People from other countries like to buy property in Georgia because it has beautiful scenery and lively culture. But it can be hard to figure out how to buy property in a country other than your own. This guide will show you the most important steps and things to think about if you’re a foreigner buying movable property in Georgia.
How to Understand Your Rights and Limits
When it comes to buying homes and businesses in Georgia, foreigners have the same rights as Georgians. Foreign investors don’t have to follow any extra rules or pay extra taxes. The only thing they can’t buy is agricultural land. Since May 2017, foreigners can’t buy or own agricultural land unless they get it as an inheritance.
Choosing the right spot
Finding the best places to invest is the first step in buying a home. What you want to do will determine which one you choose. Both Tbilisi and Batumi are great places to build a hotel or restaurant. On the other hand, places like Saguramo and Lisi are great for getting away from it all and relaxing with your family. Find a location that fits your investment goals by doing a lot of research.
How to figure out the housing market
You can look for houses for sale on websites like myhome.gss.g and place.j. But if you want to buy land that you can’t live on, it’s best to work with a reputable real estate agent. These experts know everything about the market and can show you how to buy land. It is important to know that real estate agents usually charge a fee of about 3% of the sale price. Most of the time, the seller is responsible for paying this fee.
How to Go About Buying a House
Once you’ve found a good property and started talking to the seller, you should hire a good lawyer to make sure the deal goes smoothly. The lawyer will do the right research to make sure the land is legal and will make all the necessary purchase agreements. Then, these agreements will become public.
Before the sale is final, you’ll have to pay a deposit. If you can’t go to Georgia in person, you can give someone you trust the power to act on your behalf. Depending on your situation, a notary in Georgia or another country should sign the power of attorney. Remember to legalize and apostille the document before you send it to your trustee in Georgia, who will translate and notarize it there.
Questions about prices
How much a house costs in Georgia depends on where it is and what kind of land it is on. For example, land prices in high-end places like Lisi can reach $120 per square meter. On the other hand, prices in more rural places like Sighnaghi and Gori can be as low as $5 per square meter. Do a lot of research on the market and compare prices to make sure you’re making a good investment decision.
Options for building permits and financing
The two biggest banks in Georgia, TBC Bank and Bank of Georgia, can help you get the money you need for a mortgage loan. But you should keep in mind that interest rates can be pretty high.
You might also need a building permit to buy land in some situations. In this process, you have to get terms of construction from an architectural organization, have Georgian officials inspect the property, and connect it to the city’s water supply system. Last, the building needs to be put on the national public registry.
So, to sum up, foreigners can make money by buying real estate in Georgia because the country’s laws and investment climate are friendly. You can feel confident about the process if you know your rights, do a lot of research, and hire the right people. Don’t forget to get help from a good lawyer, and think about what a good real estate agent can do for you for a smooth and successful property purchase.
Georgia is a good place to buy property because it has many different kinds of landscapes and cultures, and it also welcomes foreign investors. Georgia is a great place to buy a home, whether you want a quiet place to relax or a good place to start a business. Start your trip today and find out how you can own a piece of this beautiful country.
