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Beachfront Real Estate in Georgia: Beyond Batumi – Emerging Hotspots for Apartment Purchases

International buyers in Georgia highly seek after seafront apartments for personal enjoyment and investment. Currently, Batumi, the premier resort city, attracts 90% of this interest. However, we expect this trend to shift. We are spotlighting up-and-coming areas with currently affordable prices but significant growth potential.

Adjara's Economy Thrives on Tourism

Adjara, located along Georgia's coast, is booming thanks to tourism. This surge in visitors benefits real estate investors, as it leads to higher demand for accommodations. The year 2023 was notably successful.

Key Stats:

  • Adjara welcomed 4.3 million tourists, marking a 25% increase from the previous year.
  • Tourism revenue for the region reached $3.3 billion, up by 30%.

The government aims to increase the number of tourists to 6 million by 2025. Considering Georgia's history of boosting tourism by 20-30% annually before the pandemic, this goal seems achievable.

Barring any unforeseen events, the influx of visitors to Adjara is likely to grow, creating a higher demand for accommodations. 

Pricing for Apartments by the Sea

You can find the priciest seafront apartments in Old Batumi and along the Seafront Promenade. By the end of 2023, the average cost per square meter in these areas hit $1870.

Currently, Batumi's main construction boom is in the New Boulevard area. With a vast array of options available, the average price here is more affordable at $1250 per square meter. Prices drop as you move further from the shoreline.

In Gonio-Kvariati, the development of several upscale complexes is pushing the average price up to $1580 per square meter.

For properties close to the sea in Makhinjauri, the price per square meter stands at $1250.

In Kobuleti, which has recently seen a spike in development, the cost is about $1280 per square meter. 

Trends in Batumi's Real Estate

Batumi's real estate market presents a unique scenario. Foreigners buy 70-80% of the local apartments. Buyers from Russia, Israel, Poland, Ukraine, and Iran are the main forces behind the demand for coastal properties in Georgia.

 

2021

2022

2023

Apartment Sales

12 156

17 040

15 758

Primary Market

7 932

9 922

8 925

Secondary Market

4 224

7 118

6 833

Average Price per Sq. M

$838

$1 087

$1 306

Source Galt &Taggart

In 2023, Batumi saw a decrease in apartment sales due to several factors:

  • The year 2022 experienced a surge in demand, with many interested in Georgian properties finalizing their purchases.
  • A limited selection from developers. About 88% of apartments in projects slated for 2024-2025 were already sold.
  • Developers are expanding into other areas of Adjara. With Batumi running out of available land, developers are exploring new locations. This has led to an increase in offerings elsewhere and a shift in demand. For instance, apartment sales in Kobuleti soared by 59% over the year.

Emerging Coastal Areas in Georgia

These promising locations are situated 5-30 kilometers from Batumi's historical center and are currently witnessing rapid growth. Real estate prices in these areas are more affordable compared to Georgia's main resort city, yet they offer significant potential for growth. 

Makhinjauri: Quiet Seaside Retreat Near Batumi

About the area: Just five kilometers north of Batumi's historic center, Makhinjauri was merged with Batumi in 2013, technically making it part of the city. However, Makhinjauri offers a quieter, more rural atmosphere. Its main draws include a lengthy pebble beach and natural mineral water sources, and it is very close to the Botanical Garden.

Highlight project: Next Collection Residential Complex

Next Collection Residential Complex
Next Collection Residential Complex

This development features futuristic architecture right on the seafront in Makhinjauri, set to function as a five-star apart-hotel. It boasts comprehensive amenities: a swimming pool, fitness center, spa, cinema, co-working space, restaurant, and more. With 15 floors housing over 900 varied apartments, this large-scale complex is poised to redefine the area. 

