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How active are Azerbaijani citizens in Batumi's real estate market? - RESEARCH

How active are Azerbaijani citizens in Batumi's real estate market? -

Azerbaijani citizens accounted for 0.4% of apartments purchased by foreigners in Batumi.

Over the past year Georgia's Batumi has seen an increasing tendency in the share of foreign citizens buying apartments there, according to the study conducted by TBC Bank's consultative department TBC Capital

Report's Georgian bureau informs that in 2018 foreigners accounted for 36% of apartments purchased in Batumi. This indicator made 14% in 2015, 28% in 2016 and 33% in 2017.

New apartments constituted 76% of the dwelling sold in Batumi last year.

From the beginning of this year the share of foreign citizens in the real estate market made 31%.

Russia and Ukraine citizens are the main actors in the sales market with Ukrainians accounting for 8.4% share and Russians for 8.2%. Israel (2.4%), European Union (2.3%) and Turkish citizens (1.5%) also have a significant share in this market.

Since the start of 2019 Azerbaijani citizens have showed passiveness in the real estate market of Batumi accounting for only 0.4% of apartments bought by foreigners in the Ajarian capital. This makes the lowest indicator among the foreign citizens. Meanwhile, Armenia accounted for 1% share and Iranians for 0.9% share in this market. 

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