Big announcements, slow buildings
Batumi announces large projects often: artificial islands, twin towers, a new boulevard, a resort on the Chorokhi delta. Some are being built, some are still on paper, and a few earlier ones were never built at all. For a buyer, the question is not whether a project sounds impressive, but whether it will be finished, when, and what it does to the value of a flat nearby.
This explainer sets out the main projects as of October 2026, what is confirmed by official or independent sources and what comes only from developers, how analysts see their effect on prices, and the risks to weigh. We cover the city's districts in our guide to the best areas to invest in Batumi.
| Project | Announced size | Status |
|---|---|---|
| Ambassadori Island | 84 ha of new land planned | 26 ha accepted into use, towers started |
| Silk Towers | USD 630 million, 3 towers | Piling under way, target 2029 |
| Corall Seaside Resort | USD 250 million, 55 and 52 floors | Presales from 10 September 2026 |
| Boulevard redesign | Old and new boulevard, bridge to Gonio | 3 concepts reviewed, no winner published |
| Eagle Hills, Gonio | 257.9 ha of coast | No construction start confirmed |
Ambassadori Island
The largest project is being built in the sea north of the centre, near the railway station. The investment agreement, signed on 29 September 2021 by the developer, the Ministry of Economy and the Adjara government, set an investment of USD 100 million and gave the company 89 ha of sea for 65 years with building rights, at a symbolic price of GEL 1, as reported by Sakartvelos Ambebi. The deadlines in the agreement run up to 132 months for the island itself; by our count, that is September 2032.
The plan is two artificial peninsulas and an island, 84 ha of land in total, with 49% promised as public space. Confirmed milestones so far:
- August 2024: the National Environment Agency issued the environmental decision, after the operator of the Batumi oil terminal had warned that construction could endanger ships entering the terminal; the Ministry of Economy concluded there was no threat.
- February 2025: by government decree, the company became owner of 194,457 m² of the land it had created.
- September 2025: the first 26 ha, the western peninsula, were accepted into operation by the technical supervision agency.
- May 2026: the government transferred ownership of a further 28 ha, according to the company.
In March 2026 the developer held a foundation ceremony for a "First Tower", a USD 200 million complex of flats and a hotel, attended by the prime minister. In September 2026 the Dubai developer HOLM announced "One Peninsula", a project of more than USD 250 million and 140,000 m², within the island's master plan. Most other figures come from the developer: its claims of 48 ha commissioned, total investment and flat counts are not confirmed by an official source. Ecologists have raised concerns about storms, rising sea levels and wastewater, and asked for an assessment of the whole coast.
Silk Towers and Corall
Two tower projects are on the old seafront. Silk Towers, by Silk Development, is designed by Kengo Kuma and Associates: three towers with two five-star hotels and an investment of USD 630 million, on the site once planned as Batumi Riviera. Piling was under way in May 2026, and completion is targeted for 2029. The company has donated a 2 ha park, designed by MASU Planning, to the city.
Corall Seaside Resort, on an 11,300 m² plot at 1 Queen Tamar Avenue, is planned as two towers of 55 and 52 floors with a five-star hotel and flats, for USD 250 million. Presales of the flats opened on 10 September 2026, according to Entrepreneur Georgia. We could not confirm a building permit or a completion date.
The boulevard and the bridge to Gonio
On 3 July 2026 the Municipal Development Fund, part of the Ministry of Infrastructure, announced a design competition for the old and new boulevard together, including a pedestrian bridge from Batumi to Gonio across the Chorokhi. On 13 August the competition commission reviewed three concepts and said the winners would be announced within days. As of late October 2026 we found no announcement of a winner, a budget or a start date.
The city has also been clearing the coast. In spring 2026 the municipality removed about 80 small commercial structures in the city and unauthorised cafes and kiosks on the Gonio to Kvariati shore, according to Georgia Today.
