We are choosing an apartment in Batumi in 2024. Real Estate market Overview
Over the past 20 years, the small port city of Georgia has turned into a modern tourist center, attracting visitors from all over the world; Real estate in new high-rise complexes is in demand among foreigners, including Russians, Ukrainians, Belarusians, many of whom have found shelter here; What is the situation in the housing market of Batumi today? Which areas should I choose to live in or invest in? What about the prices of apartments and houses? Read in our article.
About the city
History
Batumi is a picturesque Georgian resort town, where, as in many delicious seaside places, many cultures have mixed. It is believed that a Greek colony was located here in ancient times.
According to legend, long before the first Hellenic settlements on the Black Sea, Jason and the Argonauts went to the eastern lands far from Greece in search of the golden Fleece. In those days, gold was really mined by immersing sheep skins in streams running from the mountains (precious sand settled on the pile). One of the modern monuments is dedicated to the ancient legend – the sculpture “Medea – investsments in dubai real estate daughter of the King of Colchis” on Europa Square.
Batumi is the capital of the autonomous Republic of Adjara. The region lies in the southwestern part of Georgia near the border with Turkey. For a long time, Batumi (the name of the city turned into Batumi already in the Soviet period) was under the rule of the Ottoman Empire. It was liberated from the rule of its Muslim neighbors only in 1878 as a result of Turkey’s defeat in the Russian-Turkish war. Shortly before that, there were only 600 “male residents” in it. According to the Berlin Treaty, the city came under the jurisdiction of the Russian Empire and soon gained great economic importance, becoming a port through which oil extracted in Baku and delivered here by a new railway was transported.
During the Soviet period, Batumi was both a tourist destination and an industrial center. People from different republics worked at the enterprises, and guests from all over the USSR also came to the resort. The echoes of this internationality are that the city is still one of the most Russian-speaking in Georgia.
In the mid-noughties, the young Georgian state had an ambitious idea to turn Batumi into a modern international resort on the Black Sea. Today we see that it has succeeded in many ways. The city is proud of futuristic buildings, unusual monuments such as the sculpture “Ali and Nino” by Tamara Kvesitadze, new squares, well-groomed embankments, numerous restaurants of famous Adjarian cuisine and more. Of course, not everything is as smooth as it could be with a more progressive and thoughtful transformation of the environment. There is also some chaotic development, and a lack of parking, and a lag in infrastructure during the rapid construction of residential and hotel complexes, and simply poor-quality construction, but these are common problems of urbanization that few people manage to avoid. In addition, over time, many points are smoothed out.
Climate
In the subtropics, and the resort belongs specifically to this zone, mild winters and hot, humid summers. The season in Batumi lasts from May to October. Heavy rains in this area are not uncommon even in summer, and can charge for several days. Although, as Mandelstam beautifully wrote, “winter rain in Batumi is a grandiose warm shower for several weeks.” “No one is afraid of him, and if necessary, every Batuman will go anywhere, even in such a flood, when Noah is afraid to lean out of the ark.” (Sometimes I want to replace “batuman” with “madman” in this quote, but the classics are better known).
Landscape
The sea framed by mountains and life–affirming greenery all year round – you can enjoy all this endlessly! Of course, not only passively (although this is not bad!), but also actively: take a bike and drive along the beautiful and convenient 10-kilometer embankment that stretches along the entire city, go to meet dolphins on a yacht or take a boat along the quaint Martville Canyon. By the way, it takes about 2 hours by car from Batumi to the nearest ski resort. All the joys are close!
Color
Batumi amazingly combines the grandiose with the patriarchal and the sweet, the bustle of the tourist center with relaxation, cosmopolitanism with something national and intimate, scale and luxury with disarming simplicity. Everyone who has been to this city will understand what it is about.
Infrastructure
Hundreds of modern hotels have been built in Batumi. Many iconic buildings of the city are occupied by hotels of famous international chains. Numerous restaurants, cafes, shops and benches are open to visitors of all these rooms and apartments in the city. There is a dolphinarium, a water park, a Ferris wheel, an Argo cable car leading to the observation deck.
A separate topic is casinos, of which there are dozens in Batumi. The resort is striving to expand the range of vacationers, and it is doing well. The wealthy and gambling flock from neighboring Turkey, the UAE, Iran, and other countries where such entertainment is completely or partially prohibited.
The infrastructure for year-round living in Batumi is not bad. Plus, it is developing as foreigners who dream of living on the warm coast move here. Immigrants themselves often open new establishments, as the conditions for creating and doing business in Georgia are among the most loyal in the world.
