Since the start of 2022, Georgian markets have seen a notable wave of foreign buyers, with reports indicating that Russians purchased more than 8,000 apartments in Georgia. This trend highlighted Georgia as a popular destination for cross-border real estate activity at a time of shifting regional dynamics. The data, reported by Business Media Georgia, paints a picture of how foreign capital has interacted with local housing stock and urban development over a two-year period that included rapid price adjustments and shifts in demand across major cities. [Citation: Business Media Georgia]
According to the same coverage, foreigners accounted for about one fifth of all real estate transactions in Georgia in 2022. In total, 10.6 thousand non-residents bought roughly 15,000 flats. Within that foreign buyer cohort, 6,062 apartments were purchased by Russian citizens, including individuals holding dual citizenship. Other nationalities accounted for significant shares as well, with Israeli buyers purchasing 1,892 flats and Ukrainian buyers acquiring 1,321 flats. These figures illustrate a diversified pattern of international interest, with Russia forming the largest bloc among non-residents and other countries contributing meaningful volumes to the market. [Citation: Business Media Georgia]
Khatuna Samnidze, then head of the Georgian Republican Party, pressed the Ministry of Justice to disclose detailed information on real estate acquisitions by foreigners, signaling political scrutiny of the market as foreign ownership became a focal point of public discourse. The request underscored concerns about transparency, housing affordability for locals, and the longer-term implications for property ownership norms in Georgia. [Citation: Georgian press coverage]
In the first quarter of 2023, foreign demand remained evident, with 5,159 real estate sales to foreign citizens. Among these, 2,187 flats were purchased by Russians, indicating continued interest amid evolving regional conditions and the post-pandemic economic environment. The broad pattern suggested a steady level of cross-border transactions, contributing to the overall volume of housing turnover during that period. [Citation: Real estate market summaries]
Additionally, initial reports noted a substantial influx of international visitors in 2023, with 256,787 Russian tourists recorded during the first quarter and a total of 845,332 tourists visiting the country in the early months of 2023. Tourism trends often intersect with real estate activity, as visitor interest can translate into hotel development, short-term rental demand, and perceptions about the housing market’s attractiveness for long-term investment. [Citation: Tourism statistics]
Later, data from the National Bank of Georgia indicated an about eleven-fold increase in transfers from Russia in 2022, a statistic that resonated with discussions about capital flows, currency stability, and the broader macroeconomic environment that shapes buying power and investment decisions for non-residents. The interaction between remittances, real estate purchases, and currency movements is part of a larger narrative about Georgia’s economic ties with Russia and other neighboring economies. [Citation: National Bank reports]