Housing market in Batumi in the summer of 2023: trends and development prospects

Summer is the peak tourist season in Batumi, when many tourists come to the city, both from Georgia and from other countries. Since many of them prefer short term rentals, the demand for short term rental properties such as apartments and condos tends to increase. As a result, rental prices may be higher during the summer months.

But what about the market for buying and selling? We invite you to discuss this topic further.

An assessment of the real estate market in Batumi showed that the cost of housing in 2023 increased by approximately 40-50% in dollars and doubled in lari compared to the period of 2021-2022.

The market price of new buildings in Batumi increased by 24% to $1200 per sq m, and in the secondary market - by 16% to $1000 per sq m. - an increase of 188% and 34% respectively

The number of transactions with new buildings increased by 41%, and with secondary apartments - by 30%.

The real estate market in Batumi will continue to grow in the future and annual price growth of 15-20% is possible if current conditions continue.

What influences the rise in prices? There are several factors: a) a periodic increase in the cost of imported building materials, b) immigration of citizens from neighboring countries.

As for the profitability of real estate, in Georgia it is 10,7%, which allows it to take first place in the world. In second place - South Africa (9,1%), in third - Qatar (8,4%)