If you are a foreigner and are interested in buying property in Georgia, there are several important things you must take into consideration. For example, you must know the main factors which affect the prices of apartments here and what is the average price. Besides many other factors which may affect prices, there is one and most important things, it’s the location. The price of the apartment depends largely on the location. For example, in Tbilisi prices differ within neighborhoods. The closer is the neighborhood to the center of the city, the more expensive is the price of real estate. But also, you must be aware of the steps and procedures you need to make as a foreigner to invest in real estate here. In the article we will discuss the characteristics of buying property in Georgia
Procedures and Restriction of Buying Property in Georgia
There might be various reasons why you want to invest money in a property here. Maybe you want to open a restaurant, have an office for your business or just want an apartment for renting purposes. It’s also important to know the way you are going to buy it. Do you want to purchase it by cash or want mortgages?
Note: Mortgage conditions aren’t so good as the percentage is usually high. But in any case, you need to know where and how procedures take place.
Restrictions for Foreigners
Buying property in Georgia, is one of the easiest things to do. Foreigners have the same rights as locals. There are no restrictions on buying property here aside from one exception: Foreigners aren’t allowed to buy an agricultural land. This law has been discussed and changed several times and there are always different opinions around the theme. Currently, the parliament of Georgia has made a decision, by which foreigners can’t purchase land in the country designated for agriculture.
Buying an agricultural land is a sensitive issue in almost every country. Land is an exhaustible resource, so that’s why there are different approaches for buying it by foreigners. In other countries, foreigners might be able to buy land, but it’s still different from buying an apartment and the process consists of various kinds of restrictions.
Steps While Buying Property in Georgia
There are a few procedures you as a foreigner should go through to purchase an apartment in Georgia. According to the information from Public Service Hall, in order to produce the right for ownership, everyone must take a registration in the Public Registry.
In order to register the right to ownership and make a sale-purchase agreement, you can go to the public service hall or in the National Agency of Public Registry. Here is the list of documents you will need for property registration.
- Application, which is filled by the operator who gets the documents.
- ID Documents
- Attested Purchase Contract.
- Service fee that can be paid at the Public Service Hall.
Note: In some cases, you may need additional documents, based on different reasons. Please consult a real estate agency, like Realty Guide for more details.
How Can Payment Made
The payment for buying an apartment can be made by cash or card/bank transfer. If the foreigner buyer wants to make a bank payment, he can open an account in any bank without the additional barrier. He just needs the passport and money.
Other Things to Consider While Buying a Property in Georgia
As we mentioned above there are different characteristics which you, as an investor, must take into consideration. The most important thing is the location, as prices differ in regions of Georgia. Places which are most visited by tourists are considered popular ones and of course, the prices for buying an apartment are higher there.
The other important thing is the type of apartment. There are different kinds of properties in the country. Approximately 40% of sales in Georgia were in the Tbilisi Region. From this 65% was for newly constructed apartments and complexes.
So, if you are going to invest in real estate in Georgia, you must have a clear idea of what kind of investment it is and how you can operate in the market.
For more about the properties and investment opportunities see the following blogs: 6 Reasons You Should Invest In Property In Georgia And Black Frame And White Frame In Georgia.