Recent overview of the real estate market in Georgia

December 23 2020

The year 2020 is coming to an end. And it's time to take stock. This year was very difficult for all countries. The coronavirus pandemic has threatened the economies of many countries. She did not bypass Georgia either. The government of the country tried its best to support small and large businesses as much as possible.

The pandemic has particularly affected the tourism industry. Recently, tourism in Georgia has begun to grow significantly, however, due to the closure of borders, the flow of tourists arriving in Georgia has greatly decreased.

How did the pandemic affect the real estate market in Georgia?

As for the real estate market in Georgia, due to a number of factors, this movement has significantly slowed down. But in general, the state of the market is at least satisfactory. Numerous changes in the life of the country did not significantly affect the statistics of transactions.

Demand real estate in Georgia quite high from the side of foreigners. In Q3 2020, they invested $ 16 million in investments in Georgia. These were mainly the hotel and restaurant sectors. Among the foreigners who showed interest in real estate were not only from European countries, but also from Israel, Iran, Qatar and other Middle Eastern countries.

Russians continue to invest in Georgia

As for the Russians, over the past 4 years they have bought more than 15 real estate objects in Georgia, including non-agricultural land, apartments and houses. Real estate in the resort town of Batumi is especially popular with Russians.

Why is Georgia so attractive to foreigners?

This is undoubtedly good conditions for small businesses - entrepreneurs pay almost no taxes.

And the second reason: the purchase of real estate allows you to obtain a residence permit and live freely on the territory of Georgia.