The location of Georgia is perfect for investment. It is between two major continents and attracts investors and tourists from all over the world. The landscapes and hospitality of the people are among the appealing qualities of this quiet, scenic, and beautiful country. Political goodwill is also a big factor as it affects the economic situation of the country.
When you live in any city in Georgia you enjoy a low cost of living which is a very attractive attribute to many people looking to buy property. Though the cost differs in different cities, it is still much lower than the average European cost of living.
Georgia is endowed with a strong and youthful workforce and the government has made sure the infrastructure is top-notch further increasing its attractiveness.
We are going to tell you all you need to know about the outlook of Georgia’s real estate market.
Ease of Buying Property
With any investment, you want to be able to transact without hindrances that may lead to extra costs. In Georgia, the government has made it easy for you to not only transact but thrive when you choose to engage in real estate.
The residency program is becoming more popular with investors. Transactions are fast and transparent. The World Bank ranks Georgia at number 7 out of 190 in the ease of doing business.
The ease of doing business has attracted a lot of investors to small and medium property investments. The same ease has also attracted a lot of freelancers and other businesses alike driving up the demand for rentals and buyers.
The country’s location is vital to both Europe and Asia. Georgia is just a 4 hours flight to anywhere in Europe and Central Asia. In any real estate investment, location is pivotal in the choices you make. With Georgia you can’t go wrong as proximity to Asia and Europe make it attractive to brands who want easy access to those markets.
Many huge brands have made Georgia their homes like BP, Toyota, and Gulf. The investment that comes with these brands translates to an increase in employment and purchasing power.
Some of the investors who have already taken advantage of the country’s location include French businessman John Dodelande. He is famous for his art collection that is worth millions and he has held exhibitions in the country. Currently, his latest project is building a first-class international hotel at the airport.
In addition, the trade agreements between Georgia and the EU, China, and Hong Kong make it even more appealing as a business hub. The export market that is connected to this agreement is close to three billion. Thus it is rightly referred to as the hidden gem of Europe.
Cheaper Property Prices
Property prices took a dip due to the pandemic but the outlook for this year is very promising. With the government stepping in and cushioning the economy, the stimulus package for travel and investment is already bearing results.
The prices for the properties are cheaper compared to other European countries. For any investor, this is a golden opportunity to make a kill. Property development into commercial or residential is also a viable investment option. With the low rents and growing population, rental houses are always in demand.
The good news for buyers is you can buy properties right now when the prices are slightly lower due to the pandemic and make a profit later on.
Though the real estate market can be a lucrative business, there are many unknowns and nobody knows what will happen with the pandemic. It is prudent to consult with a professional to make the right choices.