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Tbilisi and Batumi real estate market in Georgia

3 PERCENT SHARE IN TOTAL SALES

According to the laws of Georgia, any person can obtain a one-year residence by purchasing a property worth more than 100,000 dollars, and if the applicant does not have any legal problems during his stay in Georgia, he can extend his stay

In 2021, the Batumi market is also highly dependent on apartments purchased by foreigners in Georgia

In 2021, the Batumi market is also highly dependent on apartments purchased by foreigners in Georgia. We are witnessing a sharp decline in sales in the Batumi market, and the situation in this market will not improve significantly until the tourism industry takes a positive step. However, in 2021, the real estate market in Batumi has decreased by 7.4 percent and in Kutaisi city by 16.5 percent, and as a result, real estate in Tbilisi has dominated the Georgian real estate market with a 39.3 percent share in total sales.

The total number of transactions of buying and selling apartments in Tbilisi has increased by 26% compared to last year. Thus, in August 2022, a total of 3,689 transactions were registered. Also, the market volume has increased to 190 million dollars, which is a 44% increase compared to last year. According to the decisions taken by the Georgian government in the last few years, it has attracted many foreign investors to the pristine real estate market of this country (especially in the cities of Tbilisi and Batumi). Since real estate prices are calculated in dollars, it is considered a very desirable investment, in both small and large types.

According to the laws of Georgia, any person can obtain a one-year residence by purchasing a property worth more than 100,000 dollars, and if the applicant does not have any legal problems during his stay in Georgia, he can extend his stay. Then, after 5 years of residence extension, the owner becomes a citizen of Georgia, who, in addition to receiving a Georgian passport, also gets the right to vote in this country.

The government of Georgia seeks to attract foreign capital in different regions of the country. That's why they made the regulations as easy as possible for investing in Georgia. One of the most important actions of the government in this field is to exempt property buyers from paying any taxes. In this process, the seller is responsible for paying all taxes. In practice, this law helps to increase the desire to buy a house in Georgia.

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