We expect moderate real estate price growth as:
• input costs growth eased and
• currently there is no evidence that migrants switched to buying apartments
In 2023 we expect real estate price growth at 5% y/y in GEL and at 8% in USD terms.
After extraordinary growth in 2022, we anticipate stabilization in rent market - close to zero growth of rents in both GEL and dollar terms in 2023.
In 2023, we expect 100% recovery in tourist trips compared to 2019, while tourism revenues to grow 15% y/y to US$ 4bn.
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