The capital of Georgia attracts both tourists and investors from all over the world. This city with a rich history, architectural masterpieces and a variety of cultural events inspires many people to buy property here. In this article, we will look at what costs can be expected when buying property in Tbilisi and whether it is a profitable investment move for those who are not residents of Georgia.
The cost of real estate
Property prices in Tbilisi vary considerably depending on the location, type of property and its condition. In the central districts of the city, such as Vera, Saburtalo and Vake, prices per square metre of residential property range from $1000 to $2000. The cost of new buildings and luxury properties will be significantly higher. The website https://geoln.com/georgia/tbilisi offers a wide range of new buildings for sale in Tbilisi. The site provides current prices, and all properties have been checked for legal purity by the service’s experts.
There is also a commercial property market in Tbilisi, where prices also depend on the area and type of premises.
Investment prospects
Tbilisi has strong development potential and attracts investors with its economic stability and growth. Georgia is an open country for foreign investment, and the government offers special conditions to encourage foreign capital. Non-residents also have the right to own real estate in Georgia, which makes Tbilisi a very favourable choice for investment. For example, if you buy a rental property, it is likely to pay for itself in just one tourist season and will continue to generate a steady income. Therefore, even if you are not a citizen of Georgia, it is quite profitable to buy an apartment or house here: the country is quite friendly to investors from abroad.
Taxation
For non-residents investing in property in Tbilisi, the Georgian legislature provides for special tax benefits and reduced tax rates. For example, the property tax for non-residents is currently only 0.1% of the property value, which is quite low compared to many other countries. Therefore, there is no need to be afraid that a seemingly inexpensive property may hide a real iceberg of taxes. Private property in Georgia will not make you bankrupt.
Legal aspects
When purchasing property in Tbilisi, non-residents are advised to contact a lawyer or realtor with experience in the Georgian property market. This will help to ensure legal security and understanding of all aspects of the purchase process. It is also worth clarifying the rules for issuing visas for non-residents planning a long stay in the country.
In conclusion
Tbilisi offers a wide range of property at affordable prices for investors from all over the world. With economic stability, an open and favourable business environment and warm conditions for non-residents, Tbilisi looks like an extremely friendly place to invest.
However, it is worthwhile to be on the safe side. Before purchasing a property, it is important to do detailed market research, seek professional advice and consider the legal aspects to ensure a successful and secure transaction. If you are planning to buy an apartment in a new building, be sure to check the developer to see if they have any lawsuits or frozen construction projects in their history.