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Russians Set New Record For Purchasing Real Estate In Georgia

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Russians Set New Record For Purchasing Real Estate In Georgia

Georgia became one of the most popular destinations for Russian emigration after the start of the war in Ukraine.

Russian citizens bought 5,780 apartments in Georgia from January to November 2023, reports the Georgian publication Business Media, citing the country’s Ministry of Justice.

This is more than for the entire 2022: last year, Russian citizens bought 5,424 apartments in Georgia. If we add to this number the purchase of apartments by those who have both Russian and Georgian citizenship, we get 6,062 apartments for 2022.

The number of land plots purchased by Russian citizens in Georgia has also increased. For the entire 2022, Russians bought 1,625 plots in the country, from January to November 2023 — 1,872 plots.

Georgia became one of the most popular destinations for Russian emigration after the start of the war in Ukraine. When Russian President Vladimir Putin announced partial mobilization in the autumn of 2022, queues of dozens of thousands of people wishing to leave Russia appeared at the only land checkpoint “Verkhniy Lars”. About 10 thousand cars crossed the border per day.

According to the Georgian Ministry of Internal Affairs, 1.46 million Russians entered the republic in 2022. President Salome Zurabishvili said that at least 100,000 remained in the country. 3,300 received Georgian citizenship, the country’s Ministry of Justice reported.

As a result, in 2022, more than 40% of housing purchased by foreigners in Georgia was purchased by Russians. Israel took second place. Citizens of this country purchased 1,892 apartments in Georgia in 2022. The third place went to Ukraine (1,321 apartments).

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