Eagle Hills in Gonio
The most disputed project is planned by Eagle Hills of Abu Dhabi in Gonio, at the Chorokhi delta, with the Georgian state holding a third of the joint venture. Adjara transferred 257.9 ha of coastal land to the state under an order of 30 July 2025, and a prime minister's decree of 17 March 2025 allowed the boundaries of the protected Emerald Network site to be altered if needed. The agreement is classified as a commercial secret. Protesters gathered in Batumi on 14 December 2025 to demand its publication.
In November 2025 the economy minister said construction would likely begin in the middle of 2026. As of 28 October 2026 we found no confirmed start of works, approved master plan or building permit in Gonio. The delta is an important stop for migrating birds, with more than 300 species recorded, according to the Ornithological Society of the Middle East. Our guide to Gonio covers the area today.
What is not a megaproject
Two things are sometimes mixed up with the projects above. Batumi's port is a working cargo and oil port, owned through KazTransOil of Kazakhstan; it handled 6.25 million tonnes from January to September 2026, up 13%, and we found no plan for a new deep-sea port there. Georgia's deep-sea port project is at Anaklia, far to the north. And we found no new cable car project; the Argo cable car to Anuria hill is the one that already runs.
Do megaprojects raise prices?
No analyst we found has measured the effect of any single Batumi project on prices. What the analysts do say is about the market as a whole, and they disagree.
- Galt & Taggart, cautious: its report on the second quarter of 2026 says unsold stock remains high, "indicating oversupply pressures", and that the large pipeline and falling rental yields may weigh on the primary market's ability to keep prices rising at the current pace.
- Colliers, confident: in December 2025 its head of research said there would be no oversupply and no fall in prices in 2026, partly because banks financed fewer new projects in 2025.
Gonio is the closest thing to a test. By our reading of Galt & Taggart's data, new-build prices in Gonio and Kvariati were USD 2,065 per m² in June 2024 and USD 2,059 in June 2025, then rose 8.2% to USD 2,228 by June 2026, after the Eagle Hills deal was signed. The city average rose 9.8% over the same year, so the announcement did not make Gonio rise faster. The sample was small, with 83 sales in the quarter.
The firm's advice for investors points elsewhere: what protects returns is more tourists, longer stays and a shorter off-season. In other words, an airport, hotels and attractions open all year matter more to a flat's income than a famous tower next door.
How much is being built
Galt & Taggart's October 2025 study counts about 58,000 new flats to be built in Batumi from 2025 to 2029, of which 46,300 are investment flats. The New Boulevard area alone has 22,430 flats in projects under way, and Alley of Heroes 12,066. By the firm's estimate, flats let to short-stay guests numbered 18,000 to 20,000 at the close of 2024 and could reach 35,000 to 40,000 by late 2029. We could not confirm whether the island and the Gonio resort are included in these numbers.
| Annual growth in tourists | Yield in 2029 |
|---|---|
| 5% | 3.4% |
| 10% | 5.1% |
| 15% | 7.4% |
The firm calls the current rate of price growth unsustainable given reduced demand and increased supply. For a buyer, a new tower of 50 floors nearby can mean thousands of competing flats on the same booking sites, not only a better view of the skyline.
Risks: delays and unfinished towers
Batumi has a record of announced projects that slipped or vanished:
- Trump Tower: unveiled in 2012 as a USD 250 million, 47-storey tower and cancelled in January 2017, never built.
- Batumi Riviera: its first phase was promised for 2021, then suspended in the pandemic; the site is now Silk Towers.
- Azure Tower: started in 2013 and due in 2015, it was finished only in June 2024 after the first developer failed.
- Alliance Privilege: flats have been let since early 2026, but according to Wikipedia its Marriott hotel may open only in 2028.
Before you pay for a flat in any of these projects, check the building permit, the company that holds it and the payment schedule against the construction stages. Our guide on how to check a developer lists the questions, and our guide to off-plan investment explains what can go wrong.
