During the last three months of 2022 based on the observations on two main platforms of Virtual Real Estate (Decentraland; Sandbox) average value of a transaction decreased to $4,000. The drop in value is linked to the depriciation of the crypto, which was used for trading on the platforms.

In May 2022, in Tbilisi the number of transactions of residential flats amounted to 3,398 units, reflecting 56% YoY growth. Market size increased by 69% standing at 168 mln USD

In May 2022 the number of transactions in new projects in Tbilisi increased by 66%, mainly driven by a significant increase in medium and premium segments. The figure for old flats features a 39% growth compared to May 2021.

In May 2022 the number of transactions of newly-built medium flats in Tbilisi has more than doubled, while a 44% increase was recorded in the economy segment. As for the premium segment, the figure has more than tripled (274% increase) Y-o-Y basis.

The weighted average price of newly-built flats in Tbilisi has significantly increased by 14% in the inner city of Tbilisi, while in the suburbs and city centre the figure grew by 10% and 3%, respectively. As for the old flats, the weighted average price has increased by 12% in the inner city, while in the city centre and the suburbs by 8% and 5%.

As of May 2022, the number of transactions of residential flats in Batumi has substantially increased, reflecting a 70% growth up to 1,436 units. The market size has increased by 66% standing at USD 59 millions.

The number of transactions of newly-built flats in Batumi has increased by 69% year over year, while the figure for old flats reflects 74% growth

The demand has significantly increased in all segments of newly-built residential flats in Batumi. The growth in the economy segment stands at 63%, while the number of transactions in medium and premium segments reflects 71% and 84% growth

In May 2022 The weighted average price of newly-built flats in Batumi decreased insignificantly equaling USD 873 per sq m, while the figure for old flats decreased by 9.7%, standing at USD 621 per sq m.

2021 was a quite challenging year for Shopping Centres. Despite the increased vacancy in several Shopping Centres, the overall rate remained stable due to considerably decreased vacancy at City Mall Saburtalo. As for the rental rates, a decrease is observable in particular Shopping Centres, however, due to exceptional cases, the overall picture has not changed significantly.

High streets turned out to be exposed to the pandemic, in terms of increased occupancy rates and slightly decreased weighted average rents. However, Pekini avenue appeared to be most resistant achieving USD 32.1 per sq m and occupancy at 6%.

Along with the recovery of economic activity and tourism inflow, the occupancy and turnover rates of the Tbilisi retail sector were restored.