Colliers Georgia publishes an updated overview of the Batumi residential real estate market for the first half of 2023.
According to the document, as of the first half of 2023, the number of transactions of residential flats in Batumi has increased by 9% up to 8,160 units. The market size has increased by 18% standing at USD 361 millions.
In the first half of 2023, the number of transactions considerably increased in the case of premium newly-built flats, recording 81% YoY growth rates. The figure for the medium segment has increased only by 2% compared to the first half of 2022, while in the economy segment 3% decrease is observed.
As for the prices, according to Colliers Georgia, in the first half of 2023, the weighted average price of newly-built flats in Batumi increased by 20% equaling USD 920 per sq m, while the figure for old flats recorded a 13% increase up to USD 735 per sq m.
