Comparison of property in Georgia and Turkey

Georgian property market: current trends and peculiarities

The property market in Georgia has attracted the attention of both local and foreign investors in recent years. A share of this interest is due to the stability and prospects that the country offers.

Current Trends

After a sharp rise in prices caused by a significant influx of re-locants from Russia and neighbouring countries, the property market in Georgia has started to stabilise. This has not led to a collapse in prices, on the contrary, the market is demonstrating moderate growth.

Market Peculiarities

Investor Interest
Georgia continues to attract the attention of international investors due to its liberal economic policies. Interest in Georgian housing remains steady due to both favourable business conditions and a favourable climate for living.

Prices and Affordability
The average cost per square metre in Tbilisi is approx. $1500. In Batumi, a popular resort town, prices are a little lower, at approx. $1400/m². This makes Georgian property affordable to a wide range of buyers.

Locations and Infrastructure
Residential complexes with modern infrastructure are being actively developed in the capital and major cities. Such projects are expected to stimulate further growth in demand. For example, mixed-use complexes with amenities are being actively built in the central districts of Tbilisi, which attracts both local residents and foreign buyers.

Development Prospects

According to expert forecasts, the next few years are expected to continued price growth on real estate at the level of 5-10% per year. This is due to both internal and external factors, including stable economic growth and improved living conditions.

"Georgia offers a unique combination of stability, affordability and prospects that attract investors from around the world."

Georgia's property market remains attractive and stable, offering good investment opportunities. The combination of a favourable climate, affordable prices and growth prospects makes it one of the most dynamic in the region.

Turkey's property market: current state and peculiarities

The property market in Turkey continues to be in the spotlight due to its unique characteristics and dynamics. It has undergone significant changes in recent years, which requires careful analysis.

Current State of the Market

The property market in Turkey over the past years has been demonstrating skyrocketing prices. In 2023, the average price increase was about 84%This is due to high inflation and economic changes in the country. However, the real demand for housing started to decline.

Market Peculiarities

Decrease in Foreign Buyers' Activity
The share of deals involving foreign buyers falls below by the end of 2024 1,5%. This is due to economic risks such as the devaluation of the lira and stricter regulations for foreigners.

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Prices and Affordability
The average cost per square metre in Turkey is about $1770. In the capital, Istanbul, prices can be significantly higher, while resort regions such as Antalya are more affordable.

Economic Risks
Turkey faces a number of economic challenges, including high inflation and currency fluctuations. These factors are affecting the property market, creating new barriers for investors.

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Tightening of Regulations
In recent years, the Turkish government has introduced new regulations for foreign buyers, which limits their opportunities in the property market. This is due to the need to stabilise the domestic market and control foreign investment.

Development Prospects

Experts predict that the market will experience the next few years correction period. While nominally prices may continue to rise due to inflation, a real decline in demand could lead to stagnation.

"Turkey remains an important player in the property market, but new regulations and economic challenges require investors to be cautious and carefully analyse."

Turkey's property market offers exciting opportunities but requires a balanced approach. Investors should consider economic risks and new regulations in order to make informed decisions.

Property price comparison: Georgia vs Turkey

The question of choosing between buying property in Georgia and Turkey is a question many investors face. Comparing prices in these countries helps to understand where investments can be more favourable.

Average Cost per Square Metre

Georgia

In Georgia, the average cost per square metre is about $1400. In the capital, Tbilisi, prices are slightly higher - approx. $1500/m². In the resort town of Batumi, which attracts a lot of tourists, the cost of housing about $1400/m².

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Turkey

In Turkey, the average cost per square metre is higher and is approx. $1770. In Istanbul, which is the economic and cultural centre of the country, prices can be much higher than average. In resort areas such as Antalya, accommodation is somewhat cheaper, but still more expensive than in Georgia.

Price Ranges by Locations

Capitals

• Tbilisi: Average Price ~$1500/m²
• Istanbul: Prices vary considerably from neighbourhood to neighbourhood, but on average ~$2000/m²

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Resort Cities

• Batumi: Approximate cost ~$1400/m²
• Antalya: Prices vary, but average about ~.$1600/m²

"The price differences between Georgia and Turkey are obvious, and they reflect both the economic situation in each country and the degree to which they are attractive to tourists and investors."

