Friday, July 1 2011 16:24
Reduction of housing prices in Armenia continues because of decrease in flat prices
ArmInfo. The average market price of 1 sq m in Armenia has annually dropped by 4%, the Armenian State Committee of Real Estate Cadastre told ArmInfo.
Nevertheless, in May 2011 alone the total level of prices underwent almost no changes (only by 0.1%), mostly due to the growth of flat prices in apartment buildings. Actually, this segment has become the dominating one in the annual reduction.
In particular, in May the flats in multi-storey buildings rose in price by 0.2% (4.5% annual price decline), and private houses grew in price by 0.1% (3.7% annual decline).
In Yerevan the price of 1 sq m in an apartment building grew in May 2011 by 0.2% (8% annual decline) to 257.5 thsd AMD, and in the regions grew by 0.1% (1% annual decline) to 82.2 thsd AMD. At the same time, the prices of private houses rose in Yerevan by 0.4% (5.6% annual decline) to 273.4 thsd AMD per 1 sq m, and in the regions dropped by 0.2% (1.7% annual decline) to 91.3 thsd AMD.
According to the source, Yerevan remains an unconditional leader by its prices of flats in apartment buildings. The highest prices were fixed in the central part of the Armenian capital, particularly, in Center community, where the average price of 1 sq m of flats as of 1 June 2011 amounted to 443.9 thsd AMD, having declined over May by 0.8%, and by 5.5% versus May 2010. In Arabkir community prices totaled 342.5 thsd AMD (1.4% decline in May and 12.7% annual decline).
In the rest of the communities of Yerevan prices start from 223 thsd AMD, except Nubarashen, where the average price of flats is 147 thsd AMD per 1 sq m (0.8% annual growth).
In the regions prices of flats are mush lower than in Yerevan communities, though in a number of towns the average price of flats is higher than in Nubarashen community of Yerevan. The highest price of flats was fixed in Tsaghkadzor - 185.2 thsd AMD per 1 sq m (2% annual growth) and Vagharshapat - 140.8 thsd AMD per 1 sq m (15.1% annual decline). Abovyan, Ashtarak, Ijevan, Goris, Nor Hachn, Armavir, Jermuk, Masis, Yeghegnadzor, Byureghavan, Dilijan, Gyumri, Kapan, and Yeghvard rank next, where the average price of flats ranges from 102 thsd to 140 thsd AMD per 1 sq m, and the biggest growth in prices in May was fixed in Spitak, Agarak and Tashir (by 5- 7%), and the biggest annual growth in Tumanyan and Shamlukh (over twice).
The prices of private houses in Yerevan and in the regions changed as follows: in Yerevan the prices per 1 sq m grew by 0.4% (5.6% annual decline), and in the regions dropped by 0.2% (1.7% annual decline). In Yerevan the highest prices were fixed in Center and Arabkir communities - 463.5 thsd AMD and 372.7 thsd AMD respectively. Kanaker-Zeytun, Davidashen, Nork-Marash, Ajapnyak, Malatia-Sebastia, Shengavit, Erebouni and Avan rank next, where the average price per 1 sq m ranges from 233 thsd to 276 thsd AMD. In Nubarashen the lowest price of private houses was fixed - 148.2 thsd AMD per 1 sq m. In the regions the highest prices of private houses were fixed in Tsaghkadzor - 305 thsd AMD per 1 sq m, and the lowest prices were fixed in Shamlukh - 9.3 thsd AMD.
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