In June 2023, the number of residential apartment transactions in Batumi decreased by 16% compared to June last year, to 1,295 units, and the market size decreased by 10% to $59 million. This is mentioned in the Colliers study.
In June 2023, the number of transactions of newly-built apartments decreased by 12%, and in the case of old apartments, a 39%-decrease was observed.
In June 2023, the price-weighted average of newly-built apartments increased by 20% and amounted to $983 per square meter. In the case of old apartments, the rate increased by 23% to $827," the study says.
As for the January-June figure, according to Colliers, in the first half of 2023, the number of residential apartment transactions in Batumi increased by 9% compared to the first half of last year, to 8,160 units, and the market size increased by 18% to $361 million.
In the first half of 2023, the number of newly built premium segment apartment transactions in Batumi increased significantly by 81%. The number of medium transactions increased by only 2% compared to the first half of last year, and a 3% decrease was recorded in the economy segment.
In the first half of 2023, the price-weighted average of newly-built apartments in Batumi increased by 20% and amounted to $920 per square meter. In the case of old apartments, the rate increased by 13% to $735," the research notes.
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