Comparison of property prices in Georgia and Turkey shows that Georgia offers more affordable optionsespecially in resort areas. This makes it attractive to investors looking for potentially high rental income at relatively low purchase costs.

Secondary housing in Georgia and Turkey

The secondary housing market in Georgia and Turkey offers a variety of opportunities for both investors and people looking for ready-made housing. Let us consider the specifics of the secondary market in each of the countries.

Secondary housing in Georgia

In Georgia, the secondary housing market is saturated with offers that range from Soviet buildings to modern flats.

Tbilisi

• Soviet buildings: In old neighbourhoods, such as Saburtalo or Didi Digomi, you can find flats in Soviet-era buildings for prices starting at $900/m². These properties are in need of renovation but attract low prices.
• Modern complexes: In central areas such as Vake or Vera, secondary housing in new buildings costs from $1200/m². Flats here are often offered with renovations, making them attractive for immediate move-in.

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Batumi

• Apartments in new buildings: In Batumi secondary housing is often represented by apartments in newly built houses. Here prices start from $1100/m²Many of the properties are sold with furniture and appliances. This is a favourable offer for investors who plan to rent out their homes.

"Georgia's secondary housing market offers unique opportunities for investors looking for a combination of affordability and growth potential."

Secondary housing in Turkey

In Turkey, the secondary property market is also diverse, especially in regions popular with foreigners.

Istanbul

• Central districts: In the secondary segment in Istanbul, prices can be as high as $2000/m² and above, especially in the Beyoğlu or Şişli neighbourhoods. These objects are interesting for those who appreciate the historical atmosphere and developed infrastructure.
• Suburbs: In suburban areas such as Bahçeşehir, prices for secondary flats can start from $1300/m²offering more affordable options for families.

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Resort regions

• Antalya and AlanyaHere secondary housing is often sold fully furnished, which is convenient for buyers who want to move in immediately. Prices range from $1000 to $1500/m² depending on proximity to the sea and infrastructure.

"Turkish secondary housing provides ready-made living and investment solutions, especially in resort areas where properties are actively rented out."

The choice of secondary housing in Georgia and Turkey allows buyers to get ready-made solutions at attractive prices. This is relevant both for personal residence and for investment purposes.

Peculiarities of the secondary market in Georgia and Turkey

The secondary property market in Georgia and Turkey has its own unique characteristics and offers a variety of buying opportunities. Let's take a closer look at these features in each country.

Georgia

Georgia's secondary market is attractive due to a combination of affordable prices and a variety of properties.

Tbilisi

• Soviet legacy: There are many secondary flats in Tbilisi in old Soviet buildings. These properties often require renovation, but their price starts from $900/m²This makes them affordable for a wide range of customers.
• Modern residential complexes: Newer neighbourhoods such as Saburtalo or Vake offer flats in modern residential complexes. Here, prices range from $1200/m²and these properties are often equipped with all modern amenities.

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Batumi

• Apartments from investorsIn Batumi secondary housing often includes apartments in newly built houses. Prices for such properties start from $1100/m². This is a favourable offer for investors, as such flats can be immediately rented out.

"Georgia offers a wide variety of secondary homes to suit different needs and budgets."

Turkey

Turkey's secondary market provides many options, especially in popular tourist and economic centres.

Istanbul

• Central districts and suburbs: In Istanbul, secondary housing in central districts such as Beyoğlu can cost up to $2000/m². However, in suburbs such as Bahçeşehir, prices start from . $1300/m²which makes them more affordable.

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Resort towns

• Antalya and AlanyaSecondary housing in these regions is often offered fully furnished and ready to move into. The cost per square metre varies from $1000 to $1500 depending on the location and the view from the window.

"Turkish secondary properties are attracted by the possibility of immediate occupancy and stable rental potential, especially in resort areas."

The secondary market in Georgia and Turkey offers a variety of options suitable for different purposes - whether it is an investment or buying a home for personal residence. Affordable prices and favourable conditions make it attractive to a wide range of buyers.

New buildings in Georgia and Turkey

The market of new buildings in Georgia and Turkey is actively developing, offering many opportunities for investors and buyers. Let us consider the main features and trends in each of the countries.