Chakvi: Blossoming Seaside Town

About the area: Chakvi is conveniently located halfway between Batumi and Kobuleti, each just a 15-minute drive away. Until recently, Chakvi was relatively undeveloped in terms of tourist facilities. Now, the town is on the rise, hosting about 10 residential complexes in various stages of development. It's celebrated as "the greenest resort in Georgia," with visitors often highlighting the area's lush eucalyptus groves.

Highlight project: Dream Residence Residential Complex

Dream Residence Residential Complex
Dream Residence Residential Complex

This is an upcoming beachfront property in Chakvi, featuring a unique, compact design with a single 12-story building comprising around 100 apartments. What sets this project apart are its green facades. With panoramic views, a swimming pool, and other essential amenities, it promises everything needed for the perfect seaside getaway. The complex is expected to be completed by 2025. 

Tsikhisdziri: Coastal Gem with Historical Charm

About the area: Tsikhisdziri, a picturesque village on the Black Sea coast, is positioned 15 kilometers north of Batumi and 8 kilometers south of Kobuleti. It's renowned for hosting a national reserve that includes the ruins of the ancient Byzantine fortress of Petra. This area stands out for its pebbly beaches, where the mountains meet the sea, offering breathtakingly beautiful landscapes.

Highlight project: Petra Sea Resort Residential Complex

Petra Sea Resort Residential Complex
Petra Sea Resort Residential Complex

Marking one of Georgia's most ambitious development projects with an investment of $236 million, this isn't just a complex; it's a full-fledged resort. Spanning a 20-hectare area, the project will feature 42 buildings amidst a well-equipped infrastructure. This includes chain hotels, branded residences, both outdoor and indoor swimming pools, spa and fitness centers, restaurants, a casino, an artificial lake, leisure areas, a meticulously maintained private beach, and a marina for yachts. 

Kobuleti: Vibrant Seaside Development on the Rise 

About the area: Kobuleti, Georgia's second-largest seaside destination, is located 27 kilometers from Batumi. It has been a resort town since the early 20th century and is currently experiencing a boom in development, with 22 new complexes under construction. Kobuleti is famous for its extensive 10-kilometer pebble beach. The area is also home to several nature reserves, and the town itself offers all the essential amenities, albeit with less variety than Batumi.

Highlight project: Alliance Renaissance Residential Complex

Alliance Renaissance Residential Complex
Alliance Renaissance Residential Complex

This impressive residential complex is made up of three skyscrapers, ranging from 28 to 44 stories, and offers a wide range of facilities, particularly for those who enjoy active lifestyles: skydiving, surfing, rock climbing, squash, flyboarding, volleyball, water skiing, and yoga are just some of the activities available on-site. Additionally, it caters to wellness enthusiasts with offerings like cryotherapy, thalassotherapy, and Watsu therapy. A standout feature of this complex is its prime location—just 30 meters from the beach, providing easy access to the seaside.

Gonio-Kvariati: Emerging Elite Suburb by the Sea

About the area: Gonio-Kvariati, the area closest to Turkey and 15 kilometers away from central Batumi, has recently been developing into an elite suburb. Over the last few years, it has seen the construction of several large-scale luxury complexes. Gonio is known for its pristine kilometer-long beach, stunning landscapes, and fresh air, attributed to the nearby mountains dotted with eucalyptus and pine forests. This area is also renowned for having the cleanest sea waters in Georgia.

Highlight project: Wyndham Grand Batumi Gonio Residential Complex

Wyndham Grand Batumi Gonio Residential Complex
Wyndham Grand Batumi Gonio Residential Complex

This ambitious project is designed as an all-inclusive resort. Spread over 15,000 square meters, it plans to feature more than 1,000 hotel residences in various formats, from studios to villas, alongside 90 infrastructure facilities, including a private helipad. The complex will operate under the Wyndham Grand brand, the world's largest hotel operator, ensuring a high occupancy rate thanks to its prestigious reputation.

Quoting conditions of Prian.info materials

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Tags: Georgia, Market Analysis, Real Estate, New buildings and construction

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