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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.
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.
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.
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 |
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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.
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
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.
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
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.
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
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.
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
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.
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
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.
