Buying an apartment in Batumi: features
Aug 17, 2022
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More and more foreigners pay attention to the real estate market of Georgia. Those who are allowed by finances buy apartments there. Someone - for themselves, someone - for earnings. What are the features of buying real estate in Georgia?Luxury real estate in Georgia. To buy or not to buy? Why even have a house in Georgia? Let's try to figure it out. Firstly, it is a country where you can always go on vacation - in summer on the sea, in winter in the mountains and all year round in Tbilisi. Secondly, this is an excellent option for temporary residence, if unfavorable circumstances have developed at home. Georgia in this case for many serves as a kind of "spare airfield", where you can wait until better times. And it is most convenient to wait, of course, in your own apartment - rent will cost more.
Another factor in favor of buying is reasonable prices and easy registration. In fact, if you have the money to buy an apartment, the registration takes place in one day – even in half an hour. And the registration fee is only about $30 (if for the standard four working days) and $70 (if in accelerated mode for one working day). In other countries, registration fees exceed a thousand dollars and last for weeks, if not months (as, for example, in Greece, Spain, Turkey).
If you buy, in which city is better? The most popular in the real estate market are the capital Tbilisi and the popular Black Sea resort of Batumi. There are always a lot of tourists, and where there are tourists, there is money, even a novice investor knows this.
Which property to choose? There is no particular difference, while the choice is large. Apartments, private houses, villas, townhouses, even land for development - all these are profitable investments. Recently, a new segment has appeared - apartments. In Georgia, legally, apartments are no different from an apartment. Both are recorded in the same way. The difference is that when you buy an apartment, you kind of buy a hotel room - this is your property, but at the same time it is part of the hotel infrastructure. The owner of the "room" has access to hotel services – sometimes free of charge, sometimes under special conditions.
Such complexes are usually called apart-hotels. They have a reception, lobby and other standard hotel services. Apartments can be rented out - the management company takes care of this, which agrees with the owner to share the profits (usually it takes 30-50% for its services). On average, apartments in Batumi on the first and second coastlines can be bought for $40 - $100 thousand. At the same time, the yield is 13-18% per annum (the global average is 5-10%). This means that the investment will pay off in 5-7 years.
Those who bought real estate in Batumi two years ago are already profiting from it. In addition, the real estate itself has risen in price - now it costs 25% more. This means that they are in a double win. Is it relevant now to buy an apartment in Batumi?
Georgia is open to foreign investment. Convenient conditions for life and work have been created in the country. If you choose the right apartment, you can get a source of passive income.
Tags: English