Rent Spikes in Georgia and Armenia as Russians Flee Fearing Ongoing Military Mobilisation

EuroNews•Published: Oct 13, 2026 10:30 AM IST

Rental markets in Georgia and Armenia are experiencing significant price surges as Russian nationals continue to relocate to avoid potential military mobilisation. The influx of migrants seeking refuge in these visa-friendly nations has created intense demand for housing, particularly in capital cities like Yerevan and Tbilisi.

Yerevan Rental Surge: Monthly rents for two-room flats in Armenia's capital have climbed to €800–900, marking a 23.5% year-on-year increase as of August.
Dominant Foreign Buyers: Russian nationals currently account for 72% of all property transactions made by foreign buyers in Armenia, reflecting a concentrated demand for permanent housing.
Tbilisi Market Stabilization: While Georgia saw massive 60–70% rent hikes following the 2022 invasion of Ukraine, prices have recently stabilized as the market adjusts to the sustained migration levels.
Belarusian Market Shift: Belarus has also seen a rise in Russian residents, with property transactions by Russian buyers increasing to over 10% of the total market share.

The Context & Background

These housing pressures follow two major waves of emigration from Russia that began in early 2022. As European borders remain largely closed to Russian citizens, these former Soviet republics have become primary destinations for those seeking to avoid the ongoing war in Ukraine.

Why it matters:The migration of tens of thousands of Russians is fundamentally reshaping local real estate markets and affordability in the Caucasus and Belarus. This demographic shift places significant pressure on local residents, whose wages often struggle to keep pace with the rapid inflation of housing costs driven by foreign demand.

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