According to the basic scenario of the National Bank, real estate prices (expressed in GEL) will increase by 12.5% this year, by 6% in 2024, and by 5.5% in 2025 and 2026.

"According to the base scenario, compared to the average level of 2022, real estate prices expressed in GEL will increase this year. Against the background of a strengthened national currency, real estate prices expressed in US dollars are increasing more.

As a result of the Russia-Ukraine war, the initial increase in the price of construction materials had an impact on the increase in the cost of buildings. However, against the background of the slowdown of global economic activity and the tightening of financial conditions, the dynamics of the reduction in the prices of construction materials was highlighted.

Following the stabilization of the geopolitical situation, foreign demand for real estate will be replaced by domestic demand. This will make the real estate price increase proportional to the nominal economic growth in the medium term," the National Bank said in its review.

As for the optimistic scenario, according to him, real estate prices (expressed in GEL) will increase by 6.5% next year, and according to the pessimistic scenario, they will increase by 6%.

Source of information: https://commersant.ge

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