Sunny Georgia is an excellent destination for real estate development with properties in cities such as Tbilisi, Bakuriani, Batumi, and Naukri proving really in high demand. The country is ripe for real estate growth and early buyers will surely reap big. Almost half of the properties in these cities are purchased by foreign investors every year, and for good reasons.
The purpose of any investment is to make good returns on your investments and enlarge your wealth base. Investing in Georgian real estate with conditions in tourism as they are and projected growth is a prudent choice and will surely make you profit.
We are going to look at ten major reasons you should buy property in Georgia.
No Barriers to Foreign Nationals
While other countries restrict the purchase of property by foreigners, in Georgia, it’s the opposite. The government allows you to buy as much as you can afford and on a freehold basis. You are treated just like a Georgian when it comes to buying property. There is a restriction on the sale of agricultural land but practice shows you can buy it with ease.
Ease of Property Registration
The speed with which property is registered in Georgia is phenomenal. Georgia ranked number five out of 190 countries in the 2020 report for doing business in the ease of property registration. Transparency is valued and adhered to. You may choose to do this yourself or have an agent do it for you.
This is done at the house of justice and is dependent on how fast you need the property rights registered which can be up to a few hours.
There are no hidden charges when purchasing property in Georgia. Unlike in other countries, there is no stamp duty to be paid and if you do not reside in the country, you do not pay property taxes. But if you reside in the country, the property tax is based on family income with those making less than $ 40000 exempted from paying tax.
But a 5% tax is applicable on the sale of a property that has been in your possession for more than two years. You can apply for this to be reduced by showing proof of property maintenance incurred.
You Get a Residence Permit When You Buy Property
From 2019, the law states that one can get a temporary residence permit for up to one year upon the purchase of property worth $100000. The temporary residence permit can be extended so long as you hold property with not less than $100,000 though it does not have to be your initial purchase.
A residence permit is very helpful when dealing with banks and other institutions though registering a company is possible without it.
Affordable Property Prices
With as little as $30000 it is possible to buy property in Georgia. Mind you, the price varies depending on location and the condition of said property at the time of buying. The best time to buy a property is at the beginning stages of construction. Businessman John Dodelande bought the first piece of property and never left.
Use of Blockchain to Secure Property Purchase
Georgia was among the first countries in the world to adopt the blockchain technology which ensures the records cannot be altered, lost, or deleted without authorization. It is considered one of the most secure in the world.
With the awe-inspiring landscapes and mild weather, Georgia is a popular tourist destination. Though the dispute with Russia may have affected tourism a bit, it is steadily on the rise. Although significant growth is not possible with the worldwide pandemic, numbers are expected to rise once the pandemic ends.
Favorable Migration Policy
Residents from over ninety countries enjoy a simplified border crossing. They are allowed to cross into Georgia without a visa and can stay for up to one year. This stay can be renewed by simply leaving and re-entering the border.
Low Cost of Living
Compared to other European countries the cost of living is very low. If you want to live in comfort on your modest income, doing so on the seaside does not require much money.
Big Rental Yields
Due to the low supply of rental properties, you can make up to 20% in gross annual yields depending on the property location. Also, Georgia has one of the best scores in time taken to recover your funds for around 5 years.
Take advantage of the current favorable conditions and make your purchase before investors gobble up all the real estate.