How To Buying a Property In Georgia

Georgia is a popular destination for tourism and enjoys an important strategic location, possessing unique natural and cultural resources.

All costs related to the purchase and sale of the property and the commission are the responsibility of the seller.
Buying property in Georgia has no tax!

Georgia is also famous for its prestigious educational institutions, which attract students from all over the world.
There are many reasons that make Georgia an ideal destination for buying real estate, property, investment and study, the most prominent of which are:

1.Appropriate prices: 

Georgia is among the countries with high property prices and costs, which makes it an ideal destination for buying or investing in real estate.

2.Return on investment: 

Georgia is characterized by high returns on investment in real estate, where a return of up to 20-25% can be obtained at times.

3.Political and security stability: 

Georgia is one of the safe and stable countries in the region, and it enjoys a clear and transparent legal system, which enhances confidence in investment and property purchase.

4.Study: 

Georgia is home to prestigious educational institutions that offer a variety of study programmes, and has a good reputation in the field of scientific research, and this makes it an ideal study destination for international students.

5.Diversified Economy: 

Georgia is characterized by diversified economic sectors, including tourism, agriculture, clothing, textile and technology industries, and this enhances investment and employment opportunities in the country.

6.Access to international markets: 

Georgia is located in an important strategic location, with easy access to international markets, making it an ideal destination for trade and export.

7.Nationality and residence: 

Investors can obtain Georgian citizenship or residence in the country after investing in property or business, and this enhances the investment attractiveness of the country.

These are some of the reasons why Georgia is an ideal destination for buying real estate, investing and studying, and there are many more reasons that investors and students can discover while visiting the country.
Now this question arises:By buying a property, at what price can we get a temporary residence that can be extended for yourself and your family?

In response to this question, we must say that by buying a property, over 100,000 dollars, a person can get a temporary residence that can be extended for himself and his family.
Continuing the residence discussion, we must say that a person can get permanent residence for himself and his family by investing more than 350,000 dollars.

How To Buying a Property In Georgia

Buying a property in Georgia is a good opportunity for investors who want high returns on investment and political and security stability in the region.
Here is an overview of some things to consider when buying real estate in Georgia:

1. Choose the location: 

Investors must choose the appropriate location to buy real estate, as the location must have a high real estate value and be in an area that enjoys stability and economic development.

2. Verification of legal documents: 

Investors must verify the validity of the legal documents of the real estate they wish to purchase, and ensure that they are free from any legal problems or judicial claims.

3. Obtaining legal assistance: 

Investors are advised to obtain legal assistance from experts in the field of real estate, as specialized lawyers can provide investors with the legal advice and protection necessary to obtain the correct legal contracts.

4. Price and negotiation: 

The price of the property must be verified and negotiated in a reasonable and logical manner, as investors can get a good price if they know the value of real estate in the area.

5. Taxes and fees: 

Investors should check taxes and fees related to buying real estate in Georgia, as investors can reduce overall costs by obtaining available tax breaks.

6. Real Estate Management: 

Investors should consider the real estate management of the real estate they own, as higher returns can be obtained by managing the real estate in an efficient and profitable manner.

In general, buying real estate in Georgia is a good opportunity for investors looking for high returns on investment and political and security stability in the region.
It is essential to take precautions and obtain legal and financial advice before embarking on any real estate purchase in Georgia.

The first steps to take to buy a property in Georgia

If you want to buy property in Georgia, here are some of the first steps you should take:

Getting to know the real estate market in Georgia:

It is recommended to start getting acquainted with the real estate market in Georgia and study the prices and the different regions, in order to determine the appropriate area to buy the property.

Search for available properties:

You can search for available properties in Georgia through the Internet or contact local real estate brokers.

Checking the validity of legal documents:

The validity of the available real estate legal documents must be verified before purchasing, by reviewing a lawyer specialized in the real estate field.

Obtaining a purchase permit for foreigners:

A purchase permit for foreigners must be obtained from the Ministry of Justice in Georgia, in order to enable foreigners to purchase real estate in the country.

Negotiating the price and signing the contract:

The price must be negotiated with the property owner and the legal contract must be validated, before signing the contract and making the payment.

Payment and registration of the property:

After signing the contract, the money must be paid and the property must be registered in the local real estate book, in order to ensure the validity of ownership and the rights of the owner on the property.
In general, buying real estate in Georgia requires a lot of attention and necessary precautions, and legal and financial advice must be obtained from experts in the real estate field to achieve the best results and avoid any legal problems in the future.

Obtaining the purchase permit for foreigners themselves or they must obtain it through an intermediary

Foreigners can obtain a permit to purchase real estate in Georgia on their own, but it is advised to get help from a local real estate broker or a real estate lawyer.
A real estate broker is a good source of information about the real estate market and properties available in the area, as well as providing assistance with the property search and price negotiation process.
you can also facilitate the process of obtaining a purchase permit for foreigners from the Ministry of Justice of Georgia.

As for the lawyer specialized in the real estate field, he can provide legal advice, help verify the validity of legal documents, and provide the necessary legal protection for foreign investors.
In general, it is advised to get the help of a local real estate broker or lawyer specialized in the real estate field to achieve the best results and avoid any legal problems in the future.

