Buying residential real estate in Georgia: The procedures related to buying a property in Georgia as a foreign citizen and as a company are not different, however, it is simpler to purchase residential real estate because of the fewer documents and preparations to make. Furthermore, it is simpler to find a place that matches the taste and needs of an individual or a family.
If you are a foreign citizen who has decided to buy a property and you want to work with us, you can grant one of our lawyers in Georgia power of attorney through which most of the formalities will be completed without you having to come here. Once all the documents are ready, we will let you know so that you can come and finalize the transaction yourself. Also, the payment can be made by bank transfer in order to simplify the entire procedure.
Buying commercial real estate in Georgia
The purchase of a commercial real estate in Georgia is not complicated, however, we do recommend extensive due diligence procedures in order to make sure the property respects all your demands, especially considering the fact such transactions usually involve significant amounts of money.
Our Georgian lawyers can verify all documents attached to the property, as well as the sale-purchase contract in order for you to rest assured you have made a good decision for your company.
If you have any questions related to the legal procedures associated with purchase any type of property, for commercial or industrial use, please send them to us by email.
The real estate market in Georgia
Georgia has become an appealing investment destination during the last few years which has determined the development of the real estate market. Nevertheless, prices here remain quite competitive compared to other European destinations.
It is worth noting that:
- Georgia’s economy increased by 4.7% in 2018, according to the International Monetary Fund;
- properties rented in Tbilisi can yield profits of 12% to 18% of the rental price;
- the property tax in Georgia is calculated based on the value of the property and does not exceed 1% of this value;
- for 100,000 euros, foreign citizens can obtain a residence by investment through the purchase of a property.