BAKU, Azerbaijan, November 4
By Tamilla Mammadova – Trend:
Some 1,192 units of real estate were registered in the names of Azerbaijani citizens in Georgia in 2015-2018, Trend reports referring to the Migration Profile report for 2019 of the State Commission on Migration of Georgia.
Reportedly, 40 percent of real estate acquired in Georgia over the past four years belongs to Russian citizens.
Russian citizens own 15,133 units of real estate in Georgia. Meanwhile, 1,226 units of real estate are owned by Turkish citizens, 5,598 units - by Iranian citizens, 2,599 units - by Ukrainian citizens, 1,634 units - by Israeli citizens, 1,182 units - by US citizens, 7,855 units – by citizens of other countries.
In 2018, foreign citizens acquired a total of 12,559 units of real estate in Georgia, of which 11,038 - apartments, 1,332 - non-rural land, 189,000 - agricultural land.
During 2018, Georgia maintained a consistently high demand for real estate. Housing sales were primarily driven by increased availability of apartments. In addition, real estate demand has increased due to higher wages and liberalization of long-term loans.
According to analysts, the amount of transactions related to real estate sales in 2018 increased by 22 percent in Georgia, and in Tbilisi and Batumi - by 33 and 15 percent, respectively.
Some of the purchases were investments - especially in Batumi, whose economy is largely dependent on the tourist flow.
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