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Georgian real estate consulting company predicts lower prices for apartments in Batumi

Business Materials 6 July 2020 15:44 (UTC +04:00)
Georgian real estate consulting company predicts lower prices for apartments in Batumi

BAKU, Azerbaijan, July 6

By Tamilla Mammadova – Trend:

Despite pessimistic expectations regarding sales, real estate prices in Georgian Batumi are not expected to decrease, Trend reports referring to the results of a survey conducted by real estate consulting company Cushman & Wakefield Georgia in Batumi.

According to the survey, developers reported between 50 percent and 100 percent reduction in sales.

“Although most of the companies implemented online and remote sales strategy, and this approach did not appear to be successful. The majority of buyers are foreign nationals from Israel, Ukraine, Russia, Belarus, Poland, Lithuania, Great Britain, Spain, Germany, East Canada and the US. Due to closed borders, visits to Batumi for apartment inspection stopped and as it has now become quite obvious that online platforms are not very useful in selling apartments to locals or foreigners,” the report reads.

According to Cushman & Wakefield Georgia, 36 percent of buyers of residential apartments in Batumi are Georgians, while 64 percent - foreigners.

“Vast majority of the Batumi developers are maintaining the pre-pandemic pricing policies, while not taking into account pessimistic sales projections. However, it should be noted that despite the comments made to us during the survey, a number of developers have actively started conducting various types of campaigns or promotions to offer the buyers special conditions and discounts on specific apartments,” the company noted.

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