Georgia or Armenia: where to buy property

Georgia and Armenia are neighbours, both outside the EU, both popular with Russian-speaking buyers and both much cheaper to enter than most of Europe. The markets nevertheless differ in who they suit. Georgia offers a property-based residence route and two distinct cities, Tbilisi and Batumi. Armenia has a single dominant market, Yerevan, and no property-value residence threshold. This article compares them criterion by criterion without naming a winner. Figures are as of October 2026 and come from the sources named in our own articles linked below; where we found only agent or law-firm estimates we say so.

Ownership rules for foreigners

Georgia: foreigners can buy apartments and houses. Secondary sources say foreigners cannot own agricultural land, with narrow exceptions such as inheritance, and that agricultural zoning can apply in unexpected places, so check the land category of any plot. Ownership is registered in the Public Registry (napr.gov.ge). Since October 2023 a purchase through a foreign power of attorney must be a notarised public deed.

Armenia: foreign citizens may buy apartments, houses and commercial premises on the same terms as citizens and may let, sell and pledge them. The Land Code, as amended in 2018, does not allow foreigners or foreign legal entities to own agricultural land. A buyer needs a passport, an Armenian taxpayer number (TIN), a notarised contract and registration at the Cadastre Committee (cadastre.am).

On ownership the two are close: apartments are open, agricultural land is not. See Georgia property guide and Armenia: buying property, prices, yield and rules.

Prices per m2

Georgia: Colliers Georgia reported new-build averages of about USD 1,314 to 1,331 per m2 in Tbilisi in the first half of 2026 and about USD 1,334 to 1,455 in Batumi. Investor.ge gives a higher turnkey Batumi average of USD 1,865 for 2025, so definitions matter. The official index showed prices up 4.9% over the year to the second quarter of 2026. Typical agency snapshots: Tbilisi one-bedroom about USD 85,000, Batumi one-bedroom about USD 78,000. See Georgia property prices and buying costs.

Armenia: Yerevan apartments averaged about 482,100 drams per m2 (roughly USD 1,310) in the first quarter of 2026, up 3.8% on the year. The last official district figures we found are from December 2024: about 909,100 drams in Kentron against about 236,500 in Nubarashen. We found no newer district series. See Yerevan apartments: where to buy.

At city level the averages are close; the real differences are finish level (black, white or green frame in Georgia), district and the building.

Buying costs and annual taxes

Georgia: lawyers and agents report registration of about GEL 150 to 350, notary under 0.1% and legal support around 0.5% to 1%, so roughly 1% to 1.5% on top of the price; we found no stamp duty on purchase and advise you to confirm it. Annual property tax applies when family income exceeds GEL 40,000, at 0.05% to 0.2% below GEL 100,000 and 0.8% to 1% above, on market value (in Tbilisi 0.2% and 0.8%).

Armenia: cadastre registration about 45,000 drams, notary about 0.1% to 0.3% or a fixed fee, agent usually 2% to 4%. Annual property tax is reported at about 0.05% to 1.5% depending on type and value, with new rates fully phased in by 2026. These are law-firm summaries; confirm at the State Revenue Committee (src.am).

Rental income and tax

Georgia: Global Property Guide shows a national average gross yield of about 7.4% in the first quarter of 2026 and Tbilisi near 7.5%; Galt & Taggart reports roughly 8.4% to 8.6% on asking rents. Batumi has slipped to about 7% gross with a net of only 2% to 4%, and unsold apartments reached about 12,400 at the end of 2025. Tax on residential rent is described as 5% if you are on the List of Landlords, otherwise 20% after expenses; confirm with an accountant. We found no dedicated national short-term rental licence. See Georgia rental yield and investment and short-term rental rules in Georgia.

Armenia: one law-firm estimate puts Yerevan at about 7.8% gross and 6% net; our cautious range is 6% to 8% gross and 4% to 6% net, an estimate, not official data. Rental income tax is reported at 10% with an extra 10% above 60 million drams a year. Rents are often agreed in dollars but paid in drams, and relocation demand since 2022 is the main driver, so a cooling of that demand is the key risk.

Residence

Georgia: a property worth at least USD 150,000 on an independent appraisal (not the contract price) gives the right to apply for a one-year renewable residence permit; USD 300,000 or more can support a five-year permit. We suggest a margin above the threshold. It is a right to apply, not a guarantee. See residence permit in Georgia through property and the 183-day tax rule in Georgia tax residency.

Armenia: we found no property-value threshold, and law-firm guides say a purchase alone does not give a permit; the usual route is a registered, tax-paying activity such as a rental business. Armenia announced digital applications and biometric cards for 2026, but we could not confirm their final form.

Banks, mortgages and money

Georgia: non-resident accounts exist but compliance wants a clear source of funds, and owning property makes account opening easier. Mortgages for foreigners are limited and demand a larger down payment; most purchases are cash or developer instalments. See banking and mortgages in Georgia.

Armenia: many banks lend to foreign and diaspora buyers; a 2025 comparison listed effective rates in drams of roughly 13.8% to 15.2%, which is high against the euro area, so most foreign buyers pay cash. The dram floats against the dollar, so currency moves your result.

For Russian-speaking buyers living in the EU, funds from Russia may face enhanced checks in banks in both countries and in the EU, and some transfers can be delayed or refused. Prepare source-of-funds documents, pay from an account in your own name and use regulated banks only.

Risks to weigh

• Georgia: Batumi oversupply, appraisal risk for the residence threshold, off-plan delivery risk. See Batumi investment risks and verifying a Georgian developer.
• Armenia: dependence on relocation demand, new-build delays, the land category of houses with plots.
• Both: tax at home on foreign rental income; check the rules in your country of residence.

Who should choose which

• If a residence permit linked to property is part of the plan, and you can buy above USD 150,000, lean to Georgia.
• If you want one deep city market with Russian-language services, low buying costs and no residence angle, lean to Yerevan.
• If you want a seaside or resort rental, Georgia has Batumi and Gudauri, but model net numbers and seasonality first. Compare the two cities in Batumi or Tbilisi.
• If rental income is the main goal, compare net numbers, not the headline: both markets show high gross yields that shrink after tax and vacancy.

FAQ

Can a foreigner buy an apartment in Georgia and in Armenia? Yes in both. Agricultural land is closed to foreigners in each.

Which country gives residence through property? Georgia, from USD 150,000 on an independent appraisal, as a right to apply. In Armenia we found no property threshold.

Which has lower buying costs? Both are low by European standards, roughly 1% to 1.5% in Georgia, and a registration fee, notary and 2% to 4% for an agent in Armenia.

Where is yield higher? Headline gross yields are similar at about 6% to 8%. Net results depend on tax, vacancy and, in Batumi, oversupply.

How we help

We are a trilingual platform that finds properties and coordinates independent local lawyers and tax advisers in both countries. We help you set the goal, shortlist, model net numbers with the calculators and compare other pairs on the country comparison page. This text is informational and is not legal, tax or investment advice; rules and prices change, so verify current conditions before you decide.