BAKU, Azerbaijan, June 22
By Tamilla Mammadova – Trend:
Some 1,011 transactions of residential real estate were registered in Georgian Batumi in August 2021, which is 33 percent lower than the same period in pre-pandemic 2019, Trend reports via the Colliers International Georgia.
According to Colliers International Georgia, as for the market size, the figure stands at $42 million, reflecting a 39 percent decrease compared to August 2019.
In August 2021, 895 transactions were registered in new projects, which is 36 percent lower than the same period in 2019.
“This should be an indirect impact of reduced tourism in 2021. Another reason for decline should be related to the massive registration of transactions in one of the large development in August 2019 (approximately 600 transactions). On the other hand, the number of transactions registered on old flats has increased by 5 percent compared to August 2019,” the report reads.
In August 2021, the market size of new flats has decreased by 42 percent when compared to the same period in 2019. As for the old flats, the figure stands at $5 million, increasing by 12 percent.
In August 2021, the number of transactions recorded on economy new apartments saw a 13 percent increase compared to the same period in 2019. On the other hand, the number of transactions for the medium segment has fallen by 66 percent. As for the premium segment, the number of transactions has decreased by 46 percent.
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