The Government of Georgia has announced that it intends to simplify the procedures for obtaining Georgian citizenship. According to the planned changes, before applying for citizenship, a person wishing to receive Georgian citizenship must undergo an appropriate test at the State Services Development Agency and in case of failure, the applicant will have the right to take the exam without limitation, with a positive result valid for one year.
Simplifying the procedures for obtaining citizenship can have significant implications for the real estate sector.
Now let's consider what benefits it can bring to the country?
As York Towers CEO Khaled Osama says, first of all, easier citizenship procedures can attract more individuals and investors to a country. This influx of people can drive up the demand for real estate, both residential and commercial. As more people seek to establish roots and invest in the country, the real estate market can experience a boost.
“ streamlined citizenship procedures can attract foreign investors looking to secure citizenship or residency in Georgia. These investors often seek real estate opportunities as a means of investment and diversification. The real estate sector can benefit from increased foreign investment, leading to new development projects, infrastructure improvements, and economic growth,” - Said the director of the company.
Simplified citizenship procedures may lead to an expansion of the property market, especially in areas popular among new citizens. As more people become eligible for citizenship or residency, the demand for housing options, including luxury properties and high-end developments, can increase. This expansion can create opportunities for real estate developers, agents, and investors.
Easier citizenship procedures can contribute to economic growth by attracting talented individuals and entrepreneurs to Georgia. These individuals often bring skills, innovation, and capital, which can drive economic development. The resulting increase in job opportunities and economic activity can positively impact the real estate sector, creating a favourable environment for property sales, rentals, and business expansion.
In summary, simplifying the procedures for obtaining citizenship can have a positive impact on the real estate sector. It can lead to increased demand, foreign investment, property market expansion, economic stimulus, and diversification of buyers.
