Verify your developer!

Verify Your Developer: Quick Guide to Safe Investment
Ensure your Batumi real estate investment is secure by verifying your chosen developer using these official Georgian resources:
Developer’s Legal Status & Registration:
What to Check: Company’s legal existence, registration number, directors.
Where to Check: National Agency of Public Registry NAPR – Business Registry.
Search NAPR Business Registry
Project’s Legal Status & Permits:
What to Check: Developer’s land ownership/rights, official building permits, construction registration.
Where to Check: National Agency of Public Registry NAPR – Property Registry.
Search NAPR Property Registry
Local Permits: Batumi City Hall Batumi.Ge issues local construction permits. (Direct online search can be limited).
Developer’s Financial Compliance:
What to Check: Company’s submitted financial statements and reporting compliance.
Where to Check: Service for Accounting, Reporting and Auditing Supervision SARAS – Financial Reporting Portal.
Search SARAS Financial Reports Protecting Your Investment & Financial SafeguardsBeyond developer verification, your payment strategy is crucial to minimizing risk, especially for properties under construction.

Smart Payment Structure:

Initial Down Payment: Typically, a 20% down payment is common to reserve the property.

Staged Payments: Avoid paying the full amount upfront. Structure your payments over a period (e.g., up to 48 months) to align with construction milestones. This means payments are released as the developer progresses (e.g., foundation, structural completion, facade).

Withholding Final Payment: A critical safeguard is to withhold a significant portion, typically 10-20% of the total price, until you receive the keys and conduct a final inspection of the completed apartment. This incentivizes the developer to finish on time and to the agreed standards.

Payment in Cryptocurrency (Crypto):

While some developers in Batumi may accept crypto, the safest approach for legal clarity is to convert your crypto to Georgian Lari (GEL) through a reputable, licensed exchange in Georgia and then transfer GEL to the developer’s official bank account. This creates a clear, traceable fiat transaction.

If direct crypto transfer is offered, ensure the contract explicitly details the agreement, exchange rate, and legal implications. Always consult an Georgian lawyer for direct crypto transactions.

Crucial Advice:

Always engage a qualified, independent Georgian lawyer to conduct comprehensive legal due diligence on any developer and property before making an investment.