22.Sep .2021 12:00

Why Did Sales Of Residential Real Estate Drop In Batumi? - Colliers Explains

Why Did Sales Of Residential Real Estate Drop In Batumi? - Colliers Explains
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In August 2021, 1,011 transactions of residential real estate were registered in Batumi, which is 33% lower than the same period in 2019, - show the data from recov.ge.

According to Colliers International Georgia, as for the market size, the figure stands at USD 42 million, reflecting a 39% decrease compared to August 2019.

In August 2021, 895 transactions were registered in new projects, that is 36% lower than the same period in 2019.

“This should be an indirect impact of reduced tourism in 2021. Another reason for decline should be related to the massive registration of transactions in one of the large development in August 2019 (approximately 600 transactions). On the other hand, the number of transactions registered on old flats has increased by 5% compared to August 2019”, - the report reads.

In August 2021, the market size of new flats has decreased by 42% when compared to the same period in 2019. As for the old flats, the figure stands at USD 5 million, increasing by 12%.

In August 2021, the number of transactions recorded on economy new apartments saw 13% increase compared to the same period in 2019. On the other hand, the number of transactions for the medium segment has fallen by 66%. As for the premium segment, the number of transactions has decreased by 46%.