Georgian IDFI reported an increase in real estate transactions in Batumi by 17.6% on behalf of Russians
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Over the past year, the degree of penetration of Russian capital and Russian business into various areas of the Georgian economy, including the real estate market, construction, banking and tourism, has increased dramatically. This conclusion, based on a study of official information, including data from the National Agency for the State Register, was made by experts from the non-governmental organization Institute for Development of Freedom of Information.
According to report IDFI, from January to December 2022, the share of Russian citizens in transactions for the purchase of primary and secondary housing increased from 0.9% to 5% in Tbilisi and from 5% to 17.6% in Batumi.
The study notes that from March to September 2022, citizens of the Russian Federation purchased 15,164 buildings (including 13,262 apartments) and 13,850 land plots in Georgia.
In 2022, the number of Russians amounted to 1,087,257 people, which is 23% of the total number of foreigners who arrived. According to the National Bank of Georgia, the income received from the trips of Russian citizens to Georgia amounted to $891 million by the end of last year, which is 25% of the total income received from international visits.
The document notes that in 2022 the share of visits by Russian citizens and income from them in the total amount is ahead of the figures for 2019, when there were no restrictions caused by the pandemic.
As of December 31, 2022, 161,032 Russian citizens (individuals) and 55 legal entities had accounts in Georgian commercial banks. Also, as of December 2022, deposits placed by Russian citizens in Georgian commercial banks totaled 2.87 billion lari (about $1.15 billion), which is 2.16 billion lari more than in January 2022.
According to the study, as of December 2022, the balance of funds placed on deposits of Russian citizens in Georgian commercial banks increased by about four times compared to 2021. At the same time, only in January-February 2023, the export of goods from Georgia to Russia increased by 38%, and to Armenia (part of the EurAsEC) – by 197%.
IDFI assumes that a significant part of the goods transiting through Georgia to Armenia as Armenian imports are then re-exported to the Russian Federation.
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