Tuesday, January 17 2012 20:04
President of Akcern Real Estate corporation: Real estate prices will grow in no earlier than 2-3 years
ArmInfo. There have been no drastic changes on Armenia's real estate market in the last two years due to stability on the labor and construction material markets and the constant inflow of money transfers from abroad, President of the Akcern Real Estate corporation Hakob Baghdasaryan said during a press-conference on Tuesday.
He said that the prices will grow in no earlier than two-three years when the economy becomes more stable. The drop in the prices in 2011 was due to low demand and declining construction.
"The demand for premium flats in Yerevan's center is ebbing while that for housing in suburbs and regions rising. Today, the lowest price in Yerevan is in Sovetashen - $300-600 per sq m, while the highest one in the Center community - $800-2,500," Baghdasaryan said.
President of the Republican Union of Employers of Armenia Gagik Makaryan said that in 2010-2011 the price of one sq m in apartment houses dropped by 2.6%, in private houses - by 2.4%, with an average of 17,000 real estate transactions carried out each year.