Full Breakdown
Rental Surge in Georgia and Armenia as Russians Flee Mobilisation Threats
By Drooid · · How we work
Core Event
During the summer of 2026, rental prices in Georgia and Armenia rose sharply—by roughly 20-30% year-on-year—as Russian citizens left their country to avoid a new wave of mobilisation for the war in Ukraine. In Tbilisi, standard monthly rents now start at €450 and can exceed €2,700 for larger or upscale apartments. In Yerevan, a two-room flat costs about €850 per month.
Background and Context
Partial mobilisation was announced in September 2022, prompting the first major exodus of Russians in February-March 2022 and a second wave after President Vladimir Putin’s mobilisation call later that year. The fear of conscription has persisted, driving many to seek longer-term accommodation in neighboring former Soviet republics where visa-free stays are permitted.
Rental Market Data
- Georgia’s average nominal monthly wage is around €750 (2,165 lari).
- Armenia’s average nominal monthly wage is about €790 (320,763 dram).
- Russians accounted for more than 55% of foreign-buyer property transactions in Georgia in 2023, falling to roughly 3% by 2026.
- In Armenia, Russian nationals represent about 72% of foreign-national property transactions, with 177 of 506 foreign deals in August occurring in Yerevan.
- Yerevan flat prices rose 2.9% from July to August and were up 23.5% compared with the previous year.
- A 10% tax on lease registrations is typically passed to tenants in Armenia.
Economic Impact and Market Diversification
Georgians now comprise 76% of primary-housing transactions in Tbilisi, while Israeli buyers hold 11% of the market. The influx of Russian renters has pushed up prices, especially for higher-end units, but after a summer peak rents have begun to stabilise. The higher wages in sectors such as IT, finance and mining help offset rising housing costs for locals, though the tax burden on tenants adds pressure.
Regional Ripple Effect: Belarus
Belarus has also seen increased Russian demand since the mobilisation announcement. Russians made up about 10% of Minsk property deals in March 2026, up from roughly 2% in 2022, and the city’s housing price per square metre has risen 25.6% since January. This trend reflects a broader regional shift as Russians seek longer-term residence in neighboring states with more permissive entry rules.