Batumi apartment market size down by 37% as of September 2020 - Colliers

21:51 Sun, 19 September

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22.Oct .2020 12:35

Batumi apartment market size down by 37% as of September 2020 - Colliers

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Author:Elene Kvanchilashvili

In September 2020, 710 transactions were registered in Batumi that is 39% lower than the previous year. As for the market size, the figure stands at USD 32 million, reflecting a 37% decrease compared to the same period in 2019 – Colliers reports.

According to Colliers, the number of new apartment transactions is 30% lower than the same period in 2019, while the number of transactions registered on old flats has decreased by 25% and accounts for 780 units.

According to Colliers, in the first three quarter of 2020, the market size of new flats is 36% less than the same period in 2019 and accounts for USD 206 million, while the figure for old flats is 23% lower and amounts to USD 34 million – Colliers reports.

The weighted average selling price of new flats in the period of January-September 2020 is USD 774 per sq m, reflecting an 8% decrease, when compared to the same period in 2019. As for the old flats, the WAP accounts for USD 673 per sq m, depicting a 2% increase – Colliers reports.

Colliers International Georgia