Is Buying Overseas Property in Georgia profitable for foreigners?

 It is a hidden travel gem, as per https://travellemming.com/2020-emerging-destination-awards/, which recently awarded Georgia the number one rank as an emerging destination in Europe. From the scenic beauties of the Caucasus to the vineyards, the old town spirit to the amazing delicacies, the green forest cover, the seas, and the rivers, Georgia has everything to be one of the top tourist destinations of the world. Not just that, as per Forbes.com, Georgia was listed as one of the best European cities for real estate investment.

 The findings were corroborated by the LeadingRE, an international consortium of real estate agents and brokers across seventy countries with 565 members. As per consensus from the organization members, Batumi in Georgia has been hailed as one of the best places to invest in a property in Georgia. The approximate construction costs in Batumi are about $37 per square foot. The availability of land with no restrictions per se on the height of the building giving developers the freedom to develop plans as per the demands of the market.

The third-largest city of Georgia, Batumi, has experienced a major rush from foreign buyers in the last few years – as a result, almost 22,752 new condos and single-family homes were constructed between 2018 and 2019 to meet this increase in demand. Besides the commercial aspects, what foreigners also find interesting about Batumi is its rich 2,000 old history. 

The good thing is that foreigners have almost the same rights as local citizens when buying a property in Georgia. The government does not, however, allow the purchase of agricultural land in Georgia for foreigners.

 Why invest in real estate in Georgia

It is theright time indeed to make a move to book a property in Georgia. There are many reasons –

·         Georgia is strategically located as part of a transit access route that connects to a different land and waterbodies.

·    As per world bank rankings, in 2018, the ease of doing business metrics saw Georgia being ranked at number six.

·         As per transparency international, on the corruption perceptions index, Georgia ranks 41 in 180 countries. It shows that the overall corporate culture in Georgia is ethical and transparent.

·         The world economic forum ranks Georgia at the ninth position because of the low taxation rates here. To add to this, there are four identified ‘free industrial zones’ here that are tax-exempted. Besides this, Georgia is home to skilled labor.

·      North Cyprus is another location that is seeing a rush for real estate investments by foreigners. To buy a Property in Cyprus, speak to an experienced agent with expertise in foreign markets.