More and more foreigners are buying real estate in Georgia. Fortunately, the legislation of this country allows you to do this easily and quickly. It is the easy design and affordable prices that attract foreigners to an apartment in Georgia. And yet, what pros and cons do it have?
The most important advantage, perhaps, is that Georgia is a year-round resort. Having an apartment there, you can come at any time when the soul wants – for example, in winter to the mountains, and in summer to the sea. So that the rest of the time the apartment is not idle and brings income, it can be rented out – from this point of view, real estate in Georgia serves as a profitable investment.
Luxury real estate in Georgia to buy or not to buy
In order for the scheme to work properly, several factors should be taken into account before buying. First, you need to understand in which city it is more profitable to have an apartment. The most popular cities are the capital Tbilisi and the seaside resort of Batumi. Tourists go there round, which means that for a long time there is a high demand for rental housing.
The second factor is the condition of the house. Apartments in new buildings with new repairs are more in demand. Still, there are also amateurs who appreciate the antiquity and historical significance of the building for the secondary housing stock. Oddly enough, the area does not affect real estate liquidity. Small studios, three-room apartments, and penthouses with a beautiful panorama are in demand.
What about pitfalls?
When buying real estate, you should check the documents with the owner or developer. This is done either in the House of Justice or online on the website of the same department. The extract from the State Register, which will be issued by the House of Justice upon request, will contain information about the owner, the presence/absence of mortgage debt, a building permit, and other documents. In general, there are practically no illegal constructions in Georgia – the law is so liberal that it makes no sense.
If you buy a secondary, it will not be superfluous to check the absence of communal debt (light, gas, water, waste removal, Internet, telephone). In the case of buying from a developer, before accepting an apartment, check the serviceability of communications, electrical wiring, and other household equipment in accordance with the contract. And in general, carefully read the agreement, and clarify all the issues of concern with the developer. It is safer to deal with developers who already have completed projects.
Finally
And a couple more tips. If you plan to rent out foreign real estate through a local management company, ask about tariffs and responsibilities down to the smallest detail – who is responsible for utility bills, breakdown, repairs, etc. It will be useful to get acquainted with the reviews of those who have already bought – they can help make the right choice. In general, Georgia is a country that investors love. There you can have a good rest and decently earn on rent.
