Growth in Armenian Real Estate Prices Published on 24 December, 2011
In the first quarter of this year Armenia recorded a slight increase in property prices. Prices for apartments in Yerevan increased compared with the previous quarter by 2.8%, and in areas - 1.5%, said at a press conference Arman Petrosyan, the head of cadastral valuation of real estate Cadastre. As to Petrosyan, one of the indicators to establish a stable situation is the growth of 27.9% in the number of transactions in real estate as compared to the same period last year. According to the projections of the State Committee of Real Estate Cadastre under the Government of Armenia, the growth rate of deals will hold on until the end of the year. Compared to the same forecast, the decline in prices will not happen.
As to Petrosyan, the global financial crisis began to affect the real estate market in Armenia since August 2008 and from September 2009 the market began to stabilize: monthly steel prices to rise and increase in the number of transactions. Thus, in the first quarter of this year, the market price of 1 square meter of housing in the capital rose by 2.8%, and in areas at 1.5%.During the same period was reached 36 499 transactions.
Arman Petrosyan said that the highest price recorded for an apartment in the central part of the capital. According to the State Committee on Cadastre, 1 square meter in the center of Yerevan is 470 600 drams, or about 1200 dollars.
In the first quarter of this year Armenia recorded a slight increase in property prices. Prices for apartments in Yerevan increased compared with the previous quarter by 2.8%, and in areas - 1.5%, said at a press conference Arman Petrosyan, the head of cadastral valuation of real estate Cadastre. As to Petrosyan, one of the indicators to establish a stable situation is the growth of 27.9% in the number of transactions in real estate as compared to the same period last year. According to the projections of the State Committee of Real Estate Cadastre under the Government of Armenia, the growth rate of deals will hold on until the end of the year. Compared to the same forecast, the decline in prices will not happen.