How to buy real estate in a new building in Georgia: step-by-step instructions for foreign investors

Real estate in Georgia is in demand among investors all over the world not only because of the high yield and quick payback, but also because of the ease of processing transactions. Only in the region of Adjara 80% of the total real estate sales in 2023−2024 were made by foreigners.

We tell you how foreign buyers can profitably invest in a new building in Batumi and formalize the transaction in person or remotely.

You have been studying the market for a long time and among thousands of options you have found your ideal apartment by the sea in Georgia: with potentially high profitability, in a new residential complex.

How can you be sure that the house will be completed and the invested money will not be lost? You can apply for a legal examination of the object: specialists will check the history of the developer, building permits and the sale and purchase agreement.

At this stage, you and the developer’s representative discuss the details of the transaction, conclude a preliminary sales contract and pay the down payment. This is how the property is reserved for you — the property is removed from sale, and its price is fixed.

Usually the down payment is at least 30% of the total cost of the project. The remaining amount you can make in several stages — all agreements on the timing and amount of payments are necessarily indicated in the contract.

By signing a preliminary purchase and sale agreement and after depositing at least 30% of the total value of the object, you receive a preliminary ownership right to the property, which must be registered in the Real Estate Register of Georgia.

How can a foreigner pay for an apartment in Georgia?
Иностранные покупатели могут взять в Грузии ипотеку или получить рассрочку от застройщика.

For example, when buying an apartment in Batumi in one of the One Development projects, you can use a 0% installment plan from the company for up to 36 months. Or apply for a mortgage with a rate of 9% or more — provided that you already have property or a source of income in Georgia.

To pay for real estate, it is not necessary to have an account in a Georgian bank — you can transfer money immediately to the developer’s checking account. One Development accepts payments in several currencies: lari, rubles, dollars, euros and cryptocurrency. In Russia, it is possible to conduct a transaction through the official representative office of One Development in the Russian Federation with payment in rubles to a settlement account in a Russian bank.

After the construction is completed, you sign the main purchase and sale agreement with the developer. It is drawn up in two languages — Georgian and the language spoken by the buyer and the seller. The contract is signed in three copies: for the buyer, the seller and the Registry.

It takes only 15 minutes to execute a contract for the purchase of an apartment in Batumi or any other city of Georgia in any of the branches of the House of Justice. Since you are a foreign investor, an interpreter must be present at the transaction. Sometimes transactions are carried out with a notary, and the notary transfers the signed agreement to the House of Justice — many specialists have access to the public registry and the right to accept documents for registration.

You will only need your passport to sign the contract. In the case of a remote transaction, your representative must provide a notarized power of attorney from the buyer and his/her identity card.

Immediately after the registration of the main purchase and sale agreement, you apply for registration of ownership of real estate in the House of Justice. You will need to pay the application fee — from GEL 82 to GEL 307, depending on the urgency of the registration, it takes from 1 to 4 working days. There is no tax on the purchase of real estate in Georgia.

You can track the status of the application online on the official state Registry portal. And after completing the registration, download an electronic statement confirming your ownership from the portal. From the moment of registration, you become the main owner of the property. Paper documents of ownership are not issued in Georgia — the entire document flow is electronic.

Features of remote transactions
To purchase real estate without personal presence, it is enough to issue a power of attorney from a notary to your representative in Georgia — they can be a lawyer or a realtor. With this document, you can carry out all stages of the transaction from concluding a purchase and sale agreement with the developer to registering property rights and signing a contract with utility providers.