Real Estate Market in Batumi Increased to $45 Million in October
The real estate market in Batumi is starting to improve.
According to Colliers Georgia, 1,027 transactions were registered in the seaside city in October 2021, which is 10% less than the pre-pandemic 2019 rate. As for the market size, it has increased by 2% and exceeds $ 45 million.
Although the bulk of the transactions come from new flats, the annual growth rate is for old flats and the new flats are reduced.
According to Colliers Georgia statistics, 882 transactions were registered in newly built projects in October 2021 (-12% compared to the same period in 2019); The number of transactions in the old projects is 145 (+ 11% compared to October 2019).
In October 2021, the market size of newly built apartments decreased by 4% compared to the same period in 2019, to $ 38 million. As for the market size of old apartments, the figure increased by 50% to $ 7 million.
The economy segment of newly built apartments decreased by 7% compared to the same period in 2019, while the medium segment decreased by 26%. As for the premium segment, the number of transactions decreased by 7% to 141 units.