In recent years, Georgia has been constantly on the lips of both tourists and investors. This small state in the post-Soviet space has made a huge breakthrough over the past 20 years. The economy, the banking sector, and the real estate development market have developed.
Economic and social successes led to a construction boom. Thousands of new residential and hotel complexes began to be built in the country. Apartments are quickly sold out, the demand for them is constantly growing. Investments in real estate in Georgia are also growing. Most of all they buy houses in Tbilisi and Batumi. Both of these cities are popular with tourists, and real estate in tourist places is always in demand.
The capital Tbilisi is the economic center. It consists of an old part and a relatively new one. In the old town there are dense buildings and low-rise houses built in the late XIX and early XX centuries. New residential complexes are rarely built here, and if they are built, they are compact, no higher than five floors. Homes in central neighborhoods are valued very high - on average $1,300 to $3,000 per square meter.
From an investment point of view, buying an apartment or a house in Tbilisi is a profitable investment. Real estate can be rented out and earn an average of six thousand dollars a year. The guarantee that it will not be empty is a large number of people coming to Georgia – for rest, for temporary or permanent residence. Since the country relies on the development of tourism, we can expect that the flow of tourists will increase every year.
After February 2022, real estate rental prices in Tbilisi soared at least twice, or even three times – more than 100 thousand people from Russia and Belarus moved there. Apartments that used to be rented for $300 are now rented for $600. Those who had an apartment in the capital at the stage of a black or white frame, began to urgently bring it to a turnkey state in order to take advantage of the moment and start renting it out – so high was the demand.
However, even now it is not too late to buy real estate in Tbilisi. Georgia is a country with simplified taxation, transparent laws and easy registration of property. According to experts, the country has a great chance to integrate into Europe, which means that Georgia will remain the leader of economic development in the region for a long time.