Saturday, December 8 2012 17:47
Expert: Slow drop in housing prices to continue in 2013
ArmInfo. In the current global economic situation, the slow drop in housing prices will continue in 2013, Artyom Pribylsky, Director General of the Yerevan Real Estate Exchange, Candidate of Sciences, Economics, told ArmInfo when forecasting the property market state in Armenia in 2013.
In October 2012 versus October 2011, the prices of residential property (calculated in US dollars) dropped by 5.2%. The biggest price decline was in Kentron (Center) community of Yerevan - 11%. In Arabkir community the residential property prices dropped by 7.7%, in Kanaker-Zeytun and Davitashen - by 3.2%. In the rest of the Yerevan communities (except Nubarashen) the housing prices dropped by 3%.
As for the factors limiting the activeness in the sphere of property in Armenia, Pribylsky pointed out the migration, as well as the unresolved problems in the most profitable fields of the national economy, such as agriculture, continued growth in food prices, which deprive the population of the chance to save money in order to buy housing.
According to the Armenian State Committee of the Real Estate Cadastre, in Oct 2012 versus Oct 2011, the number of property transactions increased by 9.3% (34.4% growth versus Sept 2011). The sales of private houses in Armenia grew by 43.4% in Oct 2012, in Yerevan the sales increased by 63.9%, and in the regions - by 35.8%.