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Abstract

within one week. Most communications and paperwork with authorities is carried out remotely.</p><p id="4323">Citizens from more than 90 countries are allowed to stay up to a year without a visa and to reset this period it is enough to cross the border again. That and the friendly tax system (as little as 1%) are the main reasons why the country is becoming very popular among digital nomads.</p><h1 id="83f0">2) Batumi is developing very quickly</h1><p id="38f8">If you compare pictures from 2012 and 2020 you will see the city has changed completely. There are now many skyscrapers in the city, especially in the Alley of Heroes area, where there’s also a UEFA Stadium and shopping centres.</p><p id="6ae3">Of course, there are also risks associated with this fast development, there could be a bubble going on, but given the cheap property prices, it offset the risks in the long term in my opinion.</p><h1 id="579d">3) The process is very easy and can be done completely remotely</h1><p id="e35b">When buying my flat, I didn’t have to travel there, I did everything from my house. All I needed was my passport, filling out some documents, paying the $2000 deposit and then paying the monthly amount. If you buy from a property company, you will likely pay in USD. I use Revolut to do the payments, but you can use similar apps like Wise.</p><h1 id="f225">4) There are financing options for foreigners</h1><p id="10a3">Property companies offer flexible payment terms, usually between 3 and 5 years. Also, you should be able to get a mortgage there, although for foreigners they only offer

Options

5 year payment plans. One of the main banks there is TBC bank. If you pay the full amount, they will most likely offer you a discount on the total price.</p><h1 id="5697">5) I can use it whenever I want</h1><p id="b01a">Although the main purpose of my property will be to be rented, whenever I travel there (or any of my friends and family) can stay, as long as I tell in advance. It’s good to know as well I have a property in a very affordable country, in case I decide to retire there one day.</p><h1 id="f33f">6) It’s located in the new city centre</h1><p id="bdae">It’s almost impossible to buy an apartment in the centre of any city unless you have a lot of money. Mine, although is not in the old city centre, it’s on the main avenue (Alley of Heroes), where all the new high-rises are being built and it’s just 10 minutes away from a UEFA Stadium and 15 minutes from the sea.</p><h1 id="3d9f">7) It’s completely new and affordable</h1><p id="12c5">At the moment of writing this article, it’s yet under construction. They have a webcam where I can see in real-time, 24/7 how the construction is going, most property companies do this so clients can see it’s not a scam and the building is real.</p><p id="3797">The flat cost me just $25000 (US Dollars)and that is cheaper than even buying a garage in the area I live. It has all the amenities for a comfortable living and the building has a rooftop terrace, swimming pool, and parking space.</p><p id="b2a3">Have you ever considered buying a property abroad? Or have you done it already? Let me know in the comments.</p></article></body>

7 Reasons Why I Bought a Flat in Batumi

A real estate market with great potential but also risks

Back in 2020, I started hearing about a city in Georgia I didn’t even know existed. It started popping up in blogs, YouTube videos and I even saw it recommended in Forbes.

Batumi is a city located in the Black Sea and less than an hour drive from Turkey’s border. It’s the second-largest city in the country and the capital of the autonomous republic of Adjara and has a population of fewer than 200 thousand inhabitants.

So why on Earth did I buy a flat so far away from where I live? Here are some of the reasons:

1) Georgia is one of the best places in the world to do business

As you can see here, it’s in the top 10 in the Ease of Doing Business ranking and it’s considered one of the most business-friendly countries in the world.

Setting up a company can be done in one day and opening a business bank account within one week. Most communications and paperwork with authorities is carried out remotely.

Citizens from more than 90 countries are allowed to stay up to a year without a visa and to reset this period it is enough to cross the border again. That and the friendly tax system (as little as 1%) are the main reasons why the country is becoming very popular among digital nomads.

2) Batumi is developing very quickly

If you compare pictures from 2012 and 2020 you will see the city has changed completely. There are now many skyscrapers in the city, especially in the Alley of Heroes area, where there’s also a UEFA Stadium and shopping centres.

Of course, there are also risks associated with this fast development, there could be a bubble going on, but given the cheap property prices, it offset the risks in the long term in my opinion.

3) The process is very easy and can be done completely remotely

When buying my flat, I didn’t have to travel there, I did everything from my house. All I needed was my passport, filling out some documents, paying the $2000 deposit and then paying the monthly amount. If you buy from a property company, you will likely pay in USD. I use Revolut to do the payments, but you can use similar apps like Wise.

4) There are financing options for foreigners

Property companies offer flexible payment terms, usually between 3 and 5 years. Also, you should be able to get a mortgage there, although for foreigners they only offer 5 year payment plans. One of the main banks there is TBC bank. If you pay the full amount, they will most likely offer you a discount on the total price.

5) I can use it whenever I want

Although the main purpose of my property will be to be rented, whenever I travel there (or any of my friends and family) can stay, as long as I tell in advance. It’s good to know as well I have a property in a very affordable country, in case I decide to retire there one day.

6) It’s located in the new city centre

It’s almost impossible to buy an apartment in the centre of any city unless you have a lot of money. Mine, although is not in the old city centre, it’s on the main avenue (Alley of Heroes), where all the new high-rises are being built and it’s just 10 minutes away from a UEFA Stadium and 15 minutes from the sea.

7) It’s completely new and affordable

At the moment of writing this article, it’s yet under construction. They have a webcam where I can see in real-time, 24/7 how the construction is going, most property companies do this so clients can see it’s not a scam and the building is real.

The flat cost me just $25000 (US Dollars)and that is cheaper than even buying a garage in the area I live. It has all the amenities for a comfortable living and the building has a rooftop terrace, swimming pool, and parking space.

Have you ever considered buying a property abroad? Or have you done it already? Let me know in the comments.