Recently I have been a lot into the Georgian real estate market - I'm currently gathering funds to buy an apartment in Tbilisi and later resell it for a profit.
In this article I will lay out some information regaridng buying a real estate in Georgia (Tbiisi / Batumi/ Gudauri or other) I found with the help of TBC bank. I was considering using loan at the local TBC bank to finance such purchase, but now with potential co-investor not looking on bank loans anymore.
The real estate market in Georgia is growing - more and more people are trying to buy housing for various purposes. For many, renting a home is a stable source of income that has a fairly solid relative share in the monthly budget. Many are now trying to buy a house in areas and geographical areas that are quite growing and consequently prices will rise in the coming years. In this case, buying and selling the same house becomes a source of income.
One way or another, the fact is, the market is alive and well. Over the years, many details and nuances change and the situation is shaped differently. Therefore, if you do not follow the current processes in the real estate market on a daily basis, keep in mind that there are interesting and interesting new factors that should be taken into account when buying a house in Georgia. Here are some of them:
- Depending on the purpose for which you buy the house, the preferences of its location change. For example, if you want to earn money by renting a house, you can consider other cities and towns besides Tbilisi as options. Today, one of the fastest growing economies in this regard is in Batumi, where new housing is constantly emerging. There is also a lucrative market in Gudauri, Bakuriani and various resorts which are in high demand seasonally.
- If you love tranquility and plan to create maximum comfort for yourself, it may be ideal for you to live in the suburbs of the city. Tbilisi is a very convenient city in this respect, because in its surroundings there are many quiet settlements, which are territorially very close to the capital, in fact part of it. Tskneti, Kiketi, Kojori, Tabakhmela, Okrokana, Saguramo ... The tendency to build houses outside the city is growing, therefore experience has been accumulated enough, not to mention improved communications. So, when you decide to buy real estate, look for lands and houses not only in the center of Tbilisi, but also in its surroundings. It will not take you much time and effort and you can run the best option right here.
- No matter how difficult it may be to buy a home, the main story is still the material part. However, it is much easier for you if you live in another country at this stage and your income is in euros or dollars. The real estate market in Georgia operates mainly in dollars and there is a high probability that you can easily reach the prices, which are quite acceptable if we compare the prices of other countries.
- If you have not been to Georgia for several years, then know that today there are probably 5-10 times more construction companies and something is being built almost everywhere. If you decide to go it cheap and risk the low bandwidth you are only fooling yourself. There are several large and many small companies in the market. Do a mini-survey on the internet and read information from friends, acquaintances who have recently bought accommodation and have already gone through the same process as you are now going through.
- Start negotiations with the bank if you need a loan. The bank will find out even more about your financial situation in Georgia, calculate the loan limit, which will be the budget framework for you, and you will know exactly what price category you should start looking for houses.