Our first investment into Batumi was an off the plan property with a reputable builder in Georgia. It was fortunate that we could check the property during the early phase of construction and were very happy with the quality of construction and workmanship as well as the vision of the final product.
The first purchase was a studio apartment of around 30m2.
We opted for a full turn key option as opposed to a black frame to check out the builders standards and inclusions.
The Turn key option - albeit a little more on the expensive side created a straight forward and streamlined process to allow the team to purchase multiple apartments of different shapes and sizes within the complex to diversify the investors portfolios and create different offerings to the marketplace
The studios had options of sea front or mountain side with applicable pricing based on the location and size.
Since the purchases, the value of these apartments has seen a 30% capital growth.
FULL disclaimer - These purchases weren’t without some problems, namely a pandemic in 2020 that put general construction, shipping and well… the world pretty well on hold!
This did create delays in the official launch date which had to be pushed back time and time again due to these unforeseen issues. We worked with different investors some wanting to see it through to the end and others wanting to move onto different projects due to the time delays.
But, we are so happy to see the vision coming through with everything open for the Summer season!
We are seeing strong bookings coming through June and July having already had some fully booked out periods for apartments.
