06.Jul .2020 13:42

Will decline sales price of apartments in Batumi - Cushman & Wakefield’s forecast

Will decline sales price of apartments in Batumi - Cushman & Wakefield’s forecast
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Despite pessimistic expectations regarding sales, real estate prices in Batumi are not expected to decrease - this is stated in the results of a survey conducted by real estate consulting company Cushman & Wakefield Georgia in Batumi.

According to the research, developers reported between 50% and 100% reduction in sales.

“Although most of the companies implemented online and remote sales strategy, this approach did not appear to be successful. Majority of buyers are foreign nationals from Israel, Ukraine, Russia, Belarus, Poland, Lithuania, Great Britain, Spain, Germany, East Canada, USA, USA, etc. Due to closed borders, visits to Batumi for apartment inspection stopped and as it has now become quite obvious, online platforms are not as useful in selling apartments to locals or foreigners”, the report reads.

According to Cushman & Wakefield Georgia, 36% of buyers of Residential Apartments in Batumi are Georgians, while 64% - foreigners.

“Vast majority of the Batumi developers are maintaining the pre-pandemic pricing policies, even in spite of pessimistic sales projections. However, it should be noted that despite the comments made to us within the scope of the study, several of the surveyed developers have actively started conducting various types of campaigns or promotions and offering buyers special conditions and discounts on specific apartments” the research notes.