Batumi is a very small city, its population, according to 2018 data, is 160 thousand people. It should be understood that there is no megalopolis-level consumer paradise here, but there are many other things, for example, excellent products and goods of local production or catch (for the latter you need to go to the notorious fish market).
Shopping malls and large supermarkets such as Carrefour and Agrohab have been opened in Batumi. At the same time, small local shops near the house have not been displaced from the market by network giants. On the contrary, they occupy their niche and feel good about themselves. There are enough medical clinics and hospitals in the city, mostly private, there are schools, kindergartens, and several universities.
Transport
There are city and intercity buses in Batumi (communication is established, including with neighboring Turkey and even Iran), minibuses and taxis run.
In general, there are a lot of vehicles in the city, which cannot be said about parking spaces, the lack of which is especially noticeable during the season. Many foreigners come to Batumi in their cars, taking advantage of the fact that it is legal throughout their stay in the country.
Most of the institutions and attractions of Batumi are located compactly, and it is quite possible to move between them on foot. However, it is worth bearing in mind that motorists often behave quite unceremoniously.
The railway is a convenient way to get to Batumi from Tbilisi, Kutaisi, Yerevan.
Batumi has its own airport (the second most important in Georgia).
Types of real estate
Batumi has been very actively built up in recent years, mainly with high-rise buildings that compete with each other in architecture and project occupancy. The most popular format is apartment complexes with hotel service. Investors buy small inexpensive studios or apartments with one bedroom and a combined kitchen-living room, which are created specifically for short-term rentals. As a rule, the Management Company deals with all issues of renting, and the owner of the property receives a certain income and arrives on agreed dates in order to spend his own vacation by the sea.
However, it is necessary to understand that the market is flooded with such offers, and carefully choose a project for your goals.
Apartments in modern residential complexes with parking and appropriate infrastructure are considered for their own living. On the contrary, there are not so many such objects on the market, and they are very much appreciated.
Today, many new buildings are being built, in which all parameters are at the highest level. However, it must be borne in mind that many houses, especially those built several years ago, have their own standard set of disadvantages: lack of heating, insufficient ventilation and, as a result, dampness and mold in apartments, lack of parking, poor sound insulation. Contact the professionals so as not to lose the choice!
According to realtors, there are clients who dream of a house in the vicinity of Batumi. However, mostly cottages are on sale for $300,000-$400,000. Small houses closer to the mountains (1-10 km from the sea) up to 100 sq. m. m for 100,000- 150,000 dollars are rarely caught, although there are a lot of hunters for them. A house under construction by the sea can be bought in a black frame (that is, for rough finishing) for about 170,000-200,000 dollars.
Land in Batumi and the coastal surroundings is very expensive. For example, in Chakvi, adjacent to the city from the north, it costs 200-300 dollars per square meter (land is measured not in hundreds, but in square meters). In Batumi itself, the cost of a plot can reach up to $ 1,000 per square meter. m and even higher if the place is on the 1st line. Of course, at a distance from the sea, closer to the mountains, the figures are more modest – $ 3 per sq. m.
Districts and prices
From Europe Square to the park “May 6” and from the seashore to Chavchavadze Street is locatedThe Old City is a particularly desirable area of Batumi with small storeys, mostly old houses, temples of different faiths, new squares (Piazza Square, Europe Square) and iconic landmarks (Alphabet Tower, sculpture “Nino and Ali”). It is pleasant to walk along the cobbled streets and admire the pretty facades of the historical center! Of course, tourists like to stay in this place. The real estate here is mainly intended for rent to vacationers, but there are also blocks for permanent residence. There are schools, pharmacies, medical clinics, shops, restaurants, and a new private hospital is being built.
House prices without renovation start from $ 1,800 per sq. m.
Of course, there are few new buildings. The area is touristic and quite busy in season. This can be attributed to its disadvantages, as well as high apartment prices.
It is customary to conditionally refer to the Middle Batumi, or the center of Batumi, territories close to the coast, but not on the first or second line – from the park “May 6” to Bagrationi Street, as well as the area around the Alley of Heroes at the intersection of Shartava Avenue and Chavchavadze Street. This is a modern, actively built-up area, the center of the city’s business life. Offices of large companies, banks, shops, supermarkets, for example, Carrefour, hospitals, including the Republican Hospital, and the university are concentrated in this location. The landmark buildings of the district are the most beautiful new stadium, skyscrapers. There are schools, kindergartens, and educational centers for children. Many foreigners settle here.
Apartments in good new houses cost from $ 1300 per square meter, in projects under construction you can find an option from $ 1000 per square meter.
