Real Estate investment in Batumi, on Georgia’s Black Sea coast, has grown rapidly in recent years. As the world recovers from the covid epidemic, tourism is returning to normal. So it is an ideal time to resume your investment plans to bring in high returns.

Batumi, and Georgia in general, are prime places for real estate investing right now.

Life In Batumi: The Essentials
Batumi, or the “Barcelona of the Black Sea”, as some locals have called it, is located in the southwestern corner of the country, very close to the Turkish border.

The city is small, compared to Georgia’s capital, Tbilisi. There are not as many districts, and the living options for expats are more limited, due to how the city has developed over the years. But the population is increasing rapidly, there are more than 174,000 inhabitants, a significant increase from 153,000 in 2014.

Why Invest In Batumi?

There are many reasons why one might consider investing in Batumi real estate, here are several key ones:

Geographic location. Batumi is undergoing rapid development. Its location on the Black Sea coast, part of the ancient Silk Road, makes it attractive to expats from all over the world.

Batumi is a resort city. This means a large flow of tourists seeking a place to vacation in the summer. Batumi is one of the most popular places in the country due to its lush seaside.

High rate of construction growth. The active construction of apartments in Batumi has led to record levels. Directly before the pandemic, the municipality of Batumi alone annually issued building permits for an average of 1,200,000 square meters. (For a broad comparison, the entire country of Lithuania, issued about 4 times less in the same period).

Relatively low cost real estate. Real estate prices in Tbilisi are considered to be higher than those of Batumi. In 2022, the average price $/m2 of residential property in Batumi is $1,150/m2, whereas it’s just over $1,450/m2 on average in Tbilisi.

Favorable property tax rates. The maximum payable annual property tax rate in Georgia is 1% of the property value for residential property, as per the Tax Code of Georgia. However, the precise amount of the tax is determined by the local government of each municipality. The representative body of Batumi established a property tax for individuals at 0.2% in 2017.

Foreigners can obtain a legal residence permit in Georgia by owning real estate with an appraised market value in excess of $100,000 USD or over $300,000 USD in other types of business investment and real estate.

Purchase remotely. Non-Georgian citizens can complete the purchase of property remotely without visiting the country. Our lawyers and agents can represent you in all matters using a Power of Attorney.

If you want to discuss any of the above, or have any other questions relating to real estate in Batumi, or anywhere in Georgia, get a free consultation with one of our agents.

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Contact us:

Estate Exclusive

WA: +90 544 1542258
E: sale@estate-exclusive.com
www.estate-exclusive.com

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