What are the characteristics of Georgian properties? One of the things foreigners should expect when buying an apartment in Georgia is to purchase it as “white frame” property. A white frame real estate refers to a type of property that is sold with just the bare minimum, in the sense that one should expect an apartment to have the following: a metal door at the main entrance, the windows, the lighting system, electricity and water, internet and phone cables and the heating system.
This means that a typical apartment available for sale, which is bought from a developer, will be offered bare concrete floors and walls. Most of the apartments are delivered as such, due to the characteristics of the local consumer market. Georgian citizens prefer to design their apartments or houses from scratch and the developers working on the local market respect this wish.
Still, since the Georgian property market is also opened to foreigners, who have different expectations when purchasing a property, developers also offer fully finished apartments. When purchasing a fully finished property, the minimum price per square meter increases by $150, as a general rule, but the price can increase depending on the types of materials used.
Register with the Ministry of Finance and Economy in Georgia
Foreigners who want are interested in the procedure of opening a company in Georgia will need to provide detailed information on their investments carried out on the respective purchased property. Our team of attorneys in Georgia can assist with further information on the investment legislation applicable in this country.