New Boulevard – the unofficial name of the territories south of the center of Batumi near the large park of Lech and Maria Kaczynski, which stretches along the sea. Until recently, there were swamps on these lands, but they were drained and began to be actively developed. The city is growing, and the development is gradually spreading to more remote coastal parts. Although the distance from the center is still relatively small, only 5-7 minutes by car.
There are schools, hospitals, and a large Metro City shopping center in the area. The infrastructure is not so good yet, but it is “catching up” as it develops. As they say, the New Boulevard is especially loved by remote workers.
Batumi is a very small city, its population, according to 2018 data, is 160 thousand people. It should be understood that there is no megalopolis-level consumer paradise here, but there are many other things, for example, excellent products and goods of local production or catch (for the latter you need to go to the notorious fish market).
Shopping malls and large supermarkets such as Carrefour and Agrohab have been opened in Batumi. At the same time, small local shops near the house have not been displaced from the market by network giants. On the contrary, they occupy their niche and feel good about themselves. There are enough medical clinics and hospitals in the city, mostly private, there are schools, kindergartens, and several universities.
Transport
There are city and intercity buses in Batumi (communication is established, including with neighboring Turkey and even Iran), minibuses and taxis run.
In general, there are a lot of vehicles in the city, which cannot be said about parking spaces, the lack of which is especially noticeable during the season. Many foreigners come to Batumi in their cars, taking advantage of the fact that it is legal throughout their stay in the country.
Most of the institutions and attractions of Batumi are located compactly, and it is quite possible to move between them on foot. However, it is worth bearing in mind that motorists often behave quite unceremoniously.
The railway is a convenient way to get to Batumi from Tbilisi, Kutaisi, Yerevan.
Batumi has its own airport (the second most important in Georgia).
Types of real estate
Batumi has been very actively built up in recent years, mainly with high-rise buildings that compete with each other in architecture and project occupancy. The most popular format is apartment complexes with hotel service. Investors buy small inexpensive studios or apartments with one bedroom and a combined kitchen-living room, which are created specifically for short-term rentals. As a rule, the Management Company deals with all issues of renting, and the owner of the property receives a certain income and arrives on agreed dates in order to spend his own vacation by the sea.
However, it is necessary to understand that the market is flooded with such offers, and carefully choose a project for your goals.
Apartments in modern residential complexes with parking and appropriate infrastructure are considered for their own living. On the contrary, there are not so many such objects on the market, and they are very much appreciated.
Today, many new buildings are being built, in which all parameters are at the highest level. However, it must be borne in mind that many houses, especially those built several years ago, have their own standard set of disadvantages: lack of heating, insufficient ventilation and, as a result, dampness and mold in apartments, lack of parking, poor sound insulation. Contact the professionals so as not to lose the choice!
According to realtors, there are clients who dream of a house in the vicinity of Batumi. However, mostly cottages are on sale for $300,000-$400,000. Small houses closer to the mountains (1-10 km from the sea) up to 100 sq. m. m for 100,000- 150,000 dollars are rarely caught, although there are a lot of hunters for them. A house under construction by the sea can be bought in a black frame (that is, for rough finishing) for about 170,000-200,000 dollars.
Land in Batumi and the coastal surroundings is very expensive. For example, in Chakvi, adjacent to the city from the north, it costs 200-300 dollars per square meter (land is measured not in hundreds, but in square meters). In Batumi itself, the cost of a plot can reach up to $ 1,000 per square meter. m and even higher if the place is on the 1st line. Of course, at a distance from the sea, closer to the mountains, the figures are more modest – $ 3 per sq. m.
Districts and prices
From Europe Square to the park “May 6” and from the seashore to Chavchavadze Street is locatedThe Old City is a particularly desirable area of Batumi with small storeys, mostly old houses, temples of different faiths, new squares (Piazza Square, Europe Square) and iconic landmarks (Alphabet Tower, sculpture “Nino and Ali”). It is pleasant to walk along the cobbled streets and admire the pretty facades of the historical center! Of course, tourists like to stay in this place. The real estate here is mainly intended for rent to vacationers, but there are also blocks for permanent residence. There are schools, pharmacies, medical clinics, shops, restaurants, and a new private hospital is being built.
House prices without renovation start from $ 1,800 per sq. m.
Of course, there are few new buildings. The area is touristic and quite busy in season. This can be attributed to its disadvantages, as well as high apartment prices.
It is customary to conditionally refer to the Middle Batumi, or the center of Batumi, territories close to the coast, but not on the first or second line – from the park “May 6” to Bagrationi Street, as well as the area around the Alley of Heroes at the intersection of Shartava Avenue and Chavchavadze Street. This is a modern, actively built-up area, the center of the city’s business life. Offices of large companies, banks, shops, supermarkets, for example, Carrefour, hospitals, including the Republican Hospital, and the university are concentrated in this location. The landmark buildings of the district are the most beautiful new stadium, skyscrapers. There are schools, kindergartens, and educational centers for children. Many foreigners settle here.
