In March 2022, the growing trend in demand for residential flats continued, with one of the highest weighted average prices compared to recent years.

The number of transactions amounted to 3,713 units, reflecting 20% YoY growth. Market size increased by 36% standing at USD 180 mln. In January and February 2022, there was a 36% and 15% growth in the number of transactions compared to the same period in 2021.

The number of transactions in new projects increased by 24%, while the figure for old flats grew by 13%.

The number of transactions of newly-built medium flats doubled, while about 2.5 fold increase was observed in the premium segment.

The weighted average price of newly-built flats has increased by 8% in the suburbs of Tbilisi, while in the city center and inner city the figure grew by 6% and 8%.

Despite the fact that the market drastically increased in 2021, it still is not massive. A few 10 thousand people are active in virtual real estate, however, after Facebook launches Meta for masses, the popularity of 3D world will increase, which will logically widen the segment of people interested in virtual real estate.

Market drastically increased at the end of October, when “Facebook” announced “Meta”. Just in November, market value amounted to USD 133 Million, following months showed slight decrease, however in January of 2022 the value summed up to USD 85 Million, which is 10 times greater than the indicator of January 2021.

Virtual real estate market value amounted to USD 501 Million in 2021. This sum represents the total value of virtual real estate based on transactions.