Forbes names Georgian Batumi attractive city for investment

By Trend

Forbes magazine placed Georgian Batumi in the list of the best European cities in Europe for investments, Trend reports citing Forbes.

"This port town is the third largest city in Georgia and home to the popular Black Sea Resort," said the magazine.

According to the magazine, at the moment there are no height restrictions on new buildings so developers and buyers are maximizing on the opportunity.

Forbes noted, that at new houses in Batumi, the cost is approximately $37 per square foot and that the majority of buyers in this city are from overseas. An estimated 22,752 houses (including single-family and condos) were built over 2018 to 2019 as a response to the increased demand.

"With plenty of land available in Batumi and little restriction on the development, new projects are popping up in the city to cater for the uplift in demand," the magazine said.

In addition to Batumi, the list of investment attractive European cities included Rotterdam (Netherlands), Naples (Italy), Megève (France), Szekesfehervar (Hungary) and Porto (Portugal).