Tuesday, January 22 2013 19:09
Despite officials' statements, property market of Armenia has not recovered from crisis
ArmInfo. Despite the state officials' statements, the property market in Armenia has not yet recovered from the crisis and will most likely continue stagnating, Artyom Pribylsky, Head of the Yerevan Real Estate Exchange, said at today's press conference in Yerevan. He pointed out that from 2008 till now the property market in Armenia has not recovered from the crisis. He recalled that the economic authorities of Armenia often report that Armenia still experiences decline in construction. "In that case how can one speak of activeness of the property market if the country almost lacks new construction", he said.
To note, according to the State Committee of Real Estate Cadastre of Armenia, the property market of Armenia (December index exclusive) completed the year 2012 with slight growth in prices. The average market price of housing in the republic grew by 1% to 174.9 thsd AMD in Jan-Nov 2012 versus Jan-Nov 2011.
Sometimes the official statistics amazes the specialists. For instance, by the data of the State Property Committee of Armenia, over October the transactions on purchase and sale of flats in Yerevan rose by 55% (by 8.6% over year). In the meantime the sales of private houses in Armenia grew by 43.4% over a month (63.9% growth in Yerevan and 35.8% growth in the regions). The experts think that such growth within one month only is low probable. They think that the State Committee had technical problems when calculating the number of transactions.
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