Buying near a megaproject: pros and cons
| Pros | Cons |
|---|---|
| New parks, promenades and public space promised | Years of construction noise and traffic |
| Hotels and brands bring visitors | Thousands of new competing short-let flats |
| Some projects are well under way | Many figures come only from developers |
| Possible gains if the area matures | No measured price effect so far |
| Modern buildings to current rules | Classified deals and court or protest risk |
To be added by the team: photos for the team to take: the Ambassadori Island works from the shore near the railway station, the Silk Towers site and the new park beside it, the Corall plot on Queen Tamar Avenue, and the Chorokhi delta from the Gonio side.
Judging a flat near a megaproject step by step
Separate fact from promotion
Official decisions versus developer claims.
Check the permit
For the project and for your building.
Compare the timeline
With the contract deadlines.
Count the competing flats
Nearby projects under way.
Price without the project
Would you still buy if it is late?
Watch the official sources
Government decrees and agency decisions.
Frequently asked questions
What is Ambassadori Island?
Two artificial peninsulas and an island, 84 ha planned, north of the centre; the first 26 ha were accepted into use in September 2025.
When must the island be finished?
The 2021 agreement allows up to 132 months for the island, which by our count is September 2032.
Has Eagle Hills started building in Gonio?
We found no confirmed start of works as of 28 October 2026.
Do these projects raise prices nearby?
No analyst has measured such an effect; in Gonio prices rose no faster than the city average after the announcement.
How many flats are being built in Batumi?
About 58,000 from 2025 to 2029, according to Galt & Taggart.
Will there be oversupply?
Analysts disagree: Galt & Taggart sees oversupply pressures, Colliers does not.
Who won the boulevard competition?
No winner had been published by late October 2026.
Is a new port planned in Batumi?
We found no such plan; Georgia's deep-sea port project is at Anaklia.
Sources
- Artificial island in Batumi, Sakartvelos Ambebi, 21 August 2022
- Environment agency grants permit for the artificial island, Frontnews, 14 August 2024
- Island receives 19 ha in ownership, BM.ge, 10 February 2025, and 26 hectares commissioned, Georgia Today, 19 September 2025
- Ownership of 28 hectares, 14 May 2026, and First Tower ceremony, 17 March 2026, Business Insider Georgia
- Dubai developer enters Georgia, Gulf News, 6 September 2026
- Ecologist on the artificial island, Commersant, November 2024
- Silk Towers, 18 July 2025, work progresses on Silk Towers, 1 May 2026, and Corall Seaside Resort, 5 September 2026, Entrepreneur Georgia; Silk Towers, New London Architecture
- Boulevard competition announced, 3 July 2026, and concepts reviewed, 13 August 2026, Municipal Development Fund
- Demolition along the Gonio-Kvariati coastline, Georgia Today, April 2026
- Adjara transfers 257.9 hectares of Gonio coastline to the state, Batumelebi, 17 December 2025, and Eagle Hills to begin construction by mid-2026, BM.ge, 18 November 2025
- The Chorokhi delta and migratory birds, Ornithological Society of the Middle East, 18 December 2024
- KazTransOil press release, 22 October 2026
- Batumi residential real estate, 2nd quarter 2026, 14 August 2026, and Real estate trends in Batumi, October 2025, Galt & Taggart
- No price decrease expected in 2026, Commersant, citing Colliers, December 2025
- Trump pulls out of tower plan, Bloomberg, 4 January 2017, Batumi Riviera, Chapman Taylor, 11 January 2019, and Alliance Privilege, Wikipedia
Change log
- - Explainer published from Sakartvelos Ambebi, Frontnews, BM.ge, Georgia Today, Business Insider Georgia, Gulf News, Commersant, Entrepreneur Georgia, the Municipal Development Fund, Batumelebi, OSME, KazTransOil, Galt & Taggart, Colliers, Bloomberg and Chapman Taylor.