Mass migration of Russians and Ukrainians in 2022
The mass migration of Russians and Ukrainians in 2022 has become one of the main events that has had an impact on the international real estate market.
What happened in 2022?
Russia experienced two major waves of emigration in 2022. The first occurred in the spring due to the start of a special military operation in Ukraine. Many Russians who did not agree with the Kremlin’s policies left Russia. The second wave of emigration came in the fall of 2022 against the background of the announcement of partial mobilization. How many Russians have left the country in 2022? It is difficult to calculate the exact number of all those who left. If we rely on data from several sources, the number of people who left was about 1 million people.
Which countries did Russians leave for in 2022? Mostly Russians went to neighboring countries, including Georgia, Armenia, Kazakhstan, Uzbekistan and others. Tens of thousands of Russians moved to Turkey, which led to a new round of rising prices for renting and buying real estate. The Turkish government was forced to tighten the obtaining of a residence permit through the purchase of real estate for foreign investors.
How much has risen in price rental housing in neighboring countries? According to official data, rental rates in Georgia have increased by 70% year on year. In Armenia, rent has risen in price by 30%, and in Uzbekistan – by 15%. The strongest increase in rental prices was recorded in Turkey. Rentals in Turkey are up 160% in 2022. True, not only Russian immigrants are to blame for such a rapid rise in rental prices. A combination of factors came into play here. For example, in Turkey, record inflation was recorded, which led to an increase in prices for almost all goods and services.
Which countries did the residents of Ukraine move to? According to the UN, the flow of refugees from Ukraine has exceeded 8 million people. Most Ukrainians have moved to Poland, Hungary, Romania and Russia.
What will happen?
Of course, some of those who left will return to Russia in the future, and some will remain forever. Many Russians moved with entire families with animals, managed to acquire connections and found work in other countries. IT people who continue to work for Russian or foreign companies in other countries feel the best. Therefore, the demand for rental housing will continue in popular neighboring countries. Demand for rental increases the profitability of local real estate. For example, in Georgia, the average annual yield for standard apartments located in residential areas is 15%.