Impact of war in Ukraine on changing the housing prices in the Visegrad countries

Russia's invasion of Ukraine in February 2022 caused one of the greatest humanitarian disasters in Europe. It led to a massive influx of refugees, especially to the Visegrad Group countries. This phenomenon had a substantial impact on local housing markets. An increase in rents and demand for housing was recorded. The scale of migration and the proximity of the conflict make the situation of the V4 countries unique in the context of the European response to the crisis. To assess the impact of the Russian-Ukrainian war on property price increases in the Visegrad Group countries, the migration scale must be considered as well as the main routes of migration determined with GIS. By May 2025, more than 5 million refugees from Ukraine had been registered in Europe, of which approximately 1.5 million were in the V4 countries. Poland accepted the most (nearly 1 million), followed by the Czech Republic, Slovakia and Hungary. The most significant economic shock and housing price increase occurred in the war's first months. The scale of relocation placed a heavy burden on the region's housing markets. Between 2021 and 2023, the V4 countries experienced an increase in rental prices, varying according to the number of refugees from Ukraine. Poland saw a large influx of migrants and a significant rent increase, suggesting market pressure. Despite a smaller influx, Hungary also showed high increases, indicating other factors, such as inflation. Slovakia was close to the EU average. Since 2022, property prices in the V4 have risen faster than in the EU.