Foreigners can buy property in Tbilisi, where ownership is registered in the House of Justice (Georgia Ministry of Justice). It is difficult to find more reliable guarantees. The procedures for registration are fully uncluttered and transparent.
Notably, that there are no extra requirements or procedures for foreigners to buy a residential real estate, and no extra taxes as well, you will just need a copy of your passport and then you can buy a house in Tbilisi.
Moreover, the same regulations are applied in case of purchasing a commercial real estate such as shops, offices, hotels, restaurants, cafes, etc., no restrictions here either.
The only exception here goes for the agricultural land, as of May 2017, foreigners are no longer allowed to buy or own agricultural land.
Although this point might look not a very important issue, as long as you are planning to be a farmer, still the term ‘agricultural land’ goes for any land which is outside the boundaries of major cities like Batumi and Tbilisi.
The problem is clearly shown if you want to buy a house in the countryside with a garden because the land will still be counted in this case as agricultural land.
Except for that, if you are looking to buy a house in Tbilisi city limits, there are no restrictions whatsoever, so you can invest in Georgia with no worries.
What is the registration process required to buy a house in Tbilisi?
- Signing the real estate sale and purchase contract between the seller and the buyer. The contracts can be formalized and registered in the House of Justice and the Ministry of Justice of Georgia.
- The buyer disburses the due payment to the seller’s account according to the concluded contract, and payment is made in any convenient way either in cash or in non-cash payment.
- The real estate object is registered to the buyer by the contract concluded and the agreed payment and the registration are officially registered in the Justice House of the Ministry of Justice of Georgia.
- Notably that the most prevalent method is the non-cash payment, as this payment is implemented for real estate through the developers by the national currency.
- The payment is transferred to the construction company account, through the exchange rate which is determined by the National Bank of Georgia Payday.
- The mortgage cannot be granted to foreign citizens, but they can benefit from the installment payment offered by construction companies and developers. Nearly all construction companies – developers offer installments for 5-36 months and the initial contribution of 20-50% to new buildings.
Why invest in Tbilisi ?
Tbilisi is considered now one of the safest cities for ex-pat and a real estate competitive market, it is rapidly developing and has managed to draw the interest of foreign investors.
This emerging real estate market doesn’t trouble by geopolitical instability, which makes it a much better choice than it was five years ago.
Georgians people are really honest when it comes to prices, you can trust them in the more competitive real estate market in Tbilisi.
Tips before buying a house in Tbilisi
1. You need to look hard to find a good real estate
Unlike most places in the world, it is not common and easy to find a good real estate online in Georgia, and that would be one of the challengings you will be facing, also, most of the property owners often don’t update their list.
Moreover, it is common that no one uses Google in Georgia, most people here use Facebook all the time, so you will have to go through Georgian Facebook posts about Tbilisi to do your real estate search.
2. Foreigners are treated in a different way than resident people
Some people might try to benefit the idea of not paying a “tourist tax” to take advantage of the fact that you’re a foreigner.
So, you will need a local contact if you decide to buy a house in Tbilisi, who will be dealing directly with the owner and that would be an advantage to avoid high rates.
3. Find a good broker
a good broker, who can handle and deal with the seller and keep things from getting out of hand, he will help you to find quality real estate and to avoid taking the risk.
4. You need a good relationship
In this small country relationships matter, and that is how things are going here. You’ll need a solid network of people whether developers, renovators, brokers, and attorneys they will be a great help to buy a property in Georgia, or even to make major renovations.
Finally, Tbilisi has a promising future in all fields while residing in a country like this guarantees a wonderful financial future in the short and long term as well, and that buying a property in Georgia guarantees stability and living a decent life inside the state.
There is a sincere wish from the country to achieve the economic growth that depends on the flow of money, employment, and investment projects, so the government of Georgia does not make an effort to starve foreigners in owning real estate in its territory either by enacting laws that facilitate this issue or by reducing purchase costs and other related matters besides the low population that did not exceed 4 million people, which makes it an attractive country for the population.