Rental prices in Georgia and Armenia rose 20–30% year-on-year over the summer as Russians fearing a new wave of mobilization for the war in Ukraine sought accommodation in neighboring countries, Euronews reports.
Demand is most acute in Armenia, where Russians—and Armenians who had been living in Russia and are seeking to avoid mobilization—are concentrating mainly in Yerevan.
Monthly rent for a two-room flat in the capital currently runs to €850. Russian citizens can enter without a visa and stay for up to 180 days per year.
According to Armenia's Cadastre Committee, average prices for flats in Yerevan apartment blocks rose 2.9% in August from July and 23.5% year on year. Russian nationals account for around 72% of all property transactions carried out by foreign nationals in Armenia.
A 10% tax, now required when registering lease contracts with the Cadastre, is typically paid by tenants.
In August, foreign citizens took part in 506 purchase and sale transactions nationwide, representing 7.6% of all deals, with 70.2% of those purchases—177 properties—made in Yerevan.
The average nominal monthly wage in Armenia is 320,763 dram (€790), with substantially higher pay in sectors such as IT, finance, and mining.