Yerevan is More Expensive than Moscow
According to Numbeo.com, the cost of living in Yerevan in 2023 was the most expensive compared to our neighboring countries. Living in Yerevan is more expensive than even in Moscow.
According to this source, to ensure the same quality of life, an individual would need $3,246.3 per month (1,312,852.0 drams) in Yerevan, while in Moscow, it would be $2,909.4 (260,000.0 rubles). This amount also includes rent for a home of the same quality, which was almost $1000 for a 1-bedroom apartment in Yerevan city center in 2023. According to these data, the cost of living in Yerevan is the most expensive compared to other cities in the region.
- Consumer prices in Yerevan are 15.1% higher than in Moscow (without rent).
- Consumer prices in Yerevan, including rent, are 11.6% higher than in Moscow.
- Rental prices in Yerevan are 4.8% higher than in Moscow.
- Restaurant prices in Yerevan are 21.8% higher than in Moscow.
- Groceries in Yerevan are 17.6% higher than in Moscow.
- Local purchasing power in Yerevan is 56.9% lower than in Moscow.
Numbeo.com is trusted by BBC, Time, Forbes, The Economist, Business Insider, New York Times, The Telegraph, and other well-known publications. This platform calculates accurate and up-to-date information on the cost of living, quality of life, and various socio-economic factors in cities and countries worldwide.
Yerevan has the most expensive rental homes in our region. According to data, in 2023, the average monthly cost of a 1-bedroom apartment in Yerevan city center was $979, or about 400,000 drams, while a similar apartment in Moscow city center was $772, or 312,000 drams. The reason for this could be that demand for rentals in Russia fell due to sanctions, and prices consequently decreased, while in Yerevan, conversely, rental prices increased due to a large influx of Russian citizens.
Figure 1.
I should note that in 2021, the rental cost for a 45 sq.m. apartment in Yerevan city center was about $700. From September 2022 to September 2023, it reached $1000. However, the rental price for a similar apartment has now dropped to $750. It is likely that this is seasonal, as demand is lower during the winter season, and rental prices tend to rise in the summer. However, a seasonal decrease in apartment prices was not observed in the winter of 2022-23 due to the large influx of Russian citizens. The flow of Russian citizens is medium-term, and it is possible that rental prices in 2024 will be lower compared to 2023.
The next figure shows the cost of visiting a restaurant in Armenia and neighboring countries. As can be seen from the figure, visiting a restaurant is also more expensive, even compared to Moscow. The cost of a 3-course meal for 2 people in a Yerevan restaurant is 20,000 drams, while in Moscow, it is about 14,000 drams. According to the data, fast food and meals in popular restaurants are most expensive in Tbilisi, followed by Yerevan.
Figure 2.
Branded clothing is also expensive in Yerevan. Among all Asian cities registered on Numbeo.com, mid-range Nike running shoes in Yerevan rank 2nd for price. See: Rankings, History and Analysis
Figure 3.
Below are also presented the most popular cities in the region according to the number of entries on Numbeo.com.
Figure 4.
Yerevan ranks 11th by the number of entries and first by the cost of living to ensure the same quality of life. The presented data indicate a certain imbalance here, which has arisen from the sanctions against Russia and the relatively large influx of Russian citizens and capital into Armenia. Such an influx cannot be continuous, which is already evident from the data (see Figures 2 and 3, remittances to Armenia). This imbalance carries certain risks. If Russian citizens do not settle in Armenia long-term and the capital inflow to Russia recovers (the signs of which are already present), then prices in Armenia could fall, especially for rentals and sales, which would have a negative impact from an economic growth perspective, as the capital entering Armenia is mainly invested in construction.
I should note that the databases extracted from Numbeo.com can also be found on our Github.
Media Reports
This week, I gave an interview to 1in.am media outlet, where I summarized this week’s and last week’s research.
The interview is titled: In Yerevan, the rich have gotten richer, the poor poorer, and in the regions, people have mostly gotten poorer.
A YouTube short of this interview is also available.
