Georgia is an attractive place to live permanently, and many people aspire to move here. Although the cost of rent has increased over the past year, even with this increase, expenses for expats in Georgia remain relatively low. Here is information on how much money it will take to live comfortably in Tbilisi or Batumi in 2023.
Country currency
In Georgia, the official currency is the Georgian lari (GEL). According to current data, as of mid-May 2023, one lari is approximately equal to 0.3928 US dollars. In this article, all prices will be indicated in dollars for your convenience.
Annual inflation in Georgia in April 2023 amounted to 2.3% according to European standards and 2.7% according to national calculations.
A few words about currency exchange
Regarding currency exchange, in the center of Tbilisi you can find exchange offices with a normal rate almost everywhere, and they do not charge a commission.
However, it should be borne in mind that the exchange rate may change during the day. Usually in the morning the rate can be a little worse, especially if not all exchange offices are already open, by the middle of the day it becomes very profitable, and in the evening it can decrease again.
Ticket prices to Georgia
Since the beginning of May 2023, direct flights from Russia to Georgia have been resumed, and airlines have already received permission to operate them.
Ticket prices range from $150 to $350
Housing expenses
Purchase
For foreigners, the process of buying an apartment in Georgia is quite simple – all you need is a passport and access to funds. Usually, new buildings offer interest-free installments for a year or a year and a half, subject to an initial payment of 20-30%.
The cost per square meter in new houses in Tbilisi and Batumi ranges from $800 to $1300 depending on the deadline. In the secondary market, prices range from $600 to $1100 per square meter.
You can buy real estate in Georgia remotely. To do this, it is necessary to issue a notarized power of attorney for the one who will carry out the physical execution of the transaction.
How real estate prices in Georgia have changed in 2023
Based on data from the investment bank TBC Capital, in 2022, the average price of housing on the market in Tbilisi increased by 25-34%, depending on the area. The average cost per square meter reached $1,072.
At the same time, the increase in rental rates was much more significant, amounting to +103% for the year. This resulted in tenants having to pay $11.2 per square meter of rented housing.
Rental housing in Georgia
Daily
Rental prices in Georgia vary depending on the city, region and season. In summer, prices rise markedly, in spring and autumn they are lower, and in winter they are more affordable. However, even during the peak season, renting an apartment in Georgia is not overly expensive.
For example, in July, the cost of a separate accommodation per night can be from $20 to $50. In April, a two-bed apartment in the center can be rented for a week for $100. In Batumi, rental prices are similar, but in the resort town the cost of an overnight stay during the season can reach from $50 to $100.
Long term
In Georgia, for about $100, only rooms with a low level of renovation and public amenities are available. However, with a $200 rental, you can already find a room in good condition, either in an old panel building or in a private house with amenities.
In general, rental prices for real estate in the mass segment range from $400 to $700. For these amounts, you can rent a two-room apartment in a residential area or a private house. Most of these facilities have a decent level of repair, modern furniture and household appliances.
Communal payments
According to the international company PB Services, in 2023 the cost of paying for electricity, water, heating and garbage collection for an 85 sq. m. in Georgia is about $75.
There is no centralized heating system in the country, so each family independently chooses which source to use for heating – electricity or gas. In most cases, gas heating is used, so the most significant bills relate to paying for gas. Also in Georgia there is no centralized hot water supply system, so boilers are installed in the houses.
