Rent prices in Yerevan skyrocket as foreigners fleeing Russia, Ukraine increase housing demand

Since the start of the Russia-Ukraine War last February, many Russians, Ukrainians and Belarussians have come to settle in Armenia. According to Armenia’s Economy Minister Vahan Kerobyan, about 75,000 Russian citizens and 4,000 Ukrainians have arrived in the country in the last few months.

The increased demand for housing has sent rent prices soaring in the capital Yerevan.