Georgia Temporarily Prohibits Russian Citizens from Purchasing Real Estate

The Bureau of the Parliament of Georgia has registered a draft amendment to the law on the "Legal Status of Foreigners and Stateless Persons," which also prohibits Russian citizens from purchasing real estate in Georgia until the end of 2024. The legislative change was proposed by opposition lawmakers.

According to the explanatory note, 20 percent of the real estate sold in Georgia in 2022 was purchased by foreigners, including more than 6,000 by Russian citizens. In the first quarter of 2023, Russians bought over 2,000 apartments in Georgia. Lawmakers have indicated that this trend is driving up housing prices, creating difficulties for Georgian citizens.

It should be noted that Russian President Vladimir Putin signed a decree which ended the visa regime for Georgian citizens starting May 15, 2023.