Rental prices soar in Armenia due to influx of Russians

YEREVAN, April 19, /ARKA/. Armenia is one of the countries, along with Turkey, Georgia and Turkey, where the surge in new renters, largely from Russia, has driven rental prices up substantially, according to Russian RBC.

These are the countries that Russians are still allowed to fly to. Many other countries are preventing Russian planes from landing or flying over their territory. Also, Russian passport is accepted in these countries without a visa.

At least 15 thousand Russians have rented apartments in Armenia over the past month and a half. One of the reasons why many Russians prefer to relocate to Armenia is that the Russian bank cards Mir are accepted here and secondly, Russians can enter Armenia with their internal passports.

The rental price for a one-room apartment on the outskirts of the capital starts from 100,000 drams (16,900 rubles). For example, the rental price for a two-bedroom apartment in the far-flung Malatia-Sebastia district is 650,000 drams (101,800 rubles), although in late February the price was 400,000 drams (67,900 rubles) a month.

Landlords may demand as much as 2 million drams (400,000 rubles) for a furnished apartment in downtown Yerevan. The prices for one night rent start from 25,000 drams (4,200 rubles), while some owners list 50,000 drams (8,400 rubles).

According to some estimates, since the end of February 2022, about 75,000 people have arrived from Russia to Armenia and about half of them have Armenian citizenship. To normalize the situation, authorities are working with developers and realtors to bring unoccupied apartments, whose owners are out of the country, to the rental market and bring prices down. -0-