Wednesday, July 6 2016 17:06
Alina Hovhannisyan

In May 2016, housing prices in Armenia grew by only 0.1% y-o-y

ArmInfo. The average market price of housing in Armenia increased by only 0.1% year-on-year and totaled 184.5 thousand drams per sq. m in May.  In monthly term the average market prices of housing increased by only 0.01%.

According to the State Committee of Real Estate Register of Armenia, the prices of apartment blocks increased 0.3% in average over year (May 2016 versus May 2015) to 180.7 thousand drams per sq. m.  (00.1% monthly growth). In particular, the prices of apartments in Yerevan totaled 274.8 thousand drams per sq. m. (up 0.2% y-o-y and 0.01% monthly).  In the regions, this indicator totaled 86.7 thousand drams per sq. m. (up 0.4% y-o-y and 0.01% versus April). 

Meanwhile, prices of private houses in Armenia increased 0.05% to 188.3 thousand drams per sq. m. in average, with no changes within the year and insignificant growth within the month. The average prices of houses in Yerevan totaled 286.7 thousand drams per sq. m. while in the regions the prices increased 0.2% y-o-y to 89.9 thousand drams per sq. m. (an insignificant 0.01% growth per month).  In total, real estate prices (both apartment blocks and private houses) increased 0.1% y-o-y to 280.7 drams per sq. m. with a 0.01% monthly growth. 

According to the State Real Estate Register, the highest prices of apartments and private houses are still in the Center district in  Yerevan - 428 thousand drams per sq. m. with no changes for the  year. Arabkir district follows next, where the price on apartments are set at 357 thousand drams per sq. m. with 0.1% y-o-y growth. In these communities traditionally the prices on private houses are the highest:  in Center district-476.1 thousand drams per sq.m. and in Arabkir-383 thousand drams per sq.m. with no y-o-y changes.

The lowest prices of apartments and private houses are in the Nubarashen community-157.3 thousand drams per sq. m. in May 2016 (up 0.4% y-o-y) and 150.8 thousand drams per sq. m. (no changes for the year), respectively. 

In the regions, the highest prices of private houses and apartments are in the resort town of Tsakhkadzor (Kotayk region) - 305 thousand drams per sq. m. (no change y.o.y). Abovyan (Kotayk region) goes the second-157.3 thousand drams per sq.m (0.2% y-o-y growth) and Vagharshapat (Armavir region)-153.1 thousand drams per sq.m is the third. By apartment prices Tsakhkadzor leads too-292.4 thousand drams per sq. m. (no change y-o-y), Abovyan-155.1 thousand drams per sq. m. (0.1% y-o-y growth) and Vagharshapat-154.2 thousand drams per sq. m. (0.1% y.o.y growth). 

Marina Chatinyan, the head of the Bars Real Estate Agency, told ArmInfo in February that 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. 

Meantime, Head of Akcern Real Estate Concern Hakob Baghdasaryan says the year 2017 will be transitional for the real estate market of Armenia. Baghdasaryan believes the market will see a real growth no sooner than in 2018.  He drew a parallel with the development of economy, which, as he says, is at a transitional stage too.  "There are many geopolitical factors which will affect the real estate market growth in Armenia. Among such factors is the political activation of the Iranian market and deeper integration with Georgia.  In addition, it is anticipated that the economic situation in the world will improve with supposed rise of oil prices," Baghdasaryan said.


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