Over 39 900 real estate transactions have taken place in Armenia in the first nine months of this year, according to the new figures from the Cadastre Committee of Armenia. That is an increase of almost five percent from the last year. Most of the transactions took place in Yerevan, some - in adjacent towns. Property prices per square meter continue to rise as well. The average price per square meter reaches almost two thousand dollars in the city center of Yerevan. The prices increased significantly in other major cities as well. Renters across Armenia have faced skyrocketing rents following a massive influx of Russians following Russia’s invasion of Ukraine since February this year. While exact numbers are difficult to come by, some real estate agency owners claim that the prices have tripled this year.

Russians moving to Armenia have also contributed to an unprecedented rise in money transfers and remittances to Armenian banks this year. According to the updated data from the Armenian Central Bank, around three and half billion dollars were transferred into Armenian banks from abroad between January and September of this year. This is an increase of almost double since last year. The transfers from Russia accounted for two-thirds of all transfers so far this year. The remittances are not only from Armenians living abroad (as it used to be before) but also transfers from Russians moving their savings abroad.

As a result of Armenian banks’ recorded profits that tripled this year, the Central Bank granted a license to a company called “Fast credit capital” to open a new bank in Armenia. This would be the 18th commercial bank registered in Armenia.

Russians also play a pivotal role in Armenia's tourism sector, which has been growing rapidly this year. According to the newly released data from the country’s Tourism Committee, in the first ten months of this year, Armenia has welcomed 1.4 million tourists, nearly half of which were from Russia.

Armenia’s trade has been growing too this year. According to the country’s Statistical Committee’s new numbers, imports to Armenia and exports from Armenia have increased significantly since last year. Some experts think that much of this trade growth may be attributed to Armenia’s importing and then re-exporting products to Russia.