Georgia: Overview
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Georgia (pop. 4,371,000; GDP/cap US$986) is in the eastern coast of the Black Sea bordered on the north by Russia and on the south by Turkey, Armenia, and Azerbaijan.
The Rose Revolution in 2003, spurred by rampant corruption, led the incumbent president Eduard Shevardnadze to resign from his post, which he had held since 1995. After his resignation, Mikheil Saakashvili won the presidential election held on January 2004. However, in May 2004, a second revolution took place in Ajaria, an autonomous region of Georgia, and led to the removal of Ajaria’s corrupt dictator, Aslan Abashidze.
Progress on market reforms and democratization has been made, but progress has been complicated by civil conflicts in the breakaway regions of Abkhazia and South Ossetia, which remain outside the control of the central government and are ruled by de facto, unrecognized governments, supported by Russia.
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| RESIDENTIAL PROPERTY FACTS | |
| Price (sq.m): n.a. | Rental Yield: n.a. |
| Rent/month: n.a. | Income Tax: n.a. Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income. |
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Roundtrip Cost:
n.a.
The total cost of buying and then reselling an apartment. Includes: * all transaction taxes and charges: * lawyers' and notaries' fees * agents' fees Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000. |
Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation. |
| Landlord & Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice. | |
APRIL 2008
- Real estate prices in Georgia higher than in Eastern Europe - Georgian Daily
MARCH 2008
- Professional real property valuation is urgent in Georgia - Association for prot
- 1,056,137 m2 real estate sold during 9 months - The Fin Channel
FEBRUARY 2008
- Georgia rebuilds after political crisis - NPR Georgia
- Georgia rebuilds after political crisis - NPR Georgia
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