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Mortgage Apartments in Batumi
Batumi is a picturesque city on the Black Sea coast, increasingly becoming a popular destination for real estate investment, whether for those looking for the perfect place to live or for a vacation home. Its unique geographical position, nestled between the sea and the mountains, creates a wonderful climate, and offers abundant opportunities for outdoor activities. With its well-developed infrastructure, rich cultural heritage, and warm local hospitality, Batumi is not only a tourist attraction but also a hotspot with high potential for real estate investment.
Benefits of buying an apartment on mortgage in Batumi
- Housing affordability: Mortgages make property purchase accessible to a broader range of people who cannot afford to pay the full cost of an apartment upfront.
- Real estate investment: Investing in Batumi real estate can be financially rewarding over time, whether through appreciation in property value or rental income.
- Flexibility in property selection: Mortgages allow you to buy either new constructions or secondary market apartments, giving you the freedom to choose a home that best meets your individual needs and preferences.
- Credit history: Timely mortgage payments contribute to building a positive credit history, which can be beneficial when seeking financial services in the future.
How to choose an apartment in Batumi for mortgage purchase?
Choosing an apartment in Batumi for a mortgage purchase requires careful consideration and attention to detail. First, determine your priorities: whether you're looking for a permanent residence, an investment, or a property to rent out. Consider the property's location, its proximity to the sea, infrastructure, educational institutions, and transport accessibility. The future development of the area is also crucial as it directly impacts property value growth and rental demand.
To simplify the process of searching and comparing different property options in Batumi, use Korter.ge. We offer an extensive database of new builds and secondary market apartments, including detailed descriptions, photos, prices, and purchasing methods. Korter.ge also features a mortgage calculator that helps find the most advantageous offers based on property cost, down payment, and loan term, enabling you to quickly find the right option for you.
How to save on purchasing an apartment with a mortgage in Batumi?
- Compare offers: Review different banks' terms, interest rates, fees, and prepayment options. Banks sometimes offer promotions with more favorable terms for new clients.
- Choosing an apartment in the early stages of construction: Apartment prices in new buildings are usually lower at the beginning of construction. Prices typically rise as the project nears completion.
- Purchase a fixer-upper: Apartments needing renovations often sell for less. If you can manage the renovations yourself, this can be a great way to save.
- Increase your down payment: The larger your down payment, the lower your total mortgage overpayment will be, due to a reduction in the principal amount that interest is calculated on.
- Early mortgage repayment: If financially possible, consider making early payments on your mortgage. Even small additional payments can significantly reduce the term of the loan and the total amount overpaid.
Can foreigners buy an apartment on mortgage in Batumi?
Mortgages for foreigners in Batumi are not only possible but are becoming increasingly accessible thanks to the flexible policies of local banks and financial institutions. Many banks in Georgia offer mortgage programs to foreign nationals looking to purchase property in this attractive tourist city. It’s important to note that lending terms, including interest rates and repayment periods, may vary by bank and specific loan program.
When opting for a mortgage in Batumi, foreigners also face certain specific requirements. For instance, proof of stable income or a guarantor might be needed. However, thanks to the development of infrastructure and growing interest in the region, many financial institutions are positively inclined and willing to accommodate foreign investors. Therefore, with the right approach and thorough examination of all conditions and requirements, mortgage financing in Batumi can be an excellent opportunity for foreigners to invest in real estate and enjoy all the benefits of living in this scenic part of Georgia.
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Prices for new buildings in Batumi areas
| Old City | from $3,039 per m2 |
| Downtown | from $2,027 per m2 |
| Batumi Boulevard | from $1,898 per m2 |
| Rustaveli | from $2,452 per m2 |
| Bagrationi | from $1,748 per m2 |
| Javakhishvili | from $1,526 per m2 |
| Khimshiashvili | from $1,829 per m2 |
| Aghmashenebeli | from $1,305 per m2 |
| Tamar | from $1,843 per m2 |
| Kakhaberi | from $1,879 per m2 |
| Airport (district) | from $1,694 per m2 |
Prices for apartments in Batumi areas
| Old City | from $45,500 |
| Downtown | from $22,000 |
| Batumi Boulevard | from $23,000 |
| Rustaveli | from $42,000 |
| Bagrationi | from $23,000 |
| Javakhishvili | from $22,610 |
| Khimshiashvili | from $22,000 |
| Boni-Gorodoki | from $33,000 |
| Aghmashenebeli | from $24,300 |
| Tamar | from $29,000 |
| Kakhaberi | from $47,400 |
| Airport (district) | from $19,500 |
Prices for new buildings in other cities
| Makhinjauri | from $1,713 per m2 |
| Charnali | from $1,099 per m2 |
| Chakvi | from $2,230 per m2 |
| Gonio | from $2,361 per m2 |
| Kvariati | from $2,644 per m2 |
| Kobuleti | from $1,869 per m2 |
| Shekvetili | from $1,671 per m2 |
| Ureki | from $1,276 per m2 |
| Poti | from $751 per m2 |
| Zugdidi | from $963 per m2 |
| Kutaisi | from $1,032 per m2 |
| Borjomi | from $1,043 per m2 |
| Bakuriani | from $1,455 per m2 |
| Gori | from $761 per m2 |
| Manglisi | from $990 per m2 |
| Gudauri | from $2,258 per m2 |
| Bazaleti | from $1,986 per m2 |
| Mtskheta | from $1,872 per m2 |
| Tbilisi | from $2,317 per m2 |
| Rustavi | from $896 per m2 |
Prices for apartments in other cities
| Makhinjauri | from $24,375 |
| Charnali | from $33,000 |
| Chakvi | from $28,900 |
| Gonio | from $25,624 |
| Kvariati | from $49,500 |
| Kobuleti | from $25,000 |
| Shekvetili | from $37,500 |
| Ureki | from $30,470 |
| Poti | from $35,000 |
| Zugdidi | from $22,000 |
| Kutaisi | from $28,025 |
| Borjomi | from $30,175 |
| Bakuriani | from $19,760 |
| Gori | from $26,400 |
| Manglisi | from $47,530 |
| Gudauri | from $23,000 |
| Bazaleti | from $29,750 |
| Mtskheta | from $102,000 |
| Tbilisi | from $15,000 |
| Rustavi | from $26,000 |