The monthly rent for a two-room apartment in Yerevan has increased by 23.5% compared to August of last year

Monthly rents in Yerevan now run to €800–900 for a two-room flat, up 23.5% year on year in August, while Tbilisi rents have stabilised after 60–70% jumps following the full-scale invasion of Ukraine in 2022. Russian nationals account for 72% of all foreign property transactions in Armenia, Euronews writes.

Rental prices in Armenia and Georgia 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.

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.

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.

The average nominal monthly wage in Armenia is 320,763 dram (€790), with substantially higher pay in sectors such as IT, finance and mining.