Can you pay for property in Georgia in dollars?
In practice, yes: most flats are priced in US dollars, and many contracts state a dollar price that is paid either in dollars by bank transfer or in lari at the National Bank's official rate on the day of payment. The legal frame is stricter than the market. The lari is the only legal tender, an entrepreneur who offers or advertises property in Georgia must state the price only in lari, and every tax and official fee is calculated in lari. The Civil Code still lets the parties agree a money obligation in a foreign currency, so a contract can lawfully name a dollar amount.
This page explains the rules, the three ways a price can be written, which exchange rate applies, how notary fees and taxes are converted, and what to put in the contract. The wider question of how the lari moves is covered on our page on currency risk.
What the law says, rule by rule
| Rule | Source | What it means for a buyer |
|---|---|---|
| The lari is the only legal tender, except in free industrial zones, duty-free shops and cases set by the National Bank | Organic Law on the National Bank, Art. 34(2) | Payment in lari is always lawful |
| An entrepreneur offering or advertising property or services must state the price only in lari | Art. 34(21), in force since 1 July 2017 | Developers and agencies should show lari prices |
| Exceptions to the lari price rule | National Bank Order 93/04 of 22 June 2017, amended 23 February 2018 | Real estate is not named |
| Penalty for a dollar-only price | Administrative Offences Code, Art. 1537 | Warning, then GEL 1,000, then GEL 5,000 for each further breach |
| A money obligation may be set in a foreign currency | Civil Code, Art. 383 | A dollar price in a contract is lawful |
| Foreign-currency amounts are converted at the National Bank rate on the day | Tax Code, Art. 73(10); Resolution 507, Art. 6(3) | Tax and notary fees follow the official rate |
Who must quote in lari?
The lari price rule binds an "entrepreneur", a term the National Bank law does not define. Developers and agencies are businesses and are covered. A private owner selling their own flat once is not named, and on a plain reading falls outside the rule, but we found no official guidance or decision on private sellers. The Revenue Service enforces the rule, not the National Bank, and we found no published case against a developer for dollar-only advertising.
The National Bank's list of exceptions does not mention real estate. Two items can still matter. A supply by a non-resident is exempt without conditions. A supply to a non-resident, which for an individual means a foreign citizen, is exempt only if the offer is made only in a foreign language, and never for outdoor advertising in Georgia. A developer's English-only offer aimed at foreign buyers may therefore be priced in dollars, while the same project's Georgian billboard should show lari.
To be added by the team: our lawyer to confirm whether a private seller is an "entrepreneur" for the lari price rule, and our accountant to confirm how the Revenue Service converts the purchase and sale prices when a flat bought and sold in dollars is taxed.
Three ways to write the price
| Contract wording | What changes hands | Who carries the exchange risk |
|---|---|---|
| Price in dollars, paid in dollars | Dollars by bank transfer to the seller's dollar account | Nobody within the deal; a buyer whose savings are in another currency carries their own conversion |
| Price in dollars, payable in lari at the official rate on the payment day | The lari equivalent on that day | The buyer with lari pays more if the lari weakens; a buyer converting from dollars pays the bank's spread |
| Price fixed in lari | A fixed lari amount | The seller; a buyer paying from dollars needs fewer dollars if the lari weakens before payment |
Developer instalment plans usually follow the second or first wording, so each instalment is converted on its own payment day. Over a two- or three-year plan that can add up to a noticeable difference, in either direction, from the price you first expected.
Which exchange rate applies?
The National Bank's official rate for the dollar is the weighted average of interbank trades on the Bloomberg trading platform from 16:30 on the previous business day to 16:30 on the day of calculation. It is published by 17:00 and takes effect the next day. The official rate valid from 17 October 2026 was 2.5982 lari per dollar. Banks exchange at their own commercial rates: on 19 October 2026 Bank of Georgia bought dollars at 2.565 and sold them at 2.629, a gap of about 2.5% between the two.
That gap is the hidden cost of the second wording. Suppose the price is $150,000 payable in lari at the official rate of 2.5982, or GEL 389,730. A buyer holding dollars must sell them to the bank at its buying rate of 2.565, which takes about $151,940, or about $1,940 more than the dollar price, by our calculation. Paying in dollars to a dollar account avoids that conversion.
One article of the Civil Code is often misread. Article 389 says that if the exchange rate changes before payment, the debtor pays at the rate of the day the obligation arose. The Supreme Court has held that this article applies to a change of currency or hyperinflation, not to ordinary exchange-rate movements, so the contract's own rate clause decides. Write that clause clearly: the rate, its source and the day.
Fees, taxes and the registry are in lari
- Notary. If the value of a transaction is in a foreign currency, the notary converts it at the National Bank's rate on the day the fee is charged (Resolution 507, Art. 6(3)), then applies the lari tariff.
- Registration. Public Registry fees are fixed in lari: GEL 150, GEL 270 or GEL 350 depending on speed.
- Tax on a sale. Under Article 73(10) of the Tax Code each transaction in a foreign currency is converted at the official rate on the day it takes place. On our reading, a flat bought for $100,000 at 2.70 (GEL 270,000) and sold for $100,000 at 2.90 (GEL 290,000) shows a gain of GEL 20,000 in lari even though the dollar price did not change; for a residential flat sold within two years that would be taxed at 5%, about GEL 1,000.
- Rent. Rent received in dollars is converted at the official rate on the day it is received.
