Sell Real Estate in Georgia - Assisting Individuals and Legal Entities
Sell Real Estate in Georgia
Updated on Monday 21st February 2022
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When it comes to property ownership in Georgia, foreigners as well as locals have to take into consideration three important matters – the procedure of purchasing the property and all the legal steps that have to be completed in this process, the tax obligations that can arise during the ownership of the property, as well as the legal procedure that must be conducted when the owner decides to sell the real estate in Georgia.
Persons who are interested in the real estate market in Georgia must know that foreigners can easily purchase properties here, without having to complete particular procedures and comply with certain requirements that are created solely for foreigners. The same applies when a foreigner wants to buy a commercial property, necessary for those who will open a company in Georgia. If you need to know the legal requirements for buying or selling real estate in Georgia, our team of Georgian lawyers remains at your service.
How can foreigners sell real estate in Georgia?
As a foreign person who is the owner of an apartment, a house or a commercial property that was bought during the process of company formation in Georgia, it is necessary to know that the sale procedure is the same as the one applicable to local citizens and residents. Since the foreigner has purchased a property in Georgia, he or she has become the owner of the said property and has the same rights and obligations as any other person who is an owner of properties in Georgia.
Thus, foreigners who have decided to sell their properties in Georgia can simply list their property on a website where property sales are shown, or they can address to a real estate agency, which can handle the advertising of the property on behalf of their clients. This would be the first step is starting this process.
The next step will start when persons interested in buying the property will want to see it. Depending on how the seller advertised the property, possible buyers can simply meet with the seller, or they can also be accompanied by the real estate agent, in the case in which the buyers saw the ad published by the real estate agency.
It is highly unlikely that the first possible buyers will actually purchase the property, so, as the owner of a property available for sale, you should prepare for many visits of the respective property. When one of the persons who has seen the property makes an offer, then the next stage of the property sale will start.
In Georgia, the process of selling a property does not differ regardless of the type of owner – here, there are two main categories, namely developers and owners, who are natural persons who own a property (acquired by purchase, inheritance and any other legal means). Thus, regardless of who the owner is, when there is a client who wants to purchase the property, another step will begin, presented below (the signing of the contract).
Please mind that in the case in which you will sell real estate in Georgia for commercial purposes, the process will be the same, but the types of documents will greatly vary, as the buyers will usually be legal entities; our team of lawyers in Georgia can present more details.
First, the parties will sign a preliminary contract, through which the new owner will be registered as the owner of the property, but only as long as he or she, the buyer, will fulfill the conditions stipulated in the contract. You can address to our law firm in Georgia if you want to sign a sale contract.
What is the real estate trend in Georgia?
Given that Georgia has a friendly legal framework regarding the purchase of properties by foreigners, the property market in this country has rapidly modified. Numerous Georgian regions attract the interest of foreigners, but Tbilisi, the capital city, stands out as the most important region. You can find out few details below:
- although foreigners can easily purchase residential and commercial property, foreigners are not allowed to purchase land, a right which was suspended in 2017;
- Tbilisi accounts for 44% of the sale contracts signed for the purchase of properties;
- in 2018, there were more than 38,000 properties sold at a national level, and ¾ of them were in Tbilisi;
- the largest number of sales in Tbilisi are registered in Saburtalo, accounting for 27,2%;
- persons who will become the new owners are required to pay a fee of GEL 50 to GEL 200 for the registration of property with the Chamber of Justice.
For more details, we invite you to contact our team of lawyers in Georgia, who can advise you on the process of buying a commercial real estate property. We can also represent local and foreign sellers, so do not hesitate to contact our team for legal assistance.
