Despite these difficulties, housing in Batumi continues to rise in price, albeit at a slower pace. Analysts expect prices to stabilize at the current level in 2025 or continue to go up if non-residents are active in the market.
In October 2024, Galt & Taggart conducted a survey of six major developers in Adjara. It showed that sales in the primary market fell by 22.9% year-on-year in the first 9 months of 2024. The reason is primarily a decrease in the interest of local and Russian buyers. At the same time, the number of transactions with Israeli citizens increased by almost 55% year-on-year.
Sales in the secondary market also decreased by 10% over the year, to 4,752 units.
Apartments in new buildings in Batumi continued to grow in price (+3.0% quarter-on-quarter), albeit at a slower pace.
Rental rates in Batumi decreased at the end of September compared to the end of June, due to the end of the tourist season. It is noteworthy that the rental yield remains high at 9% per year.
Construction in Batumi is gradually expanding to nearby areas such as Gonio-Kvariati (15 ongoing projects) and Makhinjauri (19 projects).
Neighboring areas along the coast are being developed, such as Chakvi, Tsikhisdziri, Kobuleti and Shekvetili (20 current construction projects combined).
In Kobuleti, the average price on the primary market in the 3rd quarter of 2024 reached 1,233 US dollars per square meter (+5.0% year-on-year). Sales for 9 months increased by 33.5% year-on-year.
Source: Galt & Taggart