- Residence permit. The law requires a market value above "USD 150,000 equivalent in GEL" but does not say which day's rate is used, which is one more reason to leave a margin above the threshold.
Borrowing: lari or dollars?
Since 1 July 2026 a National Bank order requires loans of up to GEL 1,000,000 to be issued only in lari, but foreign citizens are exempt, as are borrowers paid wholly in the loan's currency from a country that uses it. In practice a foreign buyer can usually choose. In July 2026 the average new mortgage cost 11.4% in lari against 7.7% in foreign currency; a dollar loan is the better choice only if the income that repays it is also in dollars. Our guide to mortgages for foreigners has the details.
How dollarised is Georgia?
Less than it was. The share of deposits held in foreign currency fell to 41.5% in August 2026, from 47.3% a year earlier, and lari loans made up 58.7% of all loans in the first seven months of 2026. In mortgages the lari now dominates: of GEL 13.4 billion of mortgages at the start of 2026, GEL 9.3 billion were in lari, so about 31% were in foreign currency. Official statistics, including Geostat's house prices, are published in lari, while most listings still show dollars. For a foreign buyer the dollar remains the practical currency of the purchase, but the rest of the system increasingly runs in lari.
What to write in the contract
- The currency of the price. State the amount and the currency in figures and words.
- The currency of payment. Say whether you will pay in that currency or in lari.
- The rate. If in lari, name the National Bank's official rate and the day, usually the payment day.
- The account. Give the seller's bank details and the account currency.
- Instalments. For a developer plan, apply the same rule to every instalment.
- Fees. Say who pays the bank's transfer and conversion fees.
Paying in dollars, step by step
Agree the wording
Choose one of the three wordings before the preliminary agreement.
Check the seller's account
Confirm the account is in the seller's name and in the agreed currency.
Compare the rates
If you must convert, compare your bank's rate with the official rate on the day.
Pay from your own account
Send the money from an account in your name and keep the confirmation.
Keep the lari figures
Note the official rate on the purchase day; you will need it if you sell.
Risks and exceptions
- Unclear wording. A price "in dollars" without a rate clause invites disputes.
- Conversion costs. Bank spreads of about 2.5% can cost thousands.
- Instalment drift. Each instalment is converted at a different rate.
- Tax in lari. A weaker lari can create a taxable gain without a real one.
- Cash. Dollars in cash leave no trail and face reporting thresholds.
Frequently asked questions
Can I pay for a flat in Georgia in US dollars?
Yes; a contract may set the price in dollars, and payment by transfer in dollars or in lari at an agreed rate is common.
Why do developers show prices in dollars if the law requires lari?
The rule binds entrepreneurs' offers; offers made only in a foreign language to foreign citizens are exempt, and we found no enforcement against developers.
Which exchange rate is used?
Whatever the contract says; usually the National Bank's official rate on the payment day.
Does Article 389 of the Civil Code freeze the rate?
No; the Supreme Court limits it to a change of currency or hyperinflation.
Is the notary fee charged in dollars?
No; a foreign-currency value is converted to lari at the official rate on the day.
How is tax calculated if I bought and sold in dollars?
Each price is converted at the official rate on its day, so the lari can create a gain or reduce one; ask an accountant.
Can a foreigner borrow in dollars?
Yes, if the bank agrees; the lari-only rule does not apply to non-citizens.
Can I pay in cash dollars?
No law caps cash payments, but banks and notaries report large cash sums, so a transfer is safer.
Sources
- Organic Law of Georgia on the National Bank of Georgia, Legislative Herald of Georgia (accessed 19 October 2026)
- Order No 93/04 on a different rule for expressing prices, National Bank of Georgia, 22 June 2017 (accessed 19 October 2026)
- Order No 34/04 amending Order 93/04, National Bank of Georgia, 23 February 2018 (accessed 19 October 2026)
- Law No 241 adding Article 1537 to the Administrative Offences Code, Legislative Herald of Georgia, 29 December 2016 (accessed 19 October 2026)
- Civil Code of Georgia, Legislative Herald of Georgia (accessed 19 October 2026)
- Monetary obligations in foreign currency in Georgian court practice, Journal of Law, Tbilisi State University, 2020 (accessed 19 October 2026)
- Tax Code of Georgia, Legislative Herald of Georgia (accessed 19 October 2026)
- Resolution No 507 on notarial fees, Government of Georgia (accessed 19 October 2026)
- Law on the Legal Status of Aliens and Stateless Persons, Legislative Herald of Georgia (accessed 19 October 2026)
- Order No 131/04 on loans up to GEL 1,000,000, National Bank of Georgia, 15 June 2026 (accessed 19 October 2026)
- Foreign exchange market and the official rate, National Bank of Georgia (accessed 19 October 2026)
- Larization measures, National Bank of Georgia (accessed 19 October 2026)
- Commercial exchange rates, Bank of Georgia, 19 October 2026 (accessed 19 October 2026)
- Deposit dollarisation in August 2026 (NBG data), Trend, 26 September 2026 (accessed 19 October 2026)
- Loan larization in 2026, GBC, 31 August 2026 (accessed 19 October 2026)
- Mortgage portfolio and lending to non-residents (NBG data), GBC, 6 February 2026 (accessed 19 October 2026)
- Legal guide to buying property, Korter (accessed 19 October 2026)
Change log
- - Explainer published from the Organic Law on the National Bank, Order 93/04, the Administrative Offences Code, the Civil Code, the Tax Code, Resolution 507 and National Bank data.