Georgia and Armenia rental prices rise due to Russian migration

Rental markets in Georgia and Armenia have experienced annual increases of 20% to 30% during the summer as Russian citizens seek refuge in former Soviet republics to avoid potential military mobilisation related to the war in Ukraine.

In Georgia, which allows Russian citizens to stay for up to 360 days without a visa, tens of thousands have relocated. In Tbilisi, monthly rents for standard housing range from €450 to €730, while luxury apartments can exceed €2,700. This contrasts with the country’s average monthly nominal wage of approximately €750. While rents saw massive spikes of 60% to 70% following the 2022 invasion, the market has recently shown signs of stabilisation.

In Armenia, demand is concentrated in Yerevan, where monthly rent for a two-room flat reaches between €800 and €900. According to the Cadastre Committee, average apartment prices in Yerevan rose 23.5% compared to the previous year. Russian nationals account for approximately 72% of real estate transactions made by foreign buyers in the country.