The foreigners travel to Georgia for various purposes such as starting a business, studying, organizational mission or immigrating for a long-term life and looking to rent or mortgage a property in this country. According to the laws of Georgia, foreigners can rent or mortgage a property easily and in the shortest time without having a residency of this country. The process of renting a property in Georgia is very simple and the only important point in this regard is to choose a reliable and professional real estate agent to find the best option at the right cost.
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The property rental in Georgia is more affordable than many other countries. On average, the cost of renting residential apartments in good urban areas of Tbilisi (the capital of Georgia) for high-quality one-bedroom apartments with different facilities is between 600 and 1,000 dollars and for high-quality two-bedroom apartments with different facilities is between 700 and 1,400 dollars. Residential apartments in this country are rented with all equipment and furniture. According to the custom of payment, the tenant must pay the rent for the first month and the last month to the owner at the time of signing the contract, and then he pays the rent for each month at the beginning of each month. Of course, some owners charge an amount equivalent to one month's rent from the tenant as a guarantee for the maintenance of the house's furniture, and return it to the tenant at the end of the contract. The duration of property lease in Georgia is generally one year, but short-term or longer-term contracts can also be concluded based on negotiation. Contracts are generally regulated internally and if the tenant wishes to register the lease with the Public Utilities Office, the tenant can do so and the owner must pay 5% of the rent as tax.
Our suggestion to foreigners is always to try to use real estate companies because they can arrange their contract more safely and another main reason to use a real estate agent is that the tenant doesn't have to pay any real estate agent fees and the payment of the fee is the responsibility of the owner or lessor. SisnoGroup consultants are ready to provide you with free advice on property rental in Georgia.
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The property mortgage in Georgia is done in two ways:
- The first case: the mortgagor does not use the property, in which case the owner somehow receives a payment and pays a certain monthly interest for receiving that amount to the person who paid him in exchange for taking the property deed as a mortgage. In general, this cannot be called a mortgage, and this is basically a kind of borrowing money along with paying interest by guaranteeing the property.
-The second case: the mortgagor uses the property as a guarantee. In this case, the owner allows the mortgagor to use the property for a certain period of time by receiving the agreed amount and without monthly payment; then the owner is obliged to return all the money and the mortgagor is also obliged to vacate the property. In Georgia, due to the fact that the mortgage is very rare, its price is very high and its rate is about one-third to one-half of the real value of the property. In addition, properties are generally mortgaged with all appliances and furnished. Official offices (notaries) are used for real estate mortgage contracts in Georgia, and the mortgage amount is written in GEL and must be deposited into the owner's bank account. Also, the name of the mortgagor along with the contract number is written in the property document so that no one can sell the mortgaged property without the agreement of the mortgagor.
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1Is it necessary to stay in this country to rent a property in Georgia?
No, you do not need to be a resident to rent a property in Georgia, and you can rent any property just by holding a passport.
2Are domestic rental contracts in Georgia without legal validity?
No, domestic rental agreements are also legally correct, but it is better to register your rental agreements if possible.
3 In what language is the property lease agreement in Georgia or property mortgage in Georgia drawn up?
The contract must be written in two languages, one in Georgian and the other in the language that the signatory is fluent in.
4 Is it possible to sell the property without informing the buyer in the mortgage contract?
5Who is responsible for property rental tax in Georgia?
The payment of this tax is the responsibility of the owner, but it is usually the responsibility of the tenant in the agreement and contract of the parties.
6 How much is the property rental transaction commission in Georgia for real estate companies?
Real estate companies usually charge one month's rent from the owner.
7 How much is the mortgage transaction commission in Georgia for real estate companies?
Real estate companies usually receive six percent of the mortgage value equally from both sides of the transaction.
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