Apartments in good new houses cost from $ 1300 per square meter, in projects under construction you can find an option from $ 1000 per square meter.
New Boulevard – the unofficial name of the territories south of the center of Batumi near the large park of Lech and Maria Kaczynski, which stretches along the sea. Until recently, there were swamps on these lands, but they were drained and began to be actively developed. The city is growing, and the development is gradually spreading to more remote coastal parts. Although the distance from the center is still relatively small, only 5-7 minutes by car.
There are schools, hospitals, and a large Metro City shopping center in the area. The infrastructure is not so good yet, but it is “catching up” as it develops. As they say, the New Boulevard is especially loved by remote workers.
Makhinjauri – another suburb that Batumi has grown into is located 15 minutes north of the center. It is famous for its proximity to the famous Batumi Botanical Garden. The area has a lot of fans, and it’s no coincidence. Makhinjauri is actively being built up and is already ideally suited for life. There are schools, kindergartens, shops, restaurants. The downside is that at this point the highway runs right at the edge of the sea, and the traffic is quite stressful. But soon the autobahn will be launched, a bypass road that will take over a significant part of the traffic.
The listed areas are the main ones that come to the attention of foreigners, and where active construction is underway.
Real estate market trends
In 2022, housing sales in Georgia were extremely active due to the influx of foreigners, mainly from Russia, Ukraine and Belarus. Many of the visitors sought to settle in Tbilisi or Batumi (less often in other regions) for a long time. As a result, prices for buying and renting apartments have soared. Georgian developers have felt a long-awaited surge of investment after the financially difficult two years of the pandemic. In Tbilisi, from the beginning of 2022 to October 2023, real estate has risen in price by 42.6%, and the rental price has doubled. In Batumi, the figures are comparable. If in 2021, housing at the resort could be bought at a price of $ 300-400 per square meter, today from $ 800-1000 per square meter.
However, starting from the middle of 2023, the flow of relocants has become significantly less. Many foreigners have left the country for various reasons, including rising rental rates and the high cost of living in general. In September last year, 90 thousand Russians and Belarusians lived in Georgia, which is 10 thousand less than in December 2022, when the number of immigrants reached a peak (100 thousand people).
A significant proportion of home buyers in Batumi were Israelis. According to realtors, today the citizens of this country are not on the market, which is obviously due to a change in their vital interests due to the war that began in October.
The figures for real estate sales in Batumi are going down. According to Colliers, 15,826 deals were concluded in the city in 2023. This is 9% less than in 2022. At the same time, the drop in the primary market was 8%, and in the secondary market – 15%.
In December 2023, the number of transactions in Batumi decreased by 33% compared to December 2022.
Despite the reduction in demand, there is no obvious price correction yet. Nevertheless, there are implicit moves towards the buyer. Developers are more willing to give discounts and special conditions for installments (for example, not 30%, but 15% down payment). The owners also make concessions.
Rental rates have decreased. If a year ago it was almost impossible to rent a studio in Batumi for less than 400-500 dollars per month, now it is quite possible to find it for 500 lari, that is, about 200 dollars.
Let’s list the main points
The Batumi market is stagnating after the boom. It’s time to bargain and look for favorable conditions for purchase!
Projects for different budgets are being implemented in the city and suburbs. Today, you can buy a studio in a house under construction or ready-made from 30,000-40,000 dollars. There are also options in the premium segment: villas, penthouses from $ 1 million and above. Most of the offers on the portal are concentrated in a budget of up to $ 100,000. Ready-made turnkey apartment by the sea (with appliances) with an area of 60 sq. m. m costs about 120,000 dollars in Batumi.
There are too many offers in comfort-class apartment hotels, it is necessary to carefully choose an object. Many people prefer to buy on the secondary market in order to rent out immediately.
A good investment option may be real estate in residential rather than hotel complexes with good characteristics such as heating, parking and infrastructure. The market lacks such lots, and they are not getting cheaper.
The active market is shifting to the suburbs. According to Galt&Taggart, despite the overall decline in the city, sales in the two districts were growing. These are the New Boulevard (+10.3 yoy in Q3 2023) and Gonio-Kvariati (+10.6%). Both locations are interesting to the investor due to their prospects. Makhinjauri is good for living and renting out for a long time.
Practice shows that there are delays and construction stops in Batumi. We recommend contacting market professionals who will help you navigate and not make mistakes with the company.
It’s time for a balanced buyer who clearly represents his goals.
