Batumi’s apartment market is showing an unusual combination: fewer property transactions, but higher prices and a growing total market value.
According to the latest RECOV / Colliers Georgia figures, 1,614 apartment transactions were registered in September 2026, down 10.4% compared with the same month last year.
Yet the total value of transactions increased by 0.9% to $107 million, while the weighted average price of apartments in newly built projects rose by 5.2% to $1,408 per square meter.
So why are sales declining while prices continue to rise?
Fewer Transactions Do Not Necessarily Mean Weaker Prices
Transaction volume and property prices measure different aspects of the market.
The number of registered purchases indicates how many apartments changed hands. The total market value reflects the combined value of those transactions, which can also be affected by apartment size, property type and the mix of projects sold.
In September, fewer apartments were registered as sold, but the combined value of those transactions was slightly higher.
This does not mean that every apartment became more expensive. It does suggest that the market cannot be assessed through transaction numbers alone.
New-Build Prices Reveal a More Complex Picture
The weighted average price of newly built apartments reached $1,408/m², up 5.2% year over year.
However, the two main segments moved differently.
Primary-market prices declined by 10.7%, while secondary-market prices in new developments increased by 9.9%.
Colliers explains that the primary-market comparison was affected by bulk registrations involving a high-priced project in September 2025. Excluding that project, primary-market prices would have increased by 4.6%.
This distinction matters because a change in the composition of registered sales can influence average prices without representing a uniform shift across the market.
What Does This Mean for Buyers and Investors?
Foreign buyers accounted for 48% of apartment transactions involving older and newer projects in September.
For buyers, the latest figures highlight the importance of evaluating individual properties rather than relying on citywide averages.
Two apartments with similar asking prices may offer very different value depending on location, construction status, building quality, maintenance costs and resale potential.
Investors should also distinguish between price appreciation and rental performance. Higher average sale prices do not automatically translate into stronger rental yields.
Our View
September’s figures are not enough to conclude that Batumi’s property market is entering a downturn.
They show a more complicated picture: transaction activity declined, overall market value remained resilient, and average new-build prices continued to increase.
The key indicator to watch in the coming months will be whether transaction activity stabilizes while prices remain firm.
For now, project-level analysis is more useful than treating Batumi as one uniform property market.
