Tourism is a key factor that shapes Batumi housing market. International tourism drives the rental market activity in Batumi and the origin of tourists to the city broadly correlates with origin of non-resident buyers. According to TBC Capital research Ukraine and Russia have become major players on the international apartment sales market, followed by Israel, Turkey as well as countries from the immediate region. The proportion of international sales in Batumi soared from 14% in 2015 to 36% in 2018. This also explains the rising proportion of non-resident loans in Adjara’s mortgage portfolio.
Ukraine – 8.4%
Russia – 8.2%
Asia / Pacific – 3%
other – 2.8%
Israel – 2.4%
Europe – 2.3%
Turkey – 1.5%
Armenia – 1%
Iran – 0.9%
Azerbaijan – 0.4%
