered by the hospitality of the country, dream of staying in Georgia. Living in a historically significant place, enjoying the thousand-year-old monuments of nature and culture, is not possible everywhere, in Europe there are not so many affordable housing in such historical corners.
NEW BUILDINGS APARTMENTS ADVANTAGES
- Ventilation, heating and communication systems are provided.
- Stylish European interior.
- Location in areas of the city with developed infrastructure.
- Modern technologies and materials ensure the durability of the building.
- Transaction security - the level of fraud is low in Georgia.
- Beautiful views from the windows, especially from the upper floors.
- New apartments are more in demand among tourists.
PROSPECTS OF THE REAL ESTATE BUSINESS DEVELOPMENT
Simple company registration, quick filing of declarations online, no need to stand in queues and wait for a decision for months, create excellent conditions for development. Given that the visa-free regime in Georgia is valid for up to 1 year for citizens of most countries, you can do business without constant travel and border crossing.
Many investors use these conditions and invest in real estate in Georgia. The profitability of renting or maintaining a hotel is more than 15% per year. Investments pay off in 5-7 years. In addition, it is access to the sea and an interesting, exciting holiday.
Foreign citizens coming to Georgia to set up their own business note the simplicity and convenience of the economic system focused on the development of entrepreneurial skills.
Among the advantages for business, it is worth highlighting the tax regime with special rates, as well as the lack of international exchange of financial information.
The Georgian government has been making efforts for many years to make the country competitive compared to the popular offshore jurisdictions in Europe.
HOW TO MAKE MONEY ON BUYING REAL ESTATE IN GEORGIA
Let's say the deal is done, and now you own your own housing in one of the cities of Georgia. Someone buys an apartment or a house for themselves. Many people dream of a cottage on the seashore, and here, in addition to a cozy house on the coast, there is also a fascinating historical environment and charming views of the mountains.
Buying an apartment in Georgia provides an opportunity not only to spend a vacation, but also to completely move to live in Georgia. All conditions have been created here for the adaptation of immigrants, and the government is happy to support all ideas for doing business.
In the event that you do not plan to move, there are opportunities for you to receive passive income. The tourist flow increases from year to year. If 6 million tourists came to Georgia in 2015, then in 2019 this figure increased to 9.5 million. The pandemic in 2020, of course, affected the country's economy and the flow of arrivals, but the pace of real estate purchases has only increased.
Buyers used remote methods of purchasing real estate, thereby creating a source of income for years to come. The borders will open sooner or later, and Georgia will be filled with crowds of visitors again. The owners of apartments and hotels at this moment will feel all the joy of their possessions.
- No property taxes.
- Ease of transfer of ownership rights.
- Low prices per square meter.
- Quick paperwork.
- High level of security in the country.
- Magnificent landscapes.
- Proximity to the sea.
- The opportunity to obtain a residence permit and issue a Schengen visa.
- High-quality medical care and education.
- Accessibility of historical excursions and attractions at every turn.
OPTIONS FOR USING APARTMENTS IN GEORGIA FOR EARNING MONEY
The choice of an apartment on the secondary market depends on the opinion of the current tenants and the general condition of the house. The appearance of the building may indicate its quality, reliability and comfort level,
When it comes to new buildings in Georgia, especially at the construction stage, information about apartments is available only on paper in the form of projects.
However, reliable developers with a good reputation are in great demand among investors. Modern buildings are provided with ventilation systems that prevent the development of mold (humid climate on the coast). In addition, new buildings are already equipped with heating and communications systems, which is often absent in old buildings.
The owner's income depends on the location of the apartment, the flow of tourists, the level of repairs and other factors. On average, in high season, a successful landlord can earn about 7 thousand dollars when renting daily. Thus, in popular resorts, additional income from real estate investments reaches more than 10%, and investments in the Georgian real estate market pay off in 8-10 years.
HOW MUCH ARE APARTMENTS IN TBILISI AND BATUMI
For this type of earnings, you can buy an apartment both in a new building and on the secondary market both in Tbilisi and in Batumi, as well as in other resort cities of the country. Each of them has its own advantages, its own flow of tourists and its own prices per square meter.
In Batumi, the average cost of real estate is $ 1400 per square meter. Prices start at $550 and can reach about $2,200 per square meter. The further away from the coast and the higher the floor, the higher the price. At the same time, it is worth remembering that when buying from a developer, the price is negotiated for a "black frame" - this is a finishing finish without internal partitions, coatings and communications.
Repairs usually cost at least $ 250 per square meter.
Of course, there are options with a "white frame" and "turnkey", but the prices will be slightly higher. Despite this, in comparison with the Russian coast or European countries, you will not find similar real estate prices. The cost per square meter in Sochi exceeds $ 2500, even if it is not about the first line.
Prices in Tbilisi are slightly lower - about $ 1200 per square meter in the city center. In some areas of the city, you can buy an apartment for $ 600 per m2. Despite the fact that Tbilisi is not located on the Black Sea coast, the flow of tourists and foreigners here is quite large. The city is the center of Georgia, diplomatic meetings are held here, deals are concluded, they actively participate in the economy and development of the country.
In addition, Tbilisi is one of the oldest cities in the world, the historical significance of which cannot be overestimated. Researchers and interested tourists are constantly exploring the mountains and regions of the country, plunging into the atmosphere of antiquity and mystery.
Considering the possibility of acquiring real estate abroad, Georgia deserves special attention. Here, attractive prices, a high level of comfort and safety, as well as stunning natural beauty and amazing historical heritage — all this distinguishes Georgia from other EU countries.
The active development of the real estate market and constant construction make Georgia attractive to investors from all over the world. The prospects for profitability and payback of housing support the country's high reputation in world rankings.