The Housing Finance System

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    A. Primary Housing Finance Market

    A.1 Industry Structure and Performance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Types of originating lenders/market share:A.1.2
    Level of Non-Performing Mortgage Loans (90 days or more past due):A.1.6
    Average 1997-2007 A.1.7
    A.2 Size of Mortgage Finance Sector
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Total amount of home mortgage loans outstanding at the end of year in millions of USD:1,073.62 USD (millions)  
    National Bank of Georgia
    		A.2.1
    Total amount of home mortgage loans outstanding at the end of year as % of GDP (current)7.67%  
    National Bank of Georgia
    		A.2.1.1
    and as % of all credits outstanding16.19%  
    National Statistics Office of Georgia
    		A.2.1.2
    Total # of home mortgage loans outstanding at the end of year44.46 thousand  
    National Statistics Office of Georgia
    		A.2.2
    A.3 Housing Finance Products
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Mortgage products as % of all mortgages (approx.) in local currency:A.3.1
    Fixed rate for life of loan83.5%  
    National Statistics Office of Georgia
    		A.3.1.1
    Variable rate/indexed16.5%  
    National Statistics Office of Georgia
    		A.3.1.2
    Most prevalent type of foreign currency mortgage used:A.3.3
    Most frequent interest rates on fully amortizing:A.3.4
    Typical lender fees associated with mortgage origination: A.3.6
    Typical third party fees associated with mortgage origination:A.3.7
    Loan-to-Value (LTV) on first mortgage: A.3.8
    Maximum LTVNon-applicableNon-applicableNon-applicable
    Research
    		A.3.8.1
    Maximum term over which pmt is calculated? Non-applicableNon-applicableNon-applicable
    Research
    		A.3.9
    Mortgage pmt-to-income ratio A.3.10
    Maximum pmt-to-income ratio (Individual income)Non-applicableNon-applicableNon-applicable
    Research
    		A.3.10.2
    A.4 Lending and Servicing Process
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Does the mortgage industry use standard principles/guidelines for underwriting?NoNoNo
    Research
    		A.4.1
    Which institutions define underwriting rules? A.4.2
    Central Bank/Ministry of FinanceNoNoNoA.4.2.1
    A.5 Credit Risk Assessment
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Do credit bureaus exist? YesYesYesA.5.2
    B. Funding Sources for Mortgages and the Secondary Mortgage Market
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    What are the main funding sources for mortgages?B.1
    C. Housing Microfinance
    VariableEnd of 2015End of 2014End of 2013SourcesVar ID
    Are non-collateralized housing micro-finance loans offered? YesYesYes
    Research
    		C.1
    Types of lenders operating in the housing micro-finance (HMF) sector:C.2
    Specialized non-depository MFIs YesYesYes
    JSC Crystal Microfinance
    		C.2.2
    NoneNoNoNo
    Research
    		C.2.5
    Level of NPLs (>90 days past due) in HMFC.4
    back to top | Country Data:
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: 2010=100
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Although the National Bank of Georgia can set macroprudential policy, it has not directly influenced bank activities due to a weak legal framework
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Average of rates enforced during the year
    Notes: Completed units in Tbilisi, Batumi, and Kutaisi
    Notes: Completed units in Tbilisi, Batumi, and Kutaisi
    Notes: Completed units in Tbilisi, Batumi, and Kutaisi
    Notes: Completed units in Tbilisi, Batumi, and Kutaisi
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: CreditInfo Georgia is a subsidiary credit bureau of CreditInfo, an Icelandic group
    Notes: Flat rate of 5% taxed on capital gains from sale of residential property was introduced after 2015
    Notes: Habitat for Humanity's MicroBuild Fund began investing in JSC Crystal to help expand their housing microfinance portfolio
    Notes: Habitat for Humanity's MicroBuild Fund invests in JSC Crystal to help expand their housing microfinance portfolio
    Notes: Habitat for Humanity's MicroBuild Fund invests in JSC Crystal to help expand their housing microfinance portfolio
    Notes: IFC provided $75 million in long-term loans to Bank Republic for mortgage origination
    Notes: In 2019, the National Bank of Georgia introduced PTI and LTV caps
    Notes: In 2019, the National Bank of Georgia introduced PTI and LTV caps (60% PTI cap and 85% LTV cap)
    Notes: Includes all variable rate loans
    Notes: Includes all variable rate loans
    Notes: Includes all variable rate loans
    Notes: Includes all variable rate loans
    Notes: Max term limit of 15 was introduced on December 24, 2018
    Notes: National Bank of Georgia's Order no. 195/04 regulates data access
    Notes: No capital gains tax on sale of personal property if held for over 2 years.
    Notes: On December 24, 2018, a max term limit was set
    Notes: On December 24, 2018, the NBG introduced a max term limit of 15 years
    Notes: Order no. 281/04 of National Bank of Georgia requires all loan issuers to check credit history in bureaus before issuing a mortgage. It was passed December 24, 2018
    Notes: Property tax is a local tax levied on the market value of properties, excluding land. It varies according to the amount of annual family revenue of the individual.
    Notes: Property tax is a local tax levied on the market value of properties, excluding land. It varies according to the amount of annual family revenue of the individual.
    Notes: Property tax is a local tax levied on the market value of properties, excluding land. It varies according to the amount of annual family revenue of the individual.
    Notes: Property tax is a local tax levied on the market value of properties, excluding land. It varies according to the amount of annual family revenue of the individual.
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: Residential transactions in Tbilisi
    Notes: The Ministry of Internally Displaced Persons constructs and acquires housing units for internally displaced persons
    Notes: Varies between GEL50-200 (~USD20-80)