Georgia

Georgia is experiencing a construction boom, especially in major cities and resort areas.

Batumi

• Demand for apartments: New residential complexes are being actively built in Batumi, often with infrastructure from international brands. Prices for new buildings start from $800-1000/m² in a pre-finished state. This makes them affordable for a wide range of buyers and investors.
• Infrastructure and quality: Many new buildings offer modern amenities such as swimming pools, fitness centres and gated communities, which increases their appeal.

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Tbilisi

• Variety of formats: New buildings in the capital of Georgia range from small flats to elite flats. The average price per square metre in new residential complexes is about $1200/m².
• Instalments and investments: Georgian developers often provide interest-free instalments of up to 3-5 years, which makes new buildings particularly attractive to foreign buyers.

"Georgia offers a wide range of new construction investment opportunities, combining affordable prices with high quality construction."

Turkey

Turkey continues to develop as a key new-build market in the region, although it faces some challenges.

Istanbul

• High demand: New buildings in Istanbul are in high demand, especially in areas with developed infrastructure. The average price per square metre can reach $2000 and beyond.
• Quality and safety: After the recent earthquakes, seismic safety requirements have become stricter, which has improved the quality of construction.

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Resort regions

• Antalya and Alanya: New buildings in resort towns offer accommodation with sea views and well-developed infrastructure. Prices range from $1200 to $1600/m².
• Risks and opportunities: In recent years, some projects have faced delays and freezes, which requires investors to be cautious. However, the possibility of a favourable acquisition at an early stage makes them attractive.

"Turkish new buildings provide a wide range of choices for investors looking for modern solutions and convenient locations."

New buildings in Georgia and Turkey offer a variety of options suitable for both investment and personal residence. Affordable prices, quality construction and attractive purchase terms make these markets interesting for a wide range of buyers.

Purchase and clearance procedure: Georgia vs Turkey

Buying property abroad is a responsible decision that requires knowledge of local procedures and legislative nuances. Let's take a look at the process of buying and registering property in Georgia and Turkey.

Georgia

The process of buying property in Georgia is simple and affordable.

Purchasing steps

1. Object selection: The buyer chooses a property and negotiates the terms of the deal with the seller.
2. Contract conclusion: The contract of sale can be concluded either at a notary or directly at the registry.
3. Registration at the House of Justice: The registration of ownership is carried out at the House of Justice. The process takes only 1 working day.
4. State duty: The cost of registration is approx. $20-80depending on the urgency.

Advantages

• Speed and simplicity: Minimal bureaucratic procedures and no property purchase tax make the process of buying in Georgia very attractive.

"Georgia offers unique conditions for buying property: fast processing and minimal additional costs."

Turkey

The process of buying a property in Turkey is more complicated and requires a number of formalities to be completed.

Purchasing steps

1. Obtaining a tax number: A foreign buyer must first obtain a tax number.
2. Property valuation: A valuation of a property is required, the value of which is approx. $135.
3. Registration of the transaction: The transaction is registered at the cadastre, which requires the participation of a licensed translator.
4. Purchase tax: The buyer shall pay tax in the amount of 4% of the cadastral value of the property.

Advantages and challenges

• More complex procedures: The process in Turkey requires more time and financial investment, but allows access to a wider property market.

"Turkey offers a variety of opportunities in the property market, but investors should be prepared for more complicated clearance procedures."

Buying property in Georgia and Turkey has its own peculiarities that are worth considering when making a decision. Georgia offers simplicity and minimal costs, while in Turkey the process is more complex but offers access to a large market.

Taxes and additional costs of purchase and ownership

The purchase of property abroad is accompanied not only by the cost of the property itself, but also by various taxes and costs of ownership. Let's take a closer look at what costs await buyers in Georgia and Turkey.

Georgia

Georgia is characterised by minimal taxes and costs for buying and owning property.

One-off acquisition costs

• Registration fee: The cost of a normal registration is approx. $20. Accelerated registration will cost approx. $80.
• Notary services: If notarisation is required, the cost may be approx. $200.
• Translations of documents: Costs are minimal if you need to translate documents.

