Page 61 - GEORptOct22
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    Georgia starts construction of Algeti-Sadakhlo road, providing new corridor from Armenia to Russia
 Deep Sea Port Development Agency.
Construction of the deep sea port started in 2017.
Deputy Economy Minister Guram Guramishvili said that by the end of this year it would be possible to announce an expression of interest and to select a new investor for “the crucial and strategic project”.
The Anaklia port is expected to significantly increase the transit potential of Georgia, as it would open the way for the transit of goods between Central Asia and Europe.
Georgia plans to build more than 20 roads by 2024, one of which is expected to become an alternative compact corridor from Armenia to Russia, Armenian Public Radio reports.
The road from the border with Armenia, from the Sadakhlo checkpoint to the border with Russia, will allow Yerevan to become part of the East-West European Highway. Georgia has recently received a loan from the European Investment Bank (EIB) for the construction of a new road leading to the Armenian border.
Tbilisi starts construction of new Algeti-Sadakhlo road postponed due to the Covid-19 pandemic. The road will halve the time needed to reach Russia.
It will bypass Marneuli and other surrounding settlements, becoming a new transit route for cargo transportation from Armenia to Russia. It will join the project of the century, the East-West Highway (E-60), which is the second largest European transit corridor.
“There will be a modern road in the territory of Georgia from the border with Armenia to the border with Russia. The project is unprecedented for both Georgia and Armenia,” says Paata Tsagareishvili, Director of the Transport Corridor Research Center. He believes it will facilitate the cargo transportation and contribute to the development of tourism in Georgia.
In Georgia, the construction of both the East-West highway and the North-South road is under way. According to political scientist Giorgi Gobridze, Georgia will try to maintain its transit role in the conditions of new realities in the region.
 9.1.7 Property sector news
   Real estate prices in Georgia move up
 Real estate prices continue to grow in Georgia. The Residential Property Price Index (RPPI) in the second quarter increased by 0.7% q/q, with the annual increase 4.5% y/y, the National Statistics Office of Georgia reported. The RPPI applies to the apartment and detached house segments in Tbilisi.
Also in 1H22, apartment prices were up 2.2% q/q. The prices of detached houses fell by 2.4% q/q. Year on year, the prices were up 8.2% and 3.5%, respectively.
TBC Capital said that the positive trend in issuing mortgage loans continued throughout July. According to its data, new mortgage loans issued through TBC channels and residential real estate transactions in Tbilisi increased. On July 1-14, the increase in the volume of recently issued mortgage loans improved, making up 11% y/y. In the same period, compared to the previous year, the gain in Tbilisi residential real estate transactions amounted to 29%.
 61 GEORGIA Country Report October 2022 www.intellinews.com
 

















































































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