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Georgia's Batumi sees decrease in real estate transactions

Business Materials 22 January 2021 10:22
Georgia's Batumi sees decrease in real estate transactions

BAKU, Azerbaijan, Jan. 22

By Tamilla Mammadova – Trend:

The number of new apartment transactions is 31 percent lower in 2020 in Georgian Batumi than the same period in 2019, Trend reports referring to the report of Canada-based Colliers International real estate services organization.

As reported, the number of transactions registered on old flats has decreased by 19 percent and accounts for 1,161 units.

The number of transactions of both new and old apartments has decreased by 29 percent.

The number of transactions recorded on economy, medium and premium new apartments is 21 percent, 56 percent and 23 percent less than the same period in 2019.

In 2020, the market size of new flats is 35 percent less than the previous year and accounts for $279 million, while the figure for old flats is 16 percent lower and amounts to $51 million.

The weighted average selling price of new flats in 2020 is $776 per sq m, reflecting a 6 percent decrease, when compared to 2019. As for the old flats, the WAP accounts for $662 per sq m, depicting a 2 percent increase.

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