Thursday, May 6 2010 17:08

Mortgage market of Armenia to grow 15% in 2010


ArmInfo. Aggregate mortgage portfolio of Armenian banks and credit companies may grow 10%-15% to 105 billion drams by realistic forecasts, says Mher Yedigaryan, Executive Director of the National Mortgage Company UCO, in an interview with ArmInfo. He recalls that the aggregate mortgage portfolio of banks and credit companies grew by 1.2 million drams in Q1 2010.

As of April 1 2010 the mortgage portfolio of banks and credit companies in Armenia totaled 96.2 billion drams growing 8.6% for Q1 and 6.1% per year.

M. Yedigaryan believes that the present level of the aggregate mortgage portfolio is quite enough for issue of corporate mortgage bonds, but the participants in the market do not hurry to issue bonds, for there are still sufficient resources for lending in the market.

Nevertheless, M. Yedigaryan said that in Q1 2010 the National Mortgage Company refinanced loans in the amount of 2.3 billion drams.

The Central Bank of Armenia is the sole owner of the National Mortgage Company UCO with the capital of 5 million drams registered and licensed by the Armenian CB on June 16 2009.
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Company bonds
UCO CJSC "GLOBAL CREDIT"1
UCO CJSC "GLOBAL CREDIT"3
UCO CJSC "GLOBAL CREDIT"4
UCO CJSC "GLOBAL CREDIT"5
UCO CJSC "GLOBAL CREDIT"7
"National Mortgage Company"2A
"National Mortgage Company"2B
UCO CJSC “FINCA” 1
UCO CJSC “FINCA” 2