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Why Georgia has become so popular for investors: numerous opportunities for property owners

by buma888

Real estate in Georgia is in great demand among foreigners. People from different countries prefer to invest in real estate in Georgia. Tourists and businessmen visiting create a demand for realestate in Georgia, and the country offers numerous opportunities for property owners. This country is ready to please with constantly growing economic indicators. Business and tourism are also developed here. Therefore, many investors prefer this region for their investments. Let’s talk about this in more detail in the article.

Searching for Real Estate

Non-residents seeking accommodation in Georgia aren’t obliged to be physically in the nation. They can peruse existing property listings on the internet or with the assistance of property agents. The most hassle-free methods for hunting down real estate opportunities in Georgia encompass:

  • Real estate websites;
  • Real estate agencies;
  • Private brokers and development companies.

Real estate agents and representatives of development companies often speak English and other languages. According to feedback, realtor services in Georgia are provided to buyers free of charge, with the commission paid by the seller or included in the property’s price.

To find offers directly from property owners, one should use real estate websites and select private listings in the search filter. Before finalizing a deal, it’s advisable to inspect the property in person or request intermediaries to provide a video tour.

Documents Required for Purchasing Real Estate

To make a purchase you will need the following:

  • Application – the receiving operator fills it out electronically.
  • Copy of the applicant’s identification document – foreigners can use their passport or residence permit.
  • Purchase and sale agreement or another document confirming the transfer of ownership from one person to another, properly certified.
  • Proof of payment of the registration fee, which can be paid when submitting the application.

If the seller or buyer is represented by a proxy, they must provide proof of such authority and their identification. Parties also have the option to include additional documents in the package if they might affect the decision of the state authority.

Regions Most Attractive for Real Estate Investment

The cost of housing near the sea, mountain lakes, ski slopes, mineral springs, and other tourist destinations is significantly higher than in lesser-known towns and cities.

  • Tbilisi. The Georgian capital and municipality located in the eastern part of the country.
  • Batumi. Situated in the southeastern part of Georgia, it is the most attractive area in terms of tourism.
  • Kakheti. The easternmost region of the country with its center in Telavi, attracting travelers and migrants looking to settle in mountainous areas.

Location is one of the primary factors influencing property prices, and the popularity of a region, as well as its proximity to well-known tourist destinations, plays a significant role.

Costs associated with purchasing and registering properties

The cost of a property in Georgia depends on the type of real estate. Prices for resale properties and units in new developments are practically the same, provided that the new development is in the final stages. However, if you buy property when it’s still in the planning phase, or a year before it’s ready for occupancy, you can save about $540 USD per square meter.

According to Georgian legislation, the costs of the transaction are usually borne by the seller unless otherwise agreed upon by both parties with mutual consent. The only fee that needs to be paid is the registration fee, which depends on the timeframe within which the buyer and seller wish to register the change of ownership.

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