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Annual taxes and cost of ownership

• Property tax: For most foreign property owners in Georgia, the tax is actually absent. It accrues only if the owner's annual income in Georgia exceeds the 40,000 GEL (approx. $15,000), the rate ranges from 0.05% to 0.2%.
• Utilities: Electricity and water tariffs are similar or lower than in Russia. In Batumi condo complexes monthly service charges are as follows $0.3-0.5/m².

"Georgia offers an attractive environment for property owners due to its low taxes and maintenance costs."

Turkey

In Turkey, buying and owning property comes with higher costs.

One-off acquisition costs

• Purchase tax: Compiles 4% of the cadastral value of the object. For example, it is about $4,000 for every $100,000.
• Property valuation: The cost of the valuation is as follows $100-150.
• Interpreter and notary services: Necessary to formalise the transaction, the cost depends on the region.

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Annual taxes and cost of ownership

• Property tax: The annual tax ranges from 0.1% to 0.6%. For urban property, for example, this is approx. 0,2%.
• Aydat: HOA analogue, in residences with a swimming pool can amount to €20-50 per month.

"The Turkish property market requires careful budget planning, given the higher taxes and maintenance costs."

The choice between Georgia and Turkey in terms of taxes and additional costs depends on individual preferences and capabilities. Georgia offers minimal costs and simplicity, while Turkey requires more careful planning and consideration of all associated costs.

Residence permit and citizenship through the purchase of a property

Acquiring property abroad opens up additional opportunities in the form of obtaining a residence permit (residence permit) or citizenship. Let us consider what conditions are offered by Georgia and Turkey.

Georgia

Georgia offers attractive conditions for obtaining a residence permit through the purchase of real estate.

Conditions for obtaining a residence permit

• Minimum amount: Buying a property with a value of $150,000 entitles you to a temporary residence permit for a period of 1 year, renewable.
• Renewal procedure: The residence permit can be renewed annually while retaining ownership. After 5 years of ownership it is possible to obtain a permanent residence permit.

Pros and cons

• Accessibility: The cost threshold for obtaining a residence permit is relatively low, making it accessible to a wide range of foreign investors.
• Nationality: There is no automatic citizenship through the purchase of a property, but after 10 years of residence you can apply for it.

"Georgia provides an easy and affordable path to legal residency through the purchase of property."

Turkey

Turkey offers more complicated but very attractive conditions for obtaining residence permits and citizenship through investment.

Conditions for obtaining residence permit and citizenship

• RESIDENCE PERMIT: To apply for a residence permit, you must purchase a property with a value of from $75,000 in major cities (Istanbul, Ankara, Izmir) or from $50,000 in other regions. The residence permit is issued for 1-2 years with the possibility of extension.
• Nationality: Investment from $400,000 in real estate allows you to apply for citizenship. The property must have been held for at least 3 years.

Pros and cons

• A direct path to citizenship: Turkey offers a unique opportunity to obtain citizenship for property investments, which is a significant advantage.
• Difficulties: In recent years, obtaining a tourist residence permit has become more difficult, especially for smaller properties.

"Turkey offers tempting conditions for citizenship, but requires more serious investment and careful preparation."

The choice between Georgia and Turkey in matters of obtaining residence permit and citizenship depends on the goals and capabilities of the investor. Georgia offers more affordable conditions for obtaining a residence permit, whereas Turkey provides a unique opportunity to obtain citizenship quickly for a large investment.

Income and rental property: comparison of opportunities

Investing in property can be not only a means of preserving capital, but also a source of stable income. Let's consider what are the opportunities for profit from rental property in Georgia and Turkey.

Georgia

Georgia offers attractive conditions for investors due to high rental yields.

Short-term leases

• Tourist flow: In Georgia, especially in cities such as Batumi and Tbilisi, short-term rentals are very popular. The average yield from daily rentals is about $84 per day.
• Advantages: The lack of restrictions on short-term rentals and simplified taxation (5% on rentals to individuals) make this market particularly attractive.

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Long-term lease

• Stable income: The average return on investment in Georgian property is 6-7 years oldwhich is equivalent to 12-15% p.a..

"Georgia offers a unique environment to generate stable rental income due to its developed tourism market and liberal legislation."

Turkey

Turkey has a well-developed rental market, but recent regulatory changes require additional attention.

