diff --git a/multiversx_sdk/core/address.py b/multiversx_sdk/core/address.py
index 38fecea6..8e67fb48 100644
--- a/multiversx_sdk/core/address.py
+++ b/multiversx_sdk/core/address.py
@@ -32,6 +32,7 @@ def __init__(self, pubkey: bytes, hrp: Optional[str] = None) -> None:
 
         self.pubkey = bytes(pubkey)
         self.hrp = hrp if hrp else LibraryConfig.default_address_hrp
+        self._cached_bech32 = ""
 
     @classmethod
     def empty(cls) -> "Address":
@@ -72,9 +73,13 @@ def to_bech32(self) -> str:
         if self.is_empty():
             return ""
 
+        if self._cached_bech32:
+            return self._cached_bech32
+
         converted = bech32.convertbits(self.pubkey, 8, 5)
         assert converted is not None
         encoded = bech32.bech32_encode(self.hrp, converted)
+        self._cached_bech32 = encoded
         return encoded
 
     def get_public_key(self) -> bytes: