In 2022, the real estate market throughout Georgia developed with very positive trends. Key indicators such as sales statistics, rental and sale prices have increased dramatically. Experts predict that in 2023, the market is expected to maintain the upward trend in prices. It is predicted that the prices will increase within 18%, and the main determining factor of the increase in the demand for residential apartments will be the increased demand for buying apartments from the side of migrants. It is assumed that from the end of the year the migrants remaining in Georgia will start actively buying apartments. As a result, by 2023, the share of migrants in residential apartments sold in Tbilisi will increase from 10% to 12%.

In 2022, the effect of migration had an indirect effect on the sale price of real estate. Increased demand for rent by migrants has pushed more citizens to buy apartments for living and investment. This was one of the main factors that increased the prices of residential apartments. In 2023, this effect will already be direct. It is possible that the migrants remaining in Georgia will switch from renting apartments to buying real estate, which will additionally increase the price of apartments for sale. These calculations are based on assumptions that 75% of migrants who entered Georgia in recent months settled in Tbilisi, and 30% of migrants will leave the country in 2023.

It is a noteworthy fact that in 2022, the purchase of apartments in new projects increased by 10%, and in old projects, compared to November 2021, the rate increased by 7%.

According to segments, the demand for newly built properties in Tbilisi is the result of:

• Premium segment apartments increased by 132%;
• A 67% increase was recorded in the medium segment;
• Sales of apartments in the economy segment decreased by 12%.

According to the updated review, the weighted average selling price of newly built apartments in Tbilisi has increased:

• In outer areas - by 15%;
• In the broad center - by 13%;
• In the city center - by 14%.