In the 2nd quarter of 2024 3,670 real estate purchase transactions were registered in Batumi. This is 6.6% less than in the same quarter a year earlier.
It is noteworthy that sales decreased in both the primary and secondary markets (-3.3% year-on-year and -11.0% year-on-year, respectively).
Sales decreased in all districts of Batumi, with the exception of the New Boulevard (+4.9% year-on-year).
The price growth in the primary market continued (+2.2% quarter-on-quarter), which, among other things, affected the decline in demand.Prices also recovered in the secondary market (+2.7% quarter-on-quarter and +7.7% quarter-on-quarter for new and finished apartments, respectively) after a slight decrease in previous months.
In the 2nd quarter of 2024, the total market value of apartments sold in Batumi amounted to 229.7 million US dollars, a decrease of 5.1% year-on-year, reflecting a decrease in apartment sales.
In April June 2024, rental rates in Batumi increased compared to the first quarter, due to seasonality and increased demand for apartments from tourists.The rental yield is 9.4%. This is significantly higher than similar figures in other cities.
In the 2nd quarterin Kobuleti the weighted average price in the primary market reached 1,221 US dollars per square meter (+11.0% year-on-year). The growth is due to an increase in the number of premium new buildings. The volume of the real estate market amounted to 10.2 million US dollars (-11.5% year-on-year). The decrease can be justified by the effect of a high base.
Source: Galt & Taggart
