Russian Citizens Arriving in Armenia Begin Renting Apartments Outside Yerevan

The newspaper "Zhoghvorud" writes that the Russo-Ukrainian war that began last year and the mobilization declared in Russia have impacted the real estate market in Armenia.

In our country, rental prices for apartments have doubled. According to Andranik Harutyunov, founder and director of Silver Rea real estate agency, the rent for an apartment in Yerevan with poor conditions and old renovations starts at 200,000 drams per month. "For an apartment in normal conditions, the rent starts at 300,000 drams, if there is furniture and appliances. For example, in the Arabkir administrative district, the rent for 1-2 room apartments starts at 400,000 drams, in Nor-Nork it starts at 300,000 drams. In any case, it is difficult to find an apartment for 150,000 drams today," he explained the situation in an interview with the newspaper.

According to our interlocutor, despite all this, the real estate market (rental sector) has become passive in the last two months, with many apartments remaining vacant. Most of the Russian citizens arriving in Armenia, who work remotely, are renting homes or apartments in neighboring areas such as Abovyan and Charentsavan.

For more details, see today’s issue of the newspaper.