Galt&Taggart's updated report on the real estate sector. According to the document, real estate sales in Batumi have increased significantly. In particular, the average growth from 2015 to 2022 was 26.8%. The increase was 59% in January-February 2023, compared to the same two months of 2022.
"Around 70% of sales were registered in New Boulevard and Inner Center areas. Another 15% of sales are registered in the I Line. Small and medium-sized apartments (25-50 sq.m. and 50-80 sq.m.)accounted for 90% of sales", - Galt&Taggart reports.
As of the document, the share of Russian citizens in sales increased from 5% to 17.6% in 2022 in Batumi.
As for prices, like in Tbilisi, real estate in Batumi has become more expensive. According to Galt&Taggart, prices are affected by increased construction costs and reduced supply. In particular, the real estate price index in the national currency increased to 124 as of December 2022, while it was 103 in 2021.
