Batumi Residential Market Overview Q1|Q2 2022-2023
Batumi, a vibrant coastal city located on the Black Sea coast of Georgia, has emerged as an attractive destination for investing in residential real estate. With its stunning sea views, pleasant climate, and a blend of modern and historic architecture, Batumi presents an alluring proposition for those seeking a new home or a lucrative investment opportunity. The sector's success is evident from the fact that developments are not only taking place in the city center but are also expanding beyond the city limits into the calm and serene suburbs.
Batumi residential real estate market is growing in popularity, with both sales volume/SQM and average prices increasing. In the Q1 and Q2 of 2022, a total of 306,397 square meters (SQM) of residential properties were sold in Batumi, with an average price of $674 per SQM. However, in the same period in 2023, sales volume increased to 374,148 SQM and simultaneously, the average price per SQM rose to $876 (30% increase YoY).
In 2023, the market was valued at approximately $328 million, whereas during the same period in 2022, the market value was around $209 million.