According to the report published by Galt & Taggart, a total of 7,041 apartments were sold in Batumi in the first half of 2024, which is 15% less than in the same period of the previous year.

"One of the factors of the decline is that the Batumi real estate market is sensitive to the gradual outflow of migrants and high interest rates, which negatively affect the investment decisions of foreign buyers.

Another trend can be seen, which is the launch of increasingly large-scale development projects in the settlements near Batumi, such as Kvariati, Chakvi and Kobuleti. The average price in the primary market in Batumi continued to grow and increased by 2.2% quarter-on-quarter, which is likely partly due to a weaker demand. Prices also increased in the secondary market (+2.7% sq/m and +7.7% sq/m, for new and old apartments) , respectively), after a slight decrease in the previous months.

In the II quarter of 2024, a total of apartments worth 229.7 million US dollars were sold in Batumi, which is a 5.1% annual decrease. Also, rent prices in Batumi increased, which was caused by seasonality and arrival of tourists.

Against the backdrop of scarce land resources in Batumi, the area of ​​the real estate development was initially expanded (19 and 20 ongoing projects, respectively) to the surrounding areas of the city, Gonio, Kvariati and Makhinjauri. Currently, the area of ​​new constructions has been further expanded (a total of 29 ongoing projects) along the Adjara coastline and includes such areas as Chakvi, Tsikhisdziri, Kobuleti, and Shekvetili.

In the II quarter of 2024, the weighted average price in the primary market of Kobuleti equaled $1,221/m2 (+11.0% y/y), which is caused by the increase in the supply of premium projects. Also, in the II quarter of 2024, the size of the real estate market in Kobuleti decreased by 11.5% year-on-year and amounted to 10.2 million USD, which is due to the high base level effect seen last year," - the review published by Galt & Taggart reads.