Rental prices in Georgia and Armenia rose 20–30% year on year over the summer as Russians fearing a new wave of mobilisation for Russia's ongoing war in Ukraine sought accommodation in former Soviet republics where they can stay without a visa.
Georgia remains the most accessible destination: Russian citizens can stay for up to 360 days without a visa and reset the clock with a brief visit to a neighbouring country. Tens of thousands now live there.
In Tbilisi, monthly rents for standard housing start at €450–730, rising to €910–2,700 or more for larger flats or upmarket apartments. The average nominal monthly wage in Georgia stands at around 2,165 lari, or roughly €750, according to the National Statistics Office.
After a summer peak, rents in Georgia have fallen and broadly stabilised. The sharpest increases came in 2022–2023, when rents jumped 60–70% following Russia's full-scale invasion of Ukraine in early 2022.
Russians accounted for more than 55% of all property transactions involving foreign buyers in 2023, but their share has since fallen by a third.
In 2026, Georgians made up 76% of transactions in Tbilisi's primary housing market, according to investment bank Galt & Taggart, with Israeli buyers at 11% and Russians at 3%. Demand is more diversified in the Black Sea city of Batumi.
Russians driving up Armenia’s rental market
Demand is most acute in Armenia, where Russians — and Armenians who had been living in Russia and are seeking to avoid mobilisation — are concentrating mainly in Yerevan.
Monthly rent for a two-room flat in the capital currently runs to €800–900. Russian citizens can enter without a visa and stay for up to 180 days per year.
A 10% tax now required when registering lease contracts with the Cadastre is typically passed on to tenants.
According to Armenia's Cadastre Committee, average prices for flats in Yerevan apartment blocks rose 2.9% in August from July and were up 23.5% on a year earlier. Russian nationals account for around 72% of all property transactions carried out by foreign nationals in Armenia.
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.
Belarus next
Belarus has drawn Russians since Moscow's all-out war began, first as a transit point and later as a place to stay.
After partial mobilisation was announced in September 2022, demand for short- and medium-term rentals in Minsk and border cities such as Brest and Gomel surged sharply.
With European borders closed to Russians and sanctions tightening, Belarus has since attracted longer-term residents and property buyers.
Russian citizens can remain without registration for up to 90 days, while a long-term rental contract qualifies them for a temporary residence permit. Unlike Russia, Belarus has not imposed sweeping internet restrictions.
Russian buyers now account for more than 10% of all property transactions in Belarus, up from 2% a year ago, according to the National Cadastral Agency.
Demand among Russians for residential property in Minsk rose 10–15% in 2026, and the city's housing price per square metre increased 25.6% over the year.
The two largest waves of emigration from Russia since the full-scale invasion came in 2022: first in February and March, then in September, when President Vladimir Putin announced partial mobilisation.