In the last decade, the situation in the real estate market of Batumi literally exploded. Hyper-inquiry provoked unprecedented activity of developers. In the city and its immediate surroundings, one by one huge modern residential complexes are being built.
According to Colliers International, a leading global real estate and investment management consultancy, about 35 new residential projects were completed in the city in 2017. The number of real estate transactions in Batumi rose to a historic high - by 41% compared to the previous year, amounting to 8,574 units. At the same time, 49% of transactions were concluded on apartments in new buildings.
Batumi has grown to new large neighborhoods, began to settle in previously cultivated areas. The outlines of Batumi have changed dramatically – the city line has significantly expanded due to the development of former wastelands and suburbs. Today they have become a full-fledged part of the city, strongly shifting its geographical center.
Today Batumi can be divided into 3 districts by type of real estate:
1. The old city is a historical part consisting of narrow streets and low 2-3 storey buildings dating from the XIX-early XX centuries.
2. The business part - here the construction was carried out in Soviet times, the housing stock consists of typical 4-5-storey "Khrushchev" houses and new 9-12-level panel houses.
3. The new Boulevard is a newly developed area with giant modern multi-storey residential complexes and a large selection of housing types.
In Batumi, there is still a very large area occupied by the private sector. It is the most remote from the sea and has the least developed infrastructure, so it is not considered from the point of view of investment attractiveness.
The cost of real estate in Batumi
In high season, rental prices reach record levels. Therefore, many potential investors coming to Batumi as tourists and thinking about buying an apartment in Batumi, mistakenly believe that the cost of housing here is prohibitively high. But it is not.
Batumi is stretched along the sea, and all of the above areas have almost the same levels of distance from the coast line. As often happens in resort cities, the cost of an apartment is primarily determined by its location relative to the sea, and only secondarily by the technical parameters of the house.
Thus, the price of the property does not depend on the area, but on its proximity to the beach line. The most expensive housing is located in the area of the so-called "first line", it does not play a significant role, to which district of the city the house belongs.
Apartments in Batumi will be inexpensive if:
- consider options, located on the 3rd - 4th lines.
- buy a property at an early stage of construction.
- choose and buy an apartment without intermediaries.
Modern information technologies come to the aid of potential buyers of real estate in Batumi. Today there are unique services, real estate search engines, that will help everyone to find an apartment on the right parameters, including buying an apartment in Batumi from a developer.
The first service of this sort is the platform GEOLN.COM, which provides a huge database of verified properties from developers and owners around the world. This resource is developed by experts in the field of buying and selling real estate and allows you to communicate with sellers directly. Thanks to this, you can avoid unnecessary costs for the services of an intermediary and at the same time be sure of the reliability of the information provided.
GEOLN.COM provides an exclusive option, an "online tour". It involves the departure of a specialist to the objects of interest and detailed coverage of all their features. In the case of purchase, the transaction will be free. And you can pay with traditional money by cash or bank transfer, or using cryptocurrency.
How to choose an apartment in Batumi
Service GEOLN.COM provides free assistance in negotiating between a potential buyer and seller of real estate. It also helps to navigate all the practical and legal nuances of buying an apartment in Batumi. Buy an apartment in new buildings or buy a resale apartment in Batumi is a personal choice of each person, depending on their capabilities, needs, and lifestyle.
A lot depends on the purpose of buying an apartment in Batumi. Real estate in the resort area is bought, as a rule, for three reasons:
- For the sake of moving to permanent residence.
- For the holiday season.
- As a profitable investment.
As for Batumi, real estate for Russians here, as a rule, is of double interest - the possibility of living on vacation in their own apartment and renting out housing for the rest of the period. Due to the fact that in recent years it has become fashionable to come to subtropical Batumi to wait out the winter - the demand for rental housing in Batumi persists all year round. And this is a great opportunity for the owner of the property to receive passive income from his apartment all year round. Using the real estate search engine, you can find a property and the selected object to view the expected yield.
There is also a certain proportion of buyers who purposefully buy apartments specifically for delivery only in the high season. The prospect for 3 peak months to receive income comparable, and often exceeding, the annual amount for long-term rental housing - is quite real. And this attracts many homeowners in Batumi, keeping the demand for housing at a high level.
The prospects of the real estate market of Batumi
All experts in the real estate market of Georgia agree that the cost of housing in Batumi in the near future will continue to increase. With a competent approach to business, the profitability of renting apartments is from 7% to 13% per year. In addition, among the countries of the near abroad, Georgia wins in the main part of the parameters. In addition to the mild climate, Batumi provides investors with the most affordable square meter of real estate on the Black Sea coast, the most developed infrastructure and the easiest procedure for registration of ownership of the apartment.
Experts suggest that the demand for Batumi real estate will exceed the supply for at least 5-7 years. At the same time, increased requirements for the quality of housing and technical characteristics of houses will increasingly come to the fore.
Read more about the real estate market of Georgia in the section articles and news in the category of real estate investment in Georgia.