Roman Gotsiridze and Khatia Dekanoidze, opposition MPs, are proposing to the Parliament a bill that involves a temporary ban on the purchase of real estate by citizens of Russia who don’t have a residence permit in Georgia - until December 31, 2024.

According to the bill drafted by them, Russian citizens will be deprived of the right of ownership of real property.

“Under the liberal visa regime in Georgia, approximately 120,000 citizens of Russia have entered the country, who stayed in Georgia and are intensively buying apartments and other real estate.

In 2022, almost a fifth of real estate sold in Georgia was purchased by foreign citizens, of which 6,062 apartments were bought by Russian citizens.

The number of buyers equals 4520 people. In the first quarter of 2023, Russian citizens bought 2,187 apartments, and the number of buyers was 1,679 people. Such a growing tendency of Russian citizens purchasing real estate in Georgia limits the ownership rights of Georgian citizens.

Due to all this, the price of apartments has increased significantly, due to which it is difficult for a large number of Georgian citizens to buy or rent an apartment”, - explained Roman Gotsiridze.