The Guide to Buying Real Estate in Batumi: Legislation and Taxes

Batumi has become an increasingly attractive location for those wishing to purchase real estate over the last few years. The growing tourism industry, rapidly developing infrastructure, and business-friendly legislation push many people to settle here, or at least acquire investment property. Batumi is still one of the most affordable cities in Europe when it comes to real estate, but prices are rising rapidly, promising investors high ROI. In 2024, European Best Destinations named it among the top 10 European cities for investment, alongside Monaco, Nice, and Geneva.

The search for real estate in Batumi usually begins with online platforms. It's important to pay attention not only to the price but also to the location, infrastructure, and condition the property is in. Once you've selected several projects that seem to fit your requirements, you need to switch to researching the development companies themselves. It's essential that the development company operates transparently and provides you with complete information about the project. If possible, it's recommended to invite an independent expert to evaluate the real estate. Especially, when purchasing an apartment in an older construction - an unbiased assessment will help you avoid unexpected costs in the future.

Buying and Selling Real Estate

The process of buying and selling real estate involves several stages that cannot (and shouldn’t) be skipped:

1. Confirmation of the seller's ownership rights: It's paramount to verify that the seller has the legal right to sell the property. To do so, you contact the public registry and request an extract that confirms the ownership.
2. Signing the purchase agreement: Must contain all important details such as property description, price, payment terms, and deadlines. Once signed, the contract must be notarized.
3. Real estate registration: The procedure can proceed either at the House of Justice or online. The following documents are required:
   • Application;
   • Identification documents;
   • Notarized purchase agreement;
   • Payment confirmation receipt;
   • Registration fee payment receipt.

Real estate registration typically takes 4 working days, but for an additional fee, the process can be expedited and completed in 1 working day.

For foreigners, there’s no restriction on purchasing real estate in Georgia, including Batumi, except for agricultural land. To initiate the real estate transfer procedure, a non-resident needs to present a translated and notarized copy of their passport (along with the rest of the standard documentation required for the procedure).

Real Estate Legalization in Batumi

Real estate legalization may become necessary if it's found that the building has unauthorized additions or reconstruction. This process includes the following steps:

1. Preparing architectural plans;
2. Submitting relevant documentation to the local municipality;
3. Obtaining permits and paying relevant fees;
4. Registering legalized changes in the public registry.

For many people, another reason why making an investment in Batumi is attractive is because of much lower property ownership taxes compared to other European cities. Individuals whose annual family income is less than 40,000 GEL are exempt from property tax altogether, a person whose annual family income is between 40,000 GEL and 100,000 GEL pays approximately 0.5%, while a person whose annual family income exceeds 100,000 GEL is taxed at 0.8-1%.

But before you start planning for buying apartments in Batumi, be sure to consider a few basic tips that will easily help you avoid most problems associated with buying real estate:

1. Check the legal status of the property in the public registry;
2. Make sure all transactions are carried out through reliable banking channels;
3. If you choose a newly built or under construction apartment in Batumi, check the project permits and look into the development company (read reviews, contact those who have already purchased an apartment in the project, ask around if any difficulties arose when they were buying or transferring real estate, etc.);
4. Consider additional costs such as taxes and commissions (it would be best if the development company could provide this information directly);
5. Familiarize yourself with the neighborhood and local infrastructure - does the project cover all the requirements you have for comfortable living or investment purposes? For example, if you plan to rent out your property, study in advance the demand for rental spaces and average prices in the area where the project is located.

Purchasing real estate in Batumi can be a very profitable investment if you don’t overlook any of the important aspects and calculate the risks accordingly.

If you are interested in purchasing elite real estate in one of the fastest-developing areas of Batumi, on the new boulevard - the OKTO ART HOUSE project by the development company OKTO GROUP should definitely interest you. Our specialists are ready to help you at every stage of the process.

Buy an apartment in Batumi easily with OKTO GROUP. Start investing in the future today - contact us for more information.