Georgia's Batumi sees decrease in real estate transactions

Business Materials 3 March 2021 15:40 (UTC +04:00)
Georgia's Batumi sees decrease in real estate transactions

BAKU, Azerbaijan, March 3

By Tamilla Mammadova – Trend:

Some 499 transactions were registered in Georgian Batumi in January 2021, which is 29 percent lower than the previous year, Trend reports referring to the report of Canada-based Colliers International real estate services organization.

As for the market size, the figure stands at $21 million, reflecting a 33 percent decrease compared to the same period in 2020.

The number of transactions recorded on economy and premium new apartments is 30 percent and 33 percent less than the same period in 2020. While the figure for medium flats has decreased by 43 percent.

"The prices of economy segment residential properties are not expected to change significantly, while the number of transactions in this category is forecast to drop. We expect the demand on economy class single-family houses to soar in the isolation period," the report said.

The projections are negative for the medium segment residential market in terms of the number of transactions and prices. Speculative transactions are expected to increase in the medium market due to decreased prices.

"The number of transactions is expected to drop in the premium segment, but we anticipate very little price change in this category. The market of rental properties will be most affected, as both, prices and the number of transactions are expected to drop by the end of the year," the report said.


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