Galt & Taggart recently published a report on Georgia’s resort real estate market (Batumi, Gudauri, Bakuriani) prices, revealing varied trends in the third quarter of 2024 (3Q24). Bakuriani saw a notable increase, primarily attributed to late registrations, whereas Gudauri and Batumi experienced a noticeable decline and comparatively reduced demand, respectively.
Detailed breakdown of Bakuriani:
- Apartments sold: 352, marking a 51.1% year-on-year increase
- Dominant sale drivers: small-sized units, accounting for 78.6% of total sales
- Budget-friendly properties (costing less than $1,000): 53.4%
- Weighted average price: $1,035/m²
- Market size value: $16mn, a 62.7% year-on-year increase
Detailed breakdown of Gudauri:
- Apartments sold: 64, a 34.7% year-on-year decrease
- Small-sized apartments: 76.9% of sales
- Midscale price range: $1,417/m², slight decrease
- Market value: $3.9mn, an 18.5% year-on-year drop
Detailed breakdown of Batumi:
- Primary market sales: 22.9% drop
- Secondary market sales: 10.0% year-on-year decline
- Rental yields: 9%
Notably, the considerable demand reduction for Batumi’s real estate is attributed to migrant outflows, rising prices, and political uncertainty.
