Investing in Batumi real estate is still current nowadays. Batumi has always been an international city with various investors around the globe. The city is multicultural.
Batumi, located on the Black Sea coast, has become not just a popular tourist destination. It’s a city with many new permanent citizens. It’s a city that became a real estate investment hub, attracting investors from around the globe.
The formula of Batumi’s success lies in its location, history, legal environment, and free economy.
Batumi is located on the eastern seashore of the Black Sea. Like any other seaport, it was always a cosmopolitan city with people flowing inwards and outwards. Batumi is located very close to the Turkish border, with a significant Turkish population and people crossing the border to come to Batumi intentionally. Very close to Batumi is a mountainous area of Adjara, therefore people enjoy not only water but mountain activities.
Batumi was mentioned in documents dated I a.d. m called Bathus (deep in Greek). However, the settlement in that region has much more ancient history, evidence of which is presented in various artifacts. Armies of multiple countries were conquering this Georgian city of Batumi, showing its strategic significance: Ancient Greece, Roman Empire, Byzantine Empire, Ottoman Empire, and Russian Empire. Each of those cultures influenced the local population. People in Batumi are freedom lovers, they ought to learn Turkish, Russian, English languages, and many converted to Islam. The architecture is partly old-styled European with beautiful details and sculptures, partly Dubai-styled with skyscrapers.
Since the Rose Revolution, the whole Georgian legal and economic landscape has changed. Georgia is a corruption-free country with very high economic freedom and the possibility of foreigners acquiring Georgian property.
Namely, as the seashore always attracts people to spend their time in summer and due to legal and economic freedom, real estate developers started developing mind-blowing projects for the tourists in Batumi.
A beautiful boulevard was reconstructed for walking, scrolling on electric vehicles, beautiful kiosks, and installations on the seashore related to love.
Why is Batumi already many years old and still the go-to destination for real estate investment? Below we disclose the formula.
People love the sea, water, and chilling vibes. Batumi was always a top destination for locals to get to the sea, however it was not always comfortable. Back in the day, Georgians were staying a lot in guest houses with very modest conditions, but the demand for staying there was always only increasing. Not only Georgians but people from other countries were and are coming to Batumi for the sea, like Armenians who do not have access to the sea. Azerbaijani prefer to visit the Black Sea rather than the Caspian Sea and stay in a culturally different environment, rather than their everyday reality. Russians and Ukrainians who want to stay in a more modern and European place rather than the Soviet and old environment.
Skyscrapers in Batumi are a relatively new form of real estate. After developing the old part of Batumi, which is full of old-style, very well-preserved 19th-century European houses, the demand was still increasing, so the developers started creating skyscrapers – super-high buildings on the seashore. Skyscrapers on the seashore look super modern and interesting, and we assume this trend has come to Batumi from places like Miami, Dubai, etc.
Foreigners are allowed to buy apartments / apart-hotels in Batumi. In many countries, the purchase of real estate is restricted and is subject to certain conditions, whereas in Georgia / Batumi – these restrictions do not apply at all. Moreover, apartments in Batumi are heavily bought primarily by foreigners, such as Turks, Russians, Belarusians, Israelis, etc.
Many people are dreaming of buying an apartment on the seashore for rental purposes and having a sweet spot for their family to visit whenever they want. However, buying such real estate in other countries is normally super expensive, especially buying such an apartment in a modern, futuristic city.
Batumi still has many affordable real estate options. We assume that the low prices on real estate in Batumi are because of the super high supply of properties. There are tons of developers creating hundreds of thousands of square meters in Batumi and although there is high demand for properties in Batumi, the supply of real estate is still higher – not allowing real estate prices to increase dramatically.
Investors shall also take into consideration that Batumi real estate is physically bound by Batumi boundaries and at a certain point it will not be possible to build much in Batumi due to the lack of space. We assume that based on that, the real estate prices in Batumi will rise at that point. At the same time, because of this problem, it is already pretty close – the nearby city of Kobuleti is starting its rise.
War in Ukraine created a huge demand for real estate in Georgia. After the start of the war, a lot of people from northern countries found their new home in Batumi. We would notice people from Belarus, Russia, and Ukraine. Many of them have already moved to other countries, but a certain percentage stay in Batumi as of today. We hope that the war ends soon, but for investors, Batumi still can be considered a safe spot that can be a nice place for people leaving regions with armed conflicts and whose number in the region unfortunately is steadily growing.
The price range in Batumi’s real estate market is equally diverse, with properties ranging from $35,000 to millions of dollars. However, experts predict that the era of budget housing will end by 2025, making now the ideal time to invest.
Properties developed by reputable developers are also highly sought after. The demand for real estate in Batumi is expected to grow, fueled by the city’s economic transformation and increasing tourism potential. At the same time, there is a huge problem with the timely finishing of developments.
Many developers in Batumi promise you:
Low price
Super high ROI (return on investment)
Superior quality of building and your apartment
Development finishing in a few months / one year
But in any other industry – this is too good to be true. We receive so many letters from many investors who invested in Batumi real estate but either their development is late by a couple of years, or they never got it, or the quality is very poor. This can take place in an environment with too much economic freedom as it is in Georgia.
This is why we suggest either buying apartments in already built real estate in Batumi or buying property only from certain developers with established reputations on the market. If you need any kind of service related to your property in Batumi – for example, property appraisal, renovation, interior design services, escrow services, our real estate agency is here for you.
In short – it depends on your short-term and long-term goals. But one is for sure – if you decide to buy any sort of real estate in Batumi: villa / hotel / apart-hotel / apartment / land – you need proper due diligence and assessment on your Batumi properties. We are here to help!
Congratulations on buying your dream property in Gudauri! However, before you can start renting it out or settling in, renovations are often required, especially if the property is in a raw state. In this blog you can read about 5 common problems you might face during the renovation process
Read the blog about renting an apartment and find out what you need to consider in order to minimize the discomfort of the transition process. Our real estate agents will help you at every stage: they will select and evaluate an apartment, they will help you arrange documents and simplify the transition process.
Buying Apartment in Georgia is most popular demand we deal with in Ri.GE real estate agency. Real estate / apartments in Tbilisi and Batumi are obviously the most in-demand directions.
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