Real estate prices falling in Armenia

ArmInfo. The average market price in Armenia fell 0.2% in Feb 2016 versus Feb 2015 totaling 184.4thsd AMD/1 sq/m. For Feb alone, the prices fell 0.01%. 

Marina Chatinyan, the head of the Bars Real Estate Agency, told ArmInfo stagnation in the market will continue for at least 2 years.  The forecasts for 2016 are not optimistic and the real estate agencies anticipate that the market will start growing slowly after reaching the lowest point, she said. The specialist explains the standstill with the global political and economic situation, deteriorating economies in the partner-countries, especially Russia, that affected the money remittances to Armenia and population incomes. All this is coupled with such restraining factors as unfriendly neighbor-states and economic blockade.

According to the State Real Estate Register of Armenia, the prices of multi-apartment buildings increased 0.26% y-o-y to 180.6thsd AMD/1 sq.m. In particular, the prices for apartments in Yerevan totaled 274.7thsd  AMD/1 sq.m., in the regions - 86.7 thsd AMD/1 sq.m. with a 0.28% y-o-y growth.

Meantime, the prices for private houses fell 0.67% to 188.3thsd AMD/1 sq.m in average with no changes reported in the capital city - 286.7 thsd AMD/1 sq/m in average. In the regions, the prices fell 1.34% y-o-y to 89.9 thsd AMD/1 sq/m.  In total, the housing prices in Yerevan (both apartments and private houses) increased 0.12% y-o-y to 280.7 thsd AMD/1 sq/m in average.

According to the State Register, the highest prices are in the Center community - 428 thsd AMD/1 sq/m in average (no changes), and the lowest prices are in Nubarashen district - 157.2 thsd AMD/1 sq/m (0.35% growth y-o-y).

In the regions, the highest prices of private houses and apartments are in the resort town of Tsakhkadzor (Kotayk region) - 305 thsd AMD/1 sq/m (no changes), Abovyan town - 157.3 thsd AMD/1 sq/m (up 0.2%) and Vagharshapat town (Armavir region) - 153.1 thsd AMD/1 sq/m (no changes).