Batumi: the best time to invest in real estate in 2024?
Batumi, an enchanting city on the Black Sea in the Autonomous Republic of Adjara, has captured the attention of investors with its unique blend of nature, culture, and economic prospects. In recent years, the city has become a focal point for real estate development. Let’s explore the key aspects of the real estate market in Batumi based on the results of 2023.
Real Estate Market in Batumi in Numbers (results 2023):
|Decrease in demand for apartments
|Average price in new buildings per sq. meter
|Average price of secondary market housing per sq. m
Sales of residential real estate in Batumi showed a 9% decrease on average, but this does not signify a negative trend. On the contrary, such a reduction in demand has become favorable for potential buyers as sellers have become more accommodating, providing room for negotiations on discounts and installment plans.
Remarkably, despite the decrease in the number of transactions, the price per square meter continues to steadily rise. The average price of apartments in new buildings increased by 33%, reaching $922 per square meter, underscoring the resilience and attractiveness of the market.
Secondary market housing also demonstrates growth, appreciating by 5.7%, now valued at $672 per square meter. This indicates a sustained interest in the secondary real estate market.
Batumi is a city with a unique combination of a maritime climate, cultural heritage, and business opportunities. Despite the decrease in demand for residential real estate, the market remains dynamic and appealing. The reduction in the number of transactions creates favorable conditions for future buyers, offering opportunities for lucrative investments. Considering the steady price growth, investing in real estate in Batumi can be a justified choice for those seeking profitable investment opportunities.