Real Estate - Batumi, Bakuriani, Gudauri - 2Q24

Residential market in Adjara

In 2Q24, the total number of registered transactions in Batumi reached 3,670, indicating a 6.7% y/y decrease. Notably, sales reduced on both, primary and secondary markets (-3.3% y/y and -11.0% y/y, respectively). Sales decreased in every district of Batumi, except New Boulevard Area (+4.9% y/y).

Price growth continued on the primary market (+2.2% q/q), partly resulting in sluggish demand. Prices also rebounded on the secondary market (+2.7% q/q and +7.7% q/q, for new and old apartments respectively) after a slight decrease in the previous months.

In 2Q24, the total market value of apartments sold in Batumi stood at US$ 229.7mn, down by 5.1% y/y, reflecting decline in apartment sales. 

In 2Q24, rental rates in Batumi were up compared to 1Q24, driven by seasonality and elevated demand on apartments by tourist inflows. Rental yield stands at 9.4%, considerably above peer cities.

In 2Q24, weighted average price on the primary market in Kobuleti reached US$1,221/m2 (+11.0% y/y), driven by increased number of premium developments. In 2Q24, the real estate market size in reached US$ 10.2mn (-11.5% y/y), due to high-base effect.

Residential market in Bakuriani

In 2Q24, the number of apartments sold in Bakuriani reached 221 units, up 5.7% y/y. 

Total of 13 residential projects are available for sale on the primary market in Bakuriani.

In 2Q24, weighted average price of apartments in Bakuriani was up by 7.8% y/y, reaching US$1,092/m2. 

Total market size of apartments sold in Bakuriani stood at US$ 10.3mn, up by 14.7% y/y.

Residential market in Gudauri

In 2Q24, the number of apartments sold in Gudauri reached 74 units, down 1.3% y/y. 

Total of 6 residential completed projects are available for sale on the primary market in Gudauri.

In 2Q24, weighted average price of apartments in Gudauri stayed flat at US$1,420/m2. 

Total market size of apartments sold in Gudauri stood at US$ 4.5mn, up by 12.3% y/y.