Short-term leases

• Restrictions: In 2023, Turkey introduced strict rules for short-term rentals, including obtaining special authorisation and limiting rentals to 100 days a year. Violation of these rules is punishable by fines from 100,000 lire.
• Income: The average cost of a daily rental is approx. $77 per day.

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Long-term lease

• Long-term investments: The return on investment in Turkish property is approx. 13 years oldThis makes it less profitable than Georgia.

"Turkey remains popular for investors, but the new rental regulations require careful planning and compliance with all legal requirements."

Georgia offers higher rental yields and fewer restrictions, making it the preferred choice for investors looking for a quick return. Turkey, on the other hand, requires a more careful approach due to new regulations, but remains interesting for those looking for long-term investments.

Trends and forecasts in the property market

Analysing property market trends and forecasts in Georgia and Turkey helps investors make informed decisions. Let's take a look at what's in store for these markets in the coming years.

Georgia

Georgia continues to attract the attention of investors due to its stable economic growth and favourable investment environment.

Current trends

• Price increase: In 2023, Georgia's property market showed a moderate price increase, by approx. 14%. The main factors are the inflow of foreign investors and the development of tourism infrastructure.
• Sustained demand: Interest in Georgian property remains high, which is due to the liberal policy of the state with regard to foreign investments.

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Projections for 2025-2026

• Stabilisation: Prices are expected to rise at a more moderate pace, at approx. 5-10% per year.
• Impact of tourism: With the recovery of tourist flow, a new round of interest in property is expected, especially in resort areas.

"Georgia continues to be attractive to investors due to its strategic location and stable economy."

Turkey

Turkey's property market is facing a number of challenges that could affect its development in the coming years.

Current trends

• Price growth and inflation: In 2023, the average increase in property prices will reach 84%. This is due to inflation and economic changes.
• Reduced demand: The share of foreign investors has declined due to new regulations and economic instability.

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Projections for 2025-2026

• Market correction: The market is expected to go through a period of correction with possible stagnation or slight decline in real terms.
• Political factors: The stability of the market will depend on the political situation and changes in legislation.

"The Turkish property market is going through a challenging period but remains an important player due to its scale and potential."

Georgia and Turkey offer different perspectives for investors. Georgia demonstrates stable growth and attractive conditions, while Turkey requires a more thorough analysis of the situation and consideration of possible risks.

Practical advice for property buyers

Buying property abroad requires a careful approach and local knowledge. Let's consider key tips for those who are planning to buy a home in Georgia and Turkey.

Georgia

Document verification

• Online registry: Before buying, be sure to check the property documents through the Georgia Public Registry. Make sure that the seller is really the owner and the property is free of encumbrances.

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Choice of property developer

• Reputation: When buying a new building, give preference to well-known developers with a good reputation. This will reduce the risks associated with construction delays or poor quality work.

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Bargain

• Moderate bargaining: Prices in Georgia are already competitive, but you can try to negotiate a small discount or extra bonuses such as appliances as a gift.

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Infrastructure

• Amenities: Pay attention to the availability of infrastructure, especially in resort areas such as Batumi. Complexes with swimming pools and security are easier to rent out.

"Georgia offers ease of execution and a wide range of properties, but it's important to check all documents and deal terms carefully."

Turkey

Property expertise

• Seismic safety: Be sure to check the building for seismic reliability, given recent earthquakes. Require a stability certificate, especially for older buildings.

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Rental rules

• Regulation: Find out if short-term rentals are allowed in your chosen housing estate and if it is possible to obtain a permit. New regulations may affect your business plan.

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Transaction formalisation

• Additional costs: Consider the 4% tax and other charges when planning your budget. It may be worth discussing these costs with the seller and trying to get a discount.

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Legal support

• Proven agents: Work only with licensed realtors and lawyers. Read reviews and choose reliable partners to avoid unscrupulous intermediaries.

"Turkey offers a wide range of property but requires careful checking of all formalities and costs."

Buying property in Georgia and Turkey can be a profitable investment if you approach the process with awareness and care. By following these tips, you can avoid common mistakes and ensure a safe and profitable transaction.

Conclusion

Buying property in Georgia offers unique opportunities for investment and comfortable living. A stable market, affordable prices and ease of registration make it attractive for foreign buyers. If you are looking for a profitable investment or a new place to live, Georgia may be the ideal choice.

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