What do investors who are planning to buy property in Tbilisi Georgia need to know?
An apartment in the capital of a fashionable tourist center is a really profitable acquisition. Having a second property is profitable in any case, and doubly so if it is located in a city popular with tourists. In recent years, Tbilisi has been steadily attracting travelers, freelancers, entrepreneurs and people of creative professions.
It is logical that hundreds of thousands of people who came to the country for temporary or permanent residence, first of all, solve the issue of housing. Someone rents, and someone buys. Several factors speak in favor of the second. First, according to local law, foreigners have the right to acquire real estate in Georgia (any, except for land of agricultural importance).
The second is that the procedure for buying a house in Georgia is extremely easy, transparent and fast. The process goes like this. The seller and the buyer apply to any branch of the House of Justice. Everything about everything takes half an hour. After four days (and if you pay extra for urgency, and at all in one day), the new owner of the property receives a digital code from the Civil Registry Agency to the mobile phone number specified in the contract, which confirms ownership. The state duty is about $20-70 (depending on the urgency).
During the pandemic, remote property buying has become very popular. And although now the restrictions on crossing the borders have been completely lifted, the demand for an online transaction is still high. Apparently, many have realized its advantages – it saves time (no need to plan a trip) and money (no need to spend money on expensive air tickets).
How to make money on real estate
What to do with an apartment in Tbilisi? You can live in it, invite friends and relatives, and you can also earn money on it by renting out (for the same expats). And it’s pretty decent to make money. A house in the capital of Georgia will bring a stable profit — an average $500 to $2000 per month, depending on the area.
If we consider that the average price for a two-bedroom apartment in a new building varies from 60 to 100 thousand dollars, then the investment will pay off in 7-9 years. And if you take it daily and even more. True, it should be noted that daily rent requires more effort. However, there is a way out – to delegate rental concerns to management companies. This is especially convenient for those property owners in Tbilisi or Batumi who live outside of Georgia. Managers (or management companies) rent out real estate and pay the owner a net profit. For their services, they charge a certain commission (usually 20-40% of the profit).
Ok, let’s say you have decided: Georgia, Tbilisi, buying an apartment. What’s the best way to do that? There are two options. You can search for yourself on online aggregators – in this case, it is better to use local ones (they are mainly in Georgian, but almost all have Russian and English versions). However, an independent search takes a lot of time. Good options quickly “fly away”. To find the very apartment that will resonate in the heart, you will need to spend hundreds of hours in front of a computer monitor. It is most convenient to contact the agency. Experienced realtors have a large base and will be able to choose real estate according to the individual requests of the client. The only thing is that you should choose a reliable company that has been operating in the market for many years and values its professional reputation.