Georgia is a beautiful country. The Caucasus Mountain, aesthetic streets, and an ethereal view is what attract you the most to this country, so much so that you may even consider settling in this city forever. However, it is not just a place for people seeking peace and beauty, but it is also steadily becoming a hub for real estate investors.
The state’s pro-market policies have piqued the interest of investors from all over the US, Europe, and Asia. One of the most astounding of these policies is that a person only needs to buy a property in Georgia to get citizenship.
Hence, if you are looking to dive into the Georgian real estate market, you have two high-potential market regions: Tbilisi and Batumi. The real question is, what is the right choice for you?
Georgian Landscape
People in the United States, Europe, and other areas of the globe first heard about Georgia in 2005, when it began building its economy and shedding its soviet legacy of corruption and bureaucracy. The process took a long time, but Georgia has made significant progress since the revolt. It has created western-oriented education, shifted public services to e-government, combated corruption, and extended the country to global investment.
Today, the country provides a plethora of chances for investors. It is ranked second in terms of expense living, safety, and a welcoming atmosphere for both people and visitors. Georgia ranks fifth on UNWTO's list of quick-growing tourism destinations in 2019. In addition, the country welcomed over 2 million visitors in 2020, and the number is predicted to expand at a 10% annual pace to 8.7 million tourists in 2029. Georgia, per the World Bank, is a leader in market reforms.
Investing in Tbilisi
Tbilisi's real estate market expanded by roughly 31% in 2018. Aside from the significant number of sales, the price per square meter for residential units grew by roughly 6%. Georgia also enacted new building laws in 2018, which helped to increase building quality while reducing the number of permits issued for new home development. According to John Dodelande, this may lead to a price hike in the future owing to strong demand and limited supply.
Tbilisi is also the capital of Georgia, indicating that it is an international center. To put it another way, there will always be a significant need for buildings to house tourists and inhabitants. The majority of districts in this city, notably Saburtalo and Ortachala, will keep drawing many investors in the future. Even if purchasing property in Tbilisi is pricey, you will receive excellent yields.
Investing in Batumi
Batumi is another high-potential property market that, like Tbilisi, is quickly expanding. Many travelers come to Georgia to see Batumi and explore its districts because of its massive structures and turquoise water. If you are looking for long-term investment opportunities, particularly in the tourist sector, this is a terrific area to look at. Right at present, property prices in Batumi remain low, luring investors who find Tbilisi too pricey.
Tbilisi and Batumi are two Georgian cities that will never let you down. If you want to see rapid profits on your investment, Tbilisi may be a better choice because it is the country's capital and has high property prices. It would also make an ideal rental home. On the other hand, Batumi is the ideal location for a solid investment, particularly in the tourist sector.
