ArmInfo. On Armenia's real estate market the offer is 15 times higher than the demand, while for the economy it would be better if things were opposite, Director of Akcern Real Estate Corporation Hakob Baghdasaryan told journalists on Wednesday.
He said that recently preference has been given to rent. "If rent continues to prevail over purchase, there will be no rise in prices. The demand for mortgage is too high but its terms are so tough that only few people can afford them," Baghdasaryan said, wondering why when asking about borrowers' earnings banks don't consider the private transfers many of them get on a regular basis. Architect Misak Nubar Tebelekian said that today the investment climate in Armenia is much worse than it was in 2005. He first of all advises improving the judiciary system to ensure better protection of investors' rights. According to the State Committee of Real Estate Cadastre of Armenia, in 2008-2013 the rate of growth in real estate prices in the country has slowed down from 24.6% to 4.2%, with the numbers of sale and rent transactions having declined from 54,615 to 48,716 and from 11,865 to 8,542, respectively.
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