According to preliminary data, the volume of direct foreign investments made in Georgia in the 3rd quarter of 2023 amounted to 316.0 million US dollars.
Georgia has been a member of the ICSID Convention since 1992 and has signed Bilateral Investment Treaties (BITs) with 33 countries. Through integration with the international community, the country attracted foreign-owned businesses, which significantly contributed to the growth of the country’s economy. It should be noted that, according to the World Bank, Georgia ranks 7th among the countries where starting and developing a business is easy and convenient.
The right to property in the country is protected by the Constitution of Georgia. There is no foreign ownership restriction. A solvent investor has the right to convert the income received from investment and other funds in any banking institution of Georgia at the market rate and also to return it abroad without limitation.
Also, the state allows a foreign citizen who purchases real estate worth $100,000 to request an official certificate of residency.
A person with significant property (a natural person whose proven property exceeds 3 million GEL or annual income for the last 3 years – 200 thousand GEL) who owns property worth at least 0.5 million USD in Georgia can obtain tax residency status in Georgia if he has a residence in Georgia. Permit or receives an annual income of at least 25 thousand GEL from Georgia.
Residents of Georgia pay income tax in Georgia, the standard rate of which is 20%, and when renting or selling an apartment – 5%.
Source: Order No. 60 of the Minister of Finance of Georgia; March 1, 2023; Tbilisi
In 2023, apartment sales increased by 4.2% annually, underscoring the steady demand in Tbilisi’s real estate market. In 2023, an apartment worth 2.9 billion US dollars was sold in Tbilisi, which is an annual growth rate of 9.9%.
It should be noted that according to the data of the 3rd quarter of 2023, real estate occupies the 2nd place in the GDP sectors of Georgia. According to preliminary data, the volume of direct foreign investments made in Georgia in the 3rd quarter of 2023 amounted to 316.0 million US dollars.
In 2023, in Tbilisi, the positive dynamics of sales of new apartments was maintained and an annual increase of 1.6% was recorded. It is worth noting that prices have increased especially since the beginning of 2022 until today, where a 30.7% increase is recorded. In the fourth quarter of 2023, compared to the same period of 2022, a price increase was recorded for new apartments by 14.2%. By the end of 2023, an annual decrease of 5.1% was recorded in the rent in Tbilisi, although this fact is twice the level of 2021. It should be noted that this is due to the stabilization of the real estate market.
Also, in the fourth quarter of 2023, compared to the previous quarter, the residential real estate price index (RPPI) increased by 2.9%, and the annual growth of the index amounted to 12.8%.
In the fourth quarter of 2023, compared to the previous quarter, an increase in prices was recorded both in the segment of residential apartments (2.5%) and in the segment of private houses (4.3%).
Georgia’s strategic goals are closely related to the Euro-Atlantic course. It is important that on December 14, 2023, the European Council made a decision to grant Georgia the status of a candidate country. In addition, Georgia has signed visa-free traffic agreements with 98 countries.
According to IEP’s “Safety Perceptions Index 2023”, Georgia ranks 11th in Europe and 21st in the world in terms of business safety.
Along with the integration with global markets, Georgia receives more visitors with the help of FTA. In 2023, 7.1 million international non-resident travelers entered the territory of Georgia, which is 30.3% more than the previous year. 4.7 million tourist visits were made by international visitors, which is 27.8% more than the previous year.
Source: Galt & Taggart
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Avlabari by Index is situated in the historic heart of Tbilisi on Bochormi Street, Avlabari. Encompassing an expansive 8,000 m² plot with a building footprint of 4,000 m², this landmark project stands tall with 20 floors of modern living.
The first two floors are dedicated to versatile commercial spaces, complemented by a parking facility on the third floor. Adding to the allure of Avlabari, a square and a dedicated children's zone will grace the surroundings.
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Gldani by Index, strategically situated on the highly coveted Shengelia Street in the central hub of Gldani. This impressive 18-floor structure is set to become a landmark in the heart of Gldani.
The first two floors are dedicated to versatile commercial spaces, providing an opportunity for dynamic businesses, while a convenient parking facility is available on the -2nd floor.
Designed to meet diverse lifestyle needs, the project offers apartments starting from a generous 32 m², ensuring both comfort and efficiency in contemporary living spaces. The project will be completed in 2026.
