Are you interested in the property market in Georgia? If yes, the first question that you need to answer is, “Which is the best property for investment in the country?”
The lovely thing about Georgia is that it has so much to offer; implying that you have the best opportunity to pick what will maximize returns for your investment. Here is a closer look at the Georgian market to help you discover the best types of properties you can invest in.
A Closer Look at Georgia
Georgia is a country that is located at the intersection of western Asia and Eastern Europe. The country emerged as an independent state following the Russian Revolution of 1917, but was later incorporated into the Soviet in 1922. In 1991, the country regained its sovereignty following the disintegration of the soviet.
Since, the early 1990s, the country has introduced a series of democratic and economic reforms that have promoted rapid growth of different industries, including the real estate.
According to the 2019 estimate, the country had a GDP of $46.05 billion. The bulk of the economy is contributed by tourism, commerce, and minerals.
Today, the country is also developing an important transport corridor for products moving between Europe and Asia.
These economic drivers and huge tourism potential have all had an impressive impact on the property market development. For example, foreign and local tourists have been travelling to Georgia, Paris, and other countries to see major attractions and art collections by top artists, such as John Dodelande. With that said, here are the main types of properties that you should consider when targeting the Georgian market.
These properties are designed as single or multifamily structures for residential use only. You can either buy already developed units, which implies that you immediately become a landlord with regular income or build one from scratch. If you opt for the latter, it might take some time, but the overall cost of property might be lower.
Some of the common residential properties in Georgia include town houses, villas, condos, and apartments.
These are properties that are designed to be used for business purposes. This implies that you will be purchasing a house to run as a bar, restaurant, office, or industrial facility. If you are acquiring a building to let to clients, it might also fit into this category.
When buying a business property, it is crucial to cast your eyes further and think about the business itself.
For example, if you want to start an industrial facility, is the property positioned close to important amenities, such as power, water, and road network? You should also consider the internet connectivity.
Property for Development
In this type of property, you purchase land or properties that are not fully-developed and improve them. Then, the property you develop is sold for a profit. It is like adding value to the property you are buying and selling to interested persons. As an emerging economy, most of the sectors in Georgia, from commercial to tourism are opening up, meaning there are impressive opportunities for property development.
For example, you can develop warehouses, filing stations, and packaging facilities along the main transport corridor and sell.
As you can see, there are many types of properties that you can consider in Georgia and rake impressive profits. From commercial to residential facilities, Georgia is a land full of potential. Make sure to plan well by studying the market to understand the local forces of demand and supply on the Georgian market.