As of the third quarter of 2023, the number of transactions of residential flats in Batumi has decreased by 18% to 3,871 units. The market size has decreased by 19% standing at USD 164 millions, - according to the report published by Colliers Georgia.
As of the update data, in the third quarter of 2023, the number of transactions of newly-built flats has decreased by 18% year over year, while a 23% YoY decline rate has been observed in the case of old flats.
In the third quarter of 2023, the weighted average price of newly-built flats in Batumi increased by 15% equaling USD 969 per sq m, while the figure for old flats recorded a 7% increase up to USD 711 per sq m.
As of September 2023, the number of transactions of residential flats in Batumi has decreased by 31% up to 1,163 units. The market size has decreased by 30% standing at USD 53 millions.
In September 2023, the weighted average price of newly-built flats in Batumi increased by 7% equaling USD 940 per sq m, while the figure for old flats recorded a 13% increase up to USD 751 per sq m.
