BUSINESS
The number of Georgians who own property abroad increases
18 July, 2018
The number of foreign properties owned by Georgians is increasing. According to the recent data of the company “Property Abroad”, Georgians tend to purchase properties in Turkey, U.S.A and Eastern Europe. Compared to previous years, these days Georgians prefer smaller and less crowded cities than they used to.
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U.S.A, Photo courtesy: www.buying-selling-property.co.uk

Despite the high level of interest in the countries of Western Europe (Germany, Spa
in, Great Britain, France), the procedure for buying properties here is much lengthier and harder than in Turkey, Greece, etc. Georgians prefer properties that can be purchased with a mortgage. Co-owned supermarkets, restaurants and commercial properties on a long-term lease are also popular among Georgians.

The company “Property Abroad” singles out two main reasons for the increase in buying real estate abroad. Some Georgians purchase properties with the perspective of renting and making a profit out of them. Others envisage purchasing property for investment.
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Thailand, Photo courtesy: www.pinterest.co.uk

Meanwhile, countries, such as the U.S.A, popular resorts in various Asian countries and some European countries are among the most in demand areas to buy a real estate. It may be that Georgians see the purchase of property as a step to residency rights.

As for types of properties, various trends are observed in this regard. For instance, Georgians buy multi-room houses in Germany, seaside houses in Spain and hotel-type properties in Turkey. There is no available data as to the price being paid for these properties.
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Turkey, Photo courtesy: www.premiersunhomes.com

In certain parts of the U.S.A such as New York, it has become almost impossible to buy a property for less than one million dollars. And it is also challenging to buy properties for a reasonable amount in other European cities such as London, Barcelona or Paris.

“Property abroad” emerged in the Georgian market about two years ago. It advises people who are interested in purchasing foreign properties.


First photo courtesy: www.achhikhabre.com

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