BAKU, Azerbaijan, December 20
By Tamilla Mammadova – Trend:
The number of apartments purchased by foreigners reached 11,038 in Georgia in 2018, of which about 2,000 were in Tbilisi, Trend reports with reference to the Georgian investment company Galt & Taggart.
Compared to the same indicator in 2016, the figure tripled in 2018.
Reportedly, the main goals of foreigners buying apartments in the Georgian capital Tbilisi were investment and migration.
According to the report, for investment purposes, apartments were mainly purchased by investors from post-Soviet countries, while immigrants from the Middle East were buying real estate for the purpose of long-term residence.
Reportedly, 12.5 percent of all sold residential real estate in Tbilisi in 2016 was acquired by foreigners. In 2018, this indicator amounted to 23.3 percent.
Galt & Taggart noted that most of the capital’s housing stock was built in 1961-1999, and only 22 percent of Tbilisi’s real estate market account for new buildings.
The report also indicates that there are 500 Khrushev-era houses in Tbilisi, and most of them are located in the districts of Saburtalo, Digomi and Varketili.
Tbilisi City Hall is working on the replacement of these buildings, and this is a good investment opportunity for developers, the report said.
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