Batumi attracts migrants: the rise in demand for real estate

The Black Sea resort of Batumi, located in the Adjara region, has become a center of attraction for migrants, which has led to a significant increase in demand for real estate in this region in the first half of 2023. A review by the investment company Galt&Taggart revealed a wave of migrants that had a significant impact on the real estate market.

According to analysts, during the period from January to June 2023, 8.3 thousand residential real estate objects were sold in Batumi, which is 12.2% more than in the same period last year. The main share of sales falls on the first sold apartments, of which 4.6 thousand were sold. Also, 3.3 thousand new projects and 400 old apartments were sold on the secondary market.

It is interesting to note that the average real estate prices per square meter on the primary market in Batumi in the second quarter of 2023 increased significantly compared to last year. For example, on the coastline the cost is 2.6 thousand dollars, which is 25% higher than a year ago. In other areas, there is also a significant increase in real estate prices.

The migration flow to Georgia was also confirmed from the data of the Ministry of Internal Affairs. During the period from January to June 2023, more than 2.9 million foreign arrivals to Georgia were registered, and the number of departures amounted to 2.88 million. The main interest in Georgia is shown by Russian citizens who have made more than 741 thousand entries into the country.

In general, the growing flow of migrants has had a positive impact on the real estate market in Batumi, making this resort more attractive to investors and home buyers. Experts expect that interest in this region will continue to grow due to its attractive opportunities and potential for development.