Steps of Selling a flat in Georgia
Selling a flat remotely
The property sell procedure explained in detail
for those who are not in Georgia and cannot come to Georgia, we take care of property selling or buying remotely, with the help of the power of attorney. To sell a flat you need to use some Real Estate websites that are quite popular in Georgia list your properties there, receive calls, answer them, meet your buyers and show them the property, talk with them to negotiate terms and once they agree on the terms you need to prepare purchase agreement, go to the public service hall to sign these papers that’s it you are pretty much done.
When does the buyer pay while selling a flat?
this practice is quite inconvenient for some people because it happens at the same time. Either you go first and sign papers and then the buyer gives you money in cash or bank transfer to you or either buyer gives you money at first and then you assign a paper. this is inconvenient sometimes for either party but that’s how a majority of deals are done in Georgia. We never faced any problems with that. For extra security, people can register pre-purchase agreements.
What happens if the buyer won’t pay or seller won’t register ownership after buying a real estate?
in that case, you will need to go to court. in that case, the pre-purchase agreement does not make any sense because you can go and prove that you are right in court with the sales agreement too. The terms of sale are all these details that I mentioned stipulated in the pre-purchase agreement as well as in the sales agreement. As some people think that they are extra secure with a pre-purchase agreement when the outcome is the same if either party did not comply with what they have promised. imagine what happens or what happens if they will sign this paper and the next day you will decide not to transfer this money the seller needs some Assurance as well as the buyer’s right there should be some mutual trust involved.
First of all, we check the status of the property in advance to make sure that there is no liability registered for that property and as we know that this property is all clean, with no mortgage usually you/
Return on Investment in Tbilisi – High yield Real Estate
I often hear that people are looking for high yield rental properties but want to invest as low as possible. What we need to understand that property price is in direct correlation to property rental yield. Prices of some properties are higher and it is more demandable because it is supposed to be less risky and high yield property. So cheapest property on the market and highest yield property is not often compatible. Cheap property for sale often times are riskier in terms of Investment. It might yield high but it is associated with higher risk. Our goal is to leverage between the risk we take and opportunity of investment return. It all depends on our goals at the end. Would you like to invest more now and feel less stressed when you sleep or you prefer to take higher risk and may more likely be tempt to lose your money which is so hard to collect? Considering all above mentioned concerns I divided Tbilisi in three main real estate districts:
- Hot
- Cool
- Calm
And calculated for you average market prices and possible rental yields. Go ahead and find the details and come back when you finish reading It. Now as you are familiar with Tbilisi market let me introduce you to Batumi.
How much return on investment should you expect in Batumi?
Looking to buy a house in Batumi? Before you proceed and search for Batumi condo houses for sale make sure you understand the Batumi Real Estate market. That’s the reason I am writing this blog. Most of my readers are looking for beach front properties for sale in Batumi. Therefore I will be considering sea view flats here, which are made for investment. How much of yield should you expect from nicely located flat in Batumi on the first line of the beach? How much of Rental Income Should you realistically expect from your Batumi Property? Based on Most recent observation I concluded following:
Note: Below Prices are given in USD for your convenience.
In my example I assumed that investment amount is 35 000 USD and calculated total real estate investment value, extracted expenses and calculated net profit – return on investment based on that. Now, If you wonder what kind of flats you can purchase for 35 000 you can see this.
| Investment | 35000 |
| Total Revenue | 3900 |
| Total Expenses | 768.2 |
| Annual Return on Investment | 11% |
Prices of flats for sale in Batumi
I weekly analyse market and shortlist the data to 6 most profitable deals in terms of ROI and not only. Thinking about real estate investment you need to consider risk associated with investment as well. As Batumi is sea-side resort which host most tourists during summer beach front flats are most likely to be rented out. Other apartments are rented after. Similarly apartment prices lowers as you go further from the sea. Apartments selling price is lower further from the sea as well. You may even find apartment for 500 USD per sq.m in the outskirts of Batumi in an old building. Beach front apartment prices start from 1000 USD. If there is huge market crisis obviously sea view apartments suffer less.
Is investing in Batumi real estate less risky than Tbilisi property Investment?
Capital city always is associated with less risk factor. Obviously in case of major market crisis capital is always less affected. If you invest in Tbilisi central area, obviously your investment is secure, less risky. Batumi is highly depended on the season. There is still possibility to rent out flat offseason, but as you have probably compared in the graph rent fee for Batumi property in comparison with same size investment flat to Tbilisi is less. However on season compensates this and as a result shown above Batumi and Tbilisi Annual Rental Yield does not display huge difference. In addition to that, I can say that in Georgia there is relatively stable real estate market prices. Batumi is rapidly hosting more tourists each year. Your investment should be strategically planned taking into account the regional development plan. Also you should keep in mind that Batumi is not a huge city and coast is really limited. Apartments are rapidly building now and we see lowest prices on the market but at some point there will not be any more place on the first line of the beach so demand will start increasing. Governments try to give more importance to regions and always tend to implement new projects to develop regions, including Batumi and Adjara. There are several huge projects planned. Before making wise investment decision, taking more risk in a sake of more profit sometimes can be a good idea.
Which Property is the best to Invest in Batumi?