Documents needed to obtain a purchase permit for foreigners

To obtain a permit to purchase real estate by foreigners in Georgia, the following documents must be submitted to the Ministry of Justice of Georgia:

1- A valid passport
2- A certified copy of the real estate contract registered in the real estate book.
3- A copy of the building permit (if the property is new construction).
4- A copy of the tax declaration document.
5- The original proof of ownership of the property.
6- The document of signing the official contract between the two parties.

The required documents can vary slightly depending on the region and the type of property being purchased.
It is advised to check the exact requirements for a purchase permit for foreigners in Georgia with a local real estate attorney or real estate broker.

Note:

Foreigners can obtain a purchase permit for real estate in Georgia even if they do not speak the Georgian language. However, it is advised to get help from a professional translator or a local real estate broker who speaks English or any other language that foreigners understand, to facilitate the process of communication and avoid any misunderstandings.

It is also necessary to verify that all necessary documents related to the purchase of the property are translated accurately before signing the real estate contract.
It is advised to obtain legal advice and assistance from a lawyer specialized in the real estate field and a local real estate broker to achieve the best results and avoid any legal problems in the future.

Note:

You can contact us or search for lawyers specializing in the real estate field in Georgia by searching on the Internet or contacting the Georgian embassy in your country for assistance in finding a lawyer specialized in the real estate field.
You can also get help from a certified local real estate broker to get the necessary information about available properties and deal with local authorities and government officials in Georgia.

Interest to buy real estate in Georgia

Georgia offers good opportunities to invest in real estate, and buying real estate in Georgia is an interesting opportunity for many reasons, including:

Affordable real estate laws:

Georgia has clear and easy real estate laws that allow easy purchase and ownership of real estate by foreigners.

Real estate cost:

The cost of real estate in Georgia is low compared to many other countries, which makes it a good opportunity to invest in real estate.

Distinctive geographical location:

Georgia is located in a distinct geographical area between Asia and Europe, which makes it an ideal place to invest in real estate as a connecting point between the two continents.

The possibility of obtaining residence:

Foreigners can obtain a residence permit in Georgia by purchasing real estate, which makes it a good choice for people who want to invest in real estate and live in Georgia.

Real estate investment:

Real estate in Georgia is a good investment, as foreigners can get good returns on their investment in real estate thanks to the economic growth and increase in demand for real estate in the country.

Note:

It is important that investing in real estate involves risks and investors should evaluate the potential risks and speak with investment advisors and lawyers specialized in the real estate field before making any investment decisions.

Is Georgian citizenship through the purchase of real estate possible?

Foreigners cannot obtain Georgian citizenship only through the purchase of real estate.
However, foreigners can obtain a residence permit in Georgia by purchasing real estate so that they can live and work in the country legally.

Foreigners can also obtain Georgian citizenship by investing in Georgia under the “Investment for Residence” program, whereby foreigners can obtain a residence permit and subsequently obtain Georgian citizenship on the condition of investing in specific projects in Georgia.

It is important to note that this program requires a large investment and strict application of standards, and individuals who wish to use this program should speak with investment advisors and lawyers specialized in the legal and real estate fields to assess the potential risks and understand the terms and procedures required.

Obtaining permanent residence in Georgia through the purchase of real estate

Foreigners can obtain a permanent residence permit in Georgia by purchasing real estate.
The Georgian government provides residence permits to foreigners who own real estate in the country permanently, and foreigners can obtain these permits if they own real estate with a value of not less than 100,000 US dollars.
Foreign investors must first obtain a temporary residence permit, which can be obtained by purchasing the property and submitting an application to the relevant authorities.

The temporary permit is granted for a period of one year and can be renewed and converted into a permanent residence permit if the required conditions are met.
Foreigners should get legal advice and assistance from a local real estate lawyer and real estate broker to achieve the best results and avoid any legal problems in the future.
Foreign investors must also comply with real estate laws and legislation regarding obtaining residence permits in Georgia.

Obtain a permanent residence permit if they purchase multiple properties worth less than $100,000 (H2)
A permanent residence permit cannot be obtained through the purchase of several real estate properties with a value of less than 100,000 USD.

However, foreigners can buy multiple properties with a value of less than 100,000 USD and obtain a temporary residence permit, which can be renewed and converted into a permanent residence permit if the required conditions are met and one property with a value of at least 100,000 USD is met.

Real estate prices in Georgia

Real estate prices in Georgia vary greatly according to the region, the type of property, and the general condition of the property, but in general, real estate prices in Georgia are reasonable compared to many other countries.
Here are some examples of real estate prices in some Georgian cities:

Real estate prices in Georgia vary greatly according to the region, the type of property, and the general condition of the property, but in general, real estate prices in Georgia are reasonable compared to many other countries.
Here are some examples of real estate prices in some Georgian cities:

Tbilisi:

Apartment prices in downtown Tbilisi range between 800-2500 US dollars per square meter, and prices vary according to the region and the renewal of the property. Larger villas and townhouses can be found in neighborhoods outside the city center at lower prices.