English Summary
2024-01-12
Topics:
- Yerevan is More Expensive than Moscow
- Media Reports
- English Summary
Yerevan is More Expensive than Moscow
According to Numbeo.com, the cost of living in Yerevan in 2023 was the most expensive compared to our neighboring countries. Living in Yerevan is more expensive than even in Moscow.
According to this source, to ensure the same quality of life, an individual would need $3,246.3 per month (1,312,852.0 drams) in Yerevan, while in Moscow, it would be $2,909.4 (260,000.0 rubles). This amount also includes rent for a home of the same quality, which was almost $1000 for a 1-bedroom apartment in Yerevan city center in 2023. According to these data, the cost of living in Yerevan is the most expensive compared to other cities in the region.
- Consumer prices in Yerevan are 15.1% higher than in Moscow (without rent).
- Consumer prices in Yerevan, including rent, are 11.6% higher than in Moscow.
- Rental prices in Yerevan are 4.8% higher than in Moscow.
- Restaurant prices in Yerevan are 21.8% higher than in Moscow.
- Groceries in Yerevan are 17.6% higher than in Moscow.
- Local purchasing power in Yerevan is 56.9% lower than in Moscow.
Numbeo.com is trusted by BBC, Time, Forbes, The Economist, Business Insider, New York Times, The Telegraph, and other well-known publications. This platform calculates accurate and up-to-date information on the cost of living, quality of life, and various socio-economic factors in cities and countries worldwide.
Yerevan has the most expensive rental homes in our region. According to data, in 2023, the average monthly cost of a 1-bedroom apartment in Yerevan city center was $979, or about 400,000 drams, while a similar apartment in Moscow city center was $772, or 312,000 drams. The reason for this could be that demand for rentals in Russia fell due to sanctions, and prices consequently decreased, while in Yerevan, conversely, rental prices increased due to a large influx of Russian citizens.
Figure 1.
I should note that in 2021, the rental cost for a 45 sq.m. apartment in Yerevan city center was about $700. From September 2022 to September 2023, it reached $1000. However, the rental price for a similar apartment has now dropped to $750. It is likely that this is seasonal, as demand is lower during the winter season, and rental prices tend to rise in the summer. However, a seasonal decrease in apartment prices was not observed in the winter of 2022-23 due to the large influx of Russian citizens. The flow of Russian citizens is medium-term, and it is possible that rental prices in 2024 will be lower compared to 2023.
The next figure shows the cost of visiting a restaurant in Armenia and neighboring countries. As can be seen from the figure, visiting a restaurant is also more expensive, even compared to Moscow. The cost of a 3-course meal for 2 people in a Yerevan restaurant is 20,000 drams, while in Moscow, it is about 14,000 drams. According to the data, fast food and meals in popular restaurants are most expensive in Tbilisi, followed by Yerevan.
Figure 2.
Branded clothing is also expensive in Yerevan. Among all Asian cities registered on Numbeo.com, mid-range Nike running shoes in Yerevan rank 2nd for price. See: Rankings, History and Analysis
Figure 3.
Below are also presented the most popular cities in the region according to the number of entries on Numbeo.com.
Figure 4.
Yerevan ranks 11th by the number of entries and first by the cost of living to ensure the same quality of life. The presented data indicate a certain imbalance here, which has arisen from the sanctions against Russia and the relatively large influx of Russian citizens and capital into Armenia. Such an influx cannot be continuous, which is already evident from the data (see Figures 2 and 3, remittances to Armenia). This imbalance carries certain risks. If Russian citizens do not settle in Armenia long-term and the capital inflow to Russia recovers (the signs of which are already present), then prices in Armenia could fall, especially for rentals and sales, which would have a negative impact from an economic growth perspective, as the capital entering Armenia is mainly invested in construction.
I should note that the databases extracted from Numbeo.com can also be found on our Github.
Media Reports
This week, I gave an interview to 1in.am media outlet, where I summarized this week’s and last week’s research.
The interview is titled: In Yerevan, the rich have gotten richer, the poor poorer, and in the regions, people have mostly gotten poorer.
A YouTube short of this interview is also available.