Galt&Taggart research reports, that in 1Q24, the total number of registered transactions in Batumi reached 3,371, indicating a 22.8% y/y and 5.3% q/q decrease. Notably, sales reduced on both - the primary and secondary markets (-23.3% y/y and -22.1% y/y, respectively), partly reflecting last year’s high base.
In 1Q24, prices of new projects (both primary and secondary markets) rose by 0.8% q/q. Notably, weighted average price of the old apartments declined to US$857/m2, marking a 8.1% q/q decrease. In 1Q24, the total market value of apartments sold in Batumi stood at US$ 209.3mn, down by 20.5% y/y. The reason was a significant reduction in recorded transactions during the period.
In 1Q24, the total number of registered transactions in Kobuleti reached 201, indicating a 24.1% y/y increase. Notably, transactions increased on both, the primary and secondary markets (+33.0% and +13.5% y/y, respectively). Notably, there is a rising trend of development activity in Kobuleti, with 26 ongoing residential projects at the moment vs 17 projects in 1Q23.
In 1Q24, weighted average price on the primary market in Kobuleti reached US$1,200/m2 (+6.5% y/y), driven by premium developments. In 1Q24, the real estate market size in Kobuleti increased by 19.5% y/y, reaching US$ 11.7mn.
