Monday, March 21 2011 15:39
Mortgage market to grow twofold for 4 years in Armenia
ArmInfo. The mortgage crediting in Armenia to grow twofold by the end of 2014, chairman of the Association of Participants of the Mortgage Market of Armenia, Gevorg Bosnoyan, made such a prediction. He recalled that the mortgage crediting portfolio amounted to 97 bln drams by the end of 2010, having grown by 6 bln drams as against 2009.
He connects predictions about the twofold growth of the mortgage market up to 180 bln drams with introduction of the new products and machineries of the mortgage crediting in the country.
For this reason, the Association expects growing of the mortgage portfolio up to 120 bln drams by the end of the next year, to 150 bln drams by the end of 2013 and to 180 bln drams - by the end of 180 bln drams.
To recall, at present the Association of Participants in Mortgage Market of Armenia has been drawing out a new mortgage product which will make it possible to cut in half the sum of prepayment for the potential borrowers and reduce insurance by 15% from the sum of crediting only for the period for which the insured sum will be paid off.