Areas	Price
Black frame Apartment in VAKE	1,500 $  m2
Renovated Apartment in VAKE	1,800 $  m2
Black frame Apartment in SABURTALO	1,200 $  m2
Renovated Apartment in SABURTALO	1,500 $  m2
Black frame Apartment in ORTACHALA	1,000 $  m2
Renovated Apartment in ORTACHALA	1,300 $  m2
Black frame Apartment in Other areas	800 $  m2
Renovated Apartment in Other areas	1,100 $  m2

Batumi:

Apartment prices in Batumi range from 500-2000 USD per square metre, and lower priced apartments can be found in neighborhoods outside the city centre. Villas and houses can also be found in areas outside Batumi at lower prices.

Kutaisi:

Kutaisi is a beautiful area located in western Georgia that is characterized by low real estate prices, where houses and villas can be found for less than 50,000 USD.

Foreign investors should obtain legal advice and assistance from a real estate lawyer and a local real estate broker to achieve the best results and avoid any legal problems in the future.

Information about taxes for the purchase of real estate in Georgia

You can get information about the taxes involved in buying a property in Georgia.
Here is an overview of the taxes involved in buying a property in Georgia:

Purchase tax:

Foreign buyers are charged a purchase tax of 2% of the property value.

Transfer of ownership tax:

Transfer tax is levied when ownership of the property is transferred from the previous owner to the new buyer. This tax is 0.5% of the value of the property.

Income tax:

Profits made by the foreign investor when selling the property are subject to income tax at the rate of 20%.
It should be noted that there are tax concessions available to foreign investors in Georgia, including exemption from income tax for a period of 5 years if the investor establishes a company in Georgia and invests its capital in certain sectors.

It is recommended to speak to a local attorney and tax advisor in Georgia to obtain more detailed and accurate information about the taxes involved in purchasing property in the country, as well as to determine any tax concessions available to foreign investors.

Legal and financial formalities that must be completed before obtaining a Certificate of Ownership

The foreign buyer must undertake a number of legal and financial procedures before obtaining a property ownership certificate in Georgia, including:

Validate the property:

The foreign buyer must verify the authenticity of the property and ensure that it complies with the required legal and technical specifications and standards. You can also inquire about any fees or taxes due on the property.

Signing the purchase contract:

The purchase contract is signed between the buyer and the seller, and the contract must be written in English or Georgian and contain the terms of purchase and sale and any other terms to be agreed upon.

Pay the deposit:

The buyer must pay the deposit to the seller’s designated bank account which equals a certain percentage of the total property value. The amount must be transferred using an official payment method such as a bank transfer.

Checking the real estate registry:

The buyer must check the real estate registry to ensure the authenticity and legality of the property and to ensure that there are no legal problems or fees due on it. This information can be obtained from the Land Registry Office.

Ownership registration:

The buyer must register ownership of the property in the official real estate registry in Georgia, and this is done using the final certificate of ownership that is issued after all financial and legal procedures are completed.

It is advised to speak to a local lawyer and real estate agent in Georgia to obtain more detailed and accurate information about the legal and financial procedures required to purchase a property in the country.

Good tips for buying a property in Georgia

Here are some good tips for buying a property in Georgia:

Searching for suitable real estate:

It is advised to conduct an extensive search for suitable properties that suit the needs and available budget. You can search for properties online or get help from local real estate agents.

Cooperation with a local real estate agent:

It is recommended to cooperate with a local real estate agent to get assistance in finding the right property and to obtain the necessary information about the real estate market in Georgia.

Validate the property:

You must check the validity of the property and make sure that there are no legal problems or fees due on it before purchasing.

Obtaining legal advice:

It is advised to obtain legal advice from a local lawyer before purchasing, in order to ensure that all legal procedures are done properly to avoid any legal problems in the future.

Negotiate well:

It is advised to try to negotiate the price of the property and any other terms before purchasing. It is also advised to compare different prices of similar properties to get an appropriate price.

Verify ownership registration:

The property registration must be verified in the official real estate registry in Georgia, in order to ensure the validity and legality of ownership.

Obtaining insurance:

It is advised to obtain real estate insurance to protect against any possible damages to the property.

Interest in the site:

It is recommended to pay attention to the location of the property and ensure its proximity to public services and basic facilities such as schools, hospitals and transportation.

Investing in ready-made real estate:

It is advised to invest in ready-to-move-in real estate immediately, in order to avoid the risks associated with buying unfinished real estate.

Investing in promising areas:

It is advised to invest in promising areas that are witnessing economic growth and real estate development, in order to achieve better investment returns in the future.

Conclusion:

In conclusion, it can be said that buying a property in Georgia requires performing a number of legal and financial procedures, such as verifying the validity of the property, registering ownership, paying taxes related to the purchase, and others.
It is also advised to cooperate with a local real estate agent and obtain legal advice from a local attorney before purchasing.

Problems can be avoided and the chances of obtaining good investment returns can be increased by investing in promising areas, paying attention to the site, and negotiating well the price of the property and the terms of purchase and sale.

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