Most people looking to invest in Batumi Real Estate often think to buy a condo house or one-bedroom studio flat. Did you ever consider commercial space? If I would be investing right now, I would definitely go for commercial space. By commercial spaces I do not mean offices, there are real estate properties used by shops, banks, pharmacies, bars, and restaurants. Even if there is no tourist in the city there will be still demand for this kind of property in the market. A good commercial property might be your risk-free investment in Batumi. Now, well obviously price per sq.m for commercial properties is higher than for flats for sale, but in terms of ROI commercial space gives the same or more ROI with less effort. Your tenant is some business, not an individual so it is relatively stable for you. Considering property investment alternatives in Batumi, don’t miss out on commercial space deals. It’s worth to be paid attention to.
You still got more unanswered questions regarding the real estate market in Georgia? I might have answered them. Here I collected some of the frequently asked questions on the property market of Georga/
Real Estate Agent in Batumi
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Highest rental income properties in Batumi 2022 update
After pandemic situation of Batumi real-estate is relatively stable. Two most popular property type for investment in rental income is seaside-flats, condos. If you know batumi real estate number, you would notice how many skyscrapers are built every year. Most of the flats are condos. Supply is increasing every year. That was my concern when I was thinking of my own real estate investment in Batumi. On the other hand, Villas are undersupplied. We have invested in Villa, rental market is definitely undersupplied. It is much easier to Rent this type of property throughout the year. We generate on average 15% of return annually. Sometimes as high as 25% too. Apart from current advantage, we believe villas will outperform flats for several reasons. When buying a property there are to types of income to take into consideration – rental that is usually taken into consideration but property appreciation is often understimtated. Due to nature of Villas, there are limited supply of lands and hence will always be limited supply of Villas in contrast to flats. Apart from that, if you compare to European countries, you can now purchase Villa for a price of a flat in Europe. For more detailed recent Batumi real estate market overview check this out.
How to Sell Your Flat in Batumi or Tbilisi Remotely:
Selling your property in Batumi or Tbilisi, Georgia, as a foreigner, can seem overwhelming, especially if you’re not physically present. However, with the right approach and assistance, it can be a smooth and straightforward process. We’ll walk you through the essential steps of selling your flat in Georgia, even if you’re doing it remotely.
Step 1: Listing Your Property on Popular Real Estate Websites
The first step to selling your flat is to list it on the most popular real estate platforms in Georgia. These websites are widely used by buyers looking for properties in Batumi, Tbilisi, and other cities. Ensure your listing is attractive by including high-quality images, a detailed description, and accurate information about your property.
Step 2: Responding to Buyer Inquiries
Once your property is listed, you’ll start receiving inquiries from potential buyers. Whether you’re in Georgia or selling remotely, you’ll need to answer these inquiries, provide additional details, and schedule property viewings. Effective communication is crucial during this phase to keep buyers interested.
Step 3: Showing Your Property and Negotiating
If you’re physically in Georgia, you can meet buyers, show them the property, and negotiate in person. However, if you’re not in the country, this can be managed remotely by a real estate agent. A trusted local representative can arrange property viewings on your behalf and handle negotiations. It’s essential to have someone who can represent your interests effectively, ensuring you get the best deal.
Step 4: Preparing the Purchase Agreement
Once a buyer is ready to proceed, you’ll need to prepare a purchase agreement. This document outlines the terms of the sale, including the price, payment terms, and any conditions. Both the buyer and seller must sign this agreement in the presence of a notary or at a public service hall.
Step 5: Signing the Documents and Finalizing the Sale
If you’re not in Georgia, the sale can be completed remotely with the help of a power of attorney. By granting this legal document to a trusted representative, such as a real estate agent, they can sign the necessary paperwork on your behalf. Once the papers are signed, the sale is finalized, and the agreed amount is transferred to your bank account.
Why Sell Remotely with a Trusted Real Estate Partner?
Selling a property remotely in Georgia can save you time and effort. By working with a professional real estate service, you avoid the hassle of traveling, managing inquiries, and negotiating in person. A real estate agency with experience in remote transactions will handle everything for you—from advertising to closing the deal.
Summary of how to Sell Your Flat in Batumi or Tbilisi Remotely
Selling your flat in Batumi or Tbilisi doesn’t have to be a daunting task, even if you’re not in the country. By following these steps and working with a reliable partner, you can efficiently sell your property remotely.
If you’re looking for assistance in selling your property in Georgia, we offer expert services whether you’re buying or selling. Contact us today to get started with us.
Hire your english speaking real estate agent in Batumi Now
Looking for real estate investment for passive income? Good news, you are on a right spot. There is numerous ways we can help you with that. If you contact us we will offer you either of these.
- Offer you our Ready-Made Beach Front Properties
- Offer you Luxurious Villas
- Build your own luxurious own house
- Become your personal real estate assistant
Expats.
Hi,
My name is Stephane and I have been interested in investing in Georgia real estate, one flat for now. I understand the differences between Batumi and Tbilisi.
Which project would you recommend to invest in from abroad, offering services of renting and maintaining the property ? And also in terms of financing, are there any options and obviously what are the legal obligations involved?
Thank you,
Stephane