Ban on the sale of real estate to Russians in Georgia
Members of the Georgian Parliament propose a temporary ban on the sale of real estate to Russian citizens. A bill to amend the Law on the Legal Status of Foreigners and Stateless Persons has been submitted to Parliament. According to the proposal, until December 31, 2024, Russian citizens without residence permits in Georgia will be prohibited from acquiring real estate under a sale or gift agreement. However, the ban will not apply to those Russian citizens who will receive real estate in Georgia by will.
The initiators of the bill explained that its purpose is to stop the rise in real estate prices in the country. In 2022, foreigners, including Russians, made about 20% of all real estate transactions in Georgia, acquiring more than 6,000 properties. In the first quarter of 2023, Russian citizens bought more than 2,000 properties in Georgia.