Rental markets in the South Caucasus are feeling the pressure of another wave of Russian arrivals. Over the summer, prices in Georgia and Armenia climbed 20–30% year on year as Russians, wary of a possible new mobilisation order for the war in Ukraine, looked for places where they can stay without a visa. The trend is most visible in Tbilisi and Yerevan, where housing costs have risen well beyond local wage growth.
Georgia: a preferred destination with stabilising prices
Georgia remains the easiest entry point. Russian citizens can stay for up to 360 days without a visa, and a short trip to a neighbouring country resets the clock. Tens of thousands have taken advantage, making Tbilisi and Batumi home to a growing Russian-speaking community.
In Tbilisi, monthly rents for standard apartments start at €450–730, while larger or upmarket flats can cost €910–2,700 or more. The average nominal monthly wage in Georgia is about 2,165 lari (roughly €750), according to the National Statistics Office, meaning many locals are being priced out of central neighbourhoods.
After a summer peak, rents in Georgia have eased and broadly stabilised. The sharpest increases came in 2022–2023, when prices jumped 60–70% following Russia's full-scale invasion of Ukraine. Russians accounted for more than 55% of all property transactions involving foreign buyers in 2023, though that share has since fallen by a third.
In 2026, Georgian buyers 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, where foreign buyers are a more visible presence.
Armenia: the most acute pressure
Armenia is experiencing the most intense demand. Russians, as well as ethnic Armenians who had been living in Russia and want to avoid mobilisation, are concentrating mainly in Yerevan. Monthly rent for a two-room flat in the capital now runs to €800–900. Russian citizens can enter without a visa and stay for up to 180 days per year.
A 10% tax on lease contracts registered with the Cadastre is typically passed on to tenants, adding to the cost. 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.
The influx has also drawn attention to the broader regional dynamics. As trade and transport links along the Trans-Caspian corridor expand, Yerevan's housing market is becoming a bellwether for how migration and geopolitics intersect.
Belarus: a growing alternative
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 broader picture is one of shifting populations and housing pressures across the former Soviet space. As Russians flee before election ends, fearing new mobilisation, the effects are being felt in capitals from Tbilisi to Yerevan to Minsk. For local residents, the arrival of new tenants and buyers has brought both economic opportunity and the challenge of affordability.
