A sharp drop in the number of active listings, the share of booked properties, and average occupancy – such is the main tendency for the AIRBNB market in the recent monthly watch from TBC Capital on Tbilisi Residential Market.
“With the acceleration of the virus spread throughout Georgia, a number of nights booked, properties booked and active listings are down by -84%, -79% and -47% YoY, respectively, on Tbilisi Airbnb market” – reads the report.
According to TBC Capital, the market was oversupplied before the pandemic, as more than half of the listings were not getting booked at all. Moreover, this proportion has significantly worsened, with the share of booked properties down to 18% in October 2020 from 46% in the same month of the previous year.
As the report shows, for the booked properties, average occupancy shrank to 12% in October 2020 from 24% in October 2019. As for ADRs, the sharpest drop of -18% was registered in March 2020, standing at -3% in October.
