Georgia is a land of wine with beautiful small hamlets and towns, the Caucasus Mountains, the stunning landscape, and the amazing hospitality of the locals here. Ever since it departed from the former USSR, Georgia has been on the path of development, be its economy, the development of infrastructure and utilities, a commendable network of schools, colleges, hospitals, and many other world-class services and amenities. As a result, in recent times, many foreigners have shown interest in purchasing properties in Georgia.
It is not just the capital city; Batumi, for example, is witnessing an increase in demand. Foreigners are investing here for personal use and overseas buy to let. Here are the reasons for the growing demand for properties in Georgia.
1. The Georgian economy is doing extremely well now - the law of Georgia is robust enough to protect your investments here. Tbilisi and Batumi are two of the most frequently visited places in Georgia – tourists flock here through the year for the natural beauty and experience the rich culture of the place. The tourist inflow here has registered increase year by year and is expected to rise further in the coming years due to increased international flights.
2. The properties prices are comparatively lower here, especially if you compare with other major destinations in Europe. The rental yield turns out to be lucrative for an overseas buy to let. Like properties in Cyprus, especially North Cyprus, you can make cost-effective investments in real estate in Georgia.
3. Taxation laws are investor-friendly. It is one of the primary reasons for buying a property in Georgia. Unlike many other nations of the world, the ownership tax in Georgia is zero. Except for agricultural land, foreigners make land investments here without any restriction. The registration process of the purchased property is quite easy and fast. You can buy any property, be it a townhouse, stone house, apartment, villas, etc., with no restrictions at all.
4. Buying a property in Georgia opens the route to receiving a residency permit here. If the minimum investment value is $100,000, you are eligible for a Residence permit. Some other rules apply, though – the property must be registered with the Public Services Hall and certified by the Georgian Accreditation Centre.
5. Nature has been kind here, blessing the nation with plenty of rich and vivid topographies. The Black Sea, rich base of flora and fauna, the Caucasus mountains in the backdrop all blend to create a mesmerizing effect.
Buying a property in Georgia is a challenging task. The choice between Tbilisi and Batumi can be quite daunting. Many experts feel the former is a better choice, while many others suggest the latter. Therefore, it is a wise choice to hire the services of an internationally acclaimed real estate agent accredited by AIPP. Why only Georgia, if you are planning to invest abroad, say for example, in a Florida property or a property in Dubai, it is wise to first find a reliable realtor with a proven track record in international properties and then start your international journey of investing in real estate in foreign lands.