Good news for foreign buyers of real estate in Georgia! The National Bank of Georgia has decided to reduce the down payment requirements for immigrants, which will make the process of obtaining a mortgage much easier and more accessible.
Now, for those who earn income abroad, the minimum down payment has been reduced from 30% to 20%. And for immigrants earning in Georgia, this figure has been reduced from 15% to 10%. Such changes are intended to stimulate the real estate market and increase the availability of lending for foreign investors and new residents of the country.
An example of calculating a down payment Let’s say you want to buy an apartment in Tbilisi worth $70,000.
– If your income is abroad, you will need to contribute 20% – this is $14,000.
– If your income is in Georgia, the down payment will be 10% – this is $7,000. The remaining amount can be issued as a mortgage on favorable terms.
Why is it worth investing in real estate in Georgia?
– Rising housing prices. Real estate in Georgia is steadily growing in price, providing good returns for investors.
– High rental income. Popular tourist destinations such as Tbilisi and Batumi provide high demand for rentals.
– Simple purchase system. Real estate registration is possible in just one day, without the need for lengthy bureaucratic procedures.
– No real estate tax. There is no annual real estate tax for individuals in Georgia.
– Flexible mortgage terms. A reduction in the down payment makes buying a home more affordable.
Georgia continues to attract buyers with favorable terms for purchasing real estate, a transparent transaction system and a stable economic environment. Lowering the entry threshold to the mortgage market makes buying an apartment or house even more realistic for foreign citizens wishing to live or invest in this country.
If you are considering buying real estate in Georgia, now is a great time to take advantage of the new mortgage terms! Contact our agency, and we will select the best housing options for you and help with all the necessary paperwork.
