Real estate in Batumi prices 2020

Real estate in Batumi prices 2020

As we all know, a series of rallies took place in summer in Batumi. After that, analysts’ opinions appeared in the media space that all this could affect real estate prices in Batumi Georgia.

The world is full of rumors about analysts foreshadowing a sharp decline in the economy of the whole country, due to a sharp decrease in vacationers.

According to their forecasts, there will be a decline in demand for hotels, the absence of visitors in restaurants, at sea resorts, and guide services will not be in demand in the volumes that Batumi has become accustomed to in recent years.

According to their forecasts, there will be a decline in demand for hotels, the absence of visitors in restaurants, at sea resorts, and guide services will not be in demand in the volumes that Batumi has become accustomed to in recent years.

Another part of analysts, according to the same rumors, argues that the market will continue to develop, the flow of tourists and buyers will not decrease, but rather increase.

Are they right? And if they are right, then who?

Let’s try to understand what is really happening with the real estate market in Batumi and whole Georgia.

Therefore, for our convenience, and in order not to bore readers with too detailed a classification, we will divide the property into two main types of use and provide statistics for the last 2018 year, which can be found in official sources:

Sailing and renting of the Real estate in Georgia is divided into the following types:

  • home in Batumi
  • apartments in Batumi
  • Hotels in Batumi
  • Commercial premises for shops in Batumi
  • Cafes, bars and restaurants in Batumi
  • Land plots in Batumi

The dynamics of the real estate market in Georgia and real estate Batumi

In 2019, more than 40,000 apartments and houses sold real estate in Batumi. Thus, the volume of trade operations in the real estate market of Batumi amounted to 1.61 billion USD, which is 39% more than the sales results for 2018.

Among buyers, the highest demand is for constructions. The share of the latter in the total number of transactions amounted to 65%. Least of all in 2018, contracts for the purchase of houses were concluded – 7%. Thus, the question “How to buy an apartment in Batumi?” Became very relevant.

In total, in 2019, in the capital of Georgia, Batumi, 34 591 properties were sold with a total area of 2.32 million square meters. The most popular among buyers were apartments in new buildings with an area of 50-70 sq.m., in the secondary market – less than 50 sq.m.

Weighted average cost of 1 sq.m. apartments in the new building is 716 USD, in the secondary – 660 USD.

Percentage of real estate sales by district of Batumi

  • Old Batumi 27.2%
  • Embankment or Batumi Boulevard 16.1%
  • Rustaveli Avenue 12.2%
  • Sheriff Khimshiashvili District 10.8%
  • New Boulevard District 8.4%
  • Gorky or Georgian Gorgiladze 6.4%
  • Chavchavadze District 5.8%
  • District st. Pushkinskaya 5.6%

Purchase real estate prices per square meter in the districts of Batumi:

  • Old Batumi 1099 dollars per square meter
  • Embankment or Batumi Boulevard 972 dollars per square meter
  • Rustaveli Avenue 893 dollars per square meter
  • Sheriff Khimshiashvili District 829 dollars per square meter
  • New Boulevard District 783 dollars per square meter
  • Gorky or Georgian Gorgiladze 771 dollars per square meter
  • Chavchavadze District 682 dollars per square meter
  • District st. Pushkinskaya 628 dollars per square meter

Statistics of real estate prices in dollars for renting a square meter districts of Batumi:

  • Old Batumi 7.8
  • Embankment or Batumi Boulevard 7.4
  • Rustaveli Avenue 7.1
  • Sheriff Khimshiashvili District 6.8
  • New Boulevard District 6.8
  • Gorky or Georgian Gorgiladze 6.7
  • Chavchavadze District 6.1
  • District st. Pushkinskaya 5.7

What can we say about the real estate market in 2020 in Georgia?

We will receive statistics with reliable figures only by the end of the year, since it is too early to compile them, we still have the end of summer and the whole autumn ahead of us. But you can make your own forecast from observations of the real estate market in Batumi. At the moment, there has been a decrease in prices by 1-5%.

But we want to note that according to the British edition of The Telegraph, Georgia ranked fourth in the top ten tourist destinations in 2019.

A special increase in visits was recorded from Uzbekistan + 125.7%, Thailand + 97.5%, Kazakhstan + 89.1%, Turkmenistan + 52.1%, China + 30.6%, United Arab Emirates + 26.3%. All this stream needs comfortable placement and quiet living.

It would be reasonable to assume that the decrease in prices was caused not by a decrease in demand, but by an increase in the number of offers. It is expected that the price reduction will not last long, according to preliminary information, it will last until the end of this year.

Experienced investors will begin to invest their capital, which will lead to a price increase that is already familiar to us.

Thus, the time has come for a perfectly profitable investment in real estate in Batumi today!

Real Estate Agency Investment Georgia will always help you find the right property at the most attractive price.

View our real estate projects in Batumi.

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