Over the past decade, the real estate market has accumulated a wealth of experience from both successful and unsuccessful projects. Based on this experience, we offer key details to consider when purchasing real estate under construction.
Developer's Reputation and Experience
In the digital age, gathering information about the developer is one of the simplest tasks. However, in addition to this information, developers often subcontract construction work, and those subcontractors should also be experienced and efficient.
Sources of Construction Financing
The source of financing for the project is a significant issue. Often, projects are financed by commercial banks, which inherently reduces the risks of unfinished work and also simplifies obtaining a mortgage.
Project Progress
It is essential to gather information about the progress of the project, both from the developer and from the Tbilisi City Hall. This allows the buyer to understand precisely what the project entails, its current stage, and the conditions stipulated within it.
Handover Conditions
The handover conditions describe the size, state, and timing of when the real estate should be delivered to you. Furthermore, according to legislative changes effective from 2024, purchasing real estate based on pre-registration segmentation of living space is no longer allowed; companies are required to first register the living area in the public registry and only then proceed with the sale.
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