Monday, August 8 2016 15:56
Alina Hovhannisyan

Housing prices in Armenia experienced 0.2% year-over-year growth by July 2016 

Housing prices in Armenia experienced 0.2% year-over-year growth by July 2016 

ArmInfo. The average market price of housing in Armenia grew over year by 0.2% to 184.6 thsd AMD per 1 sq m in June 2016. As compared to the previous quarter, the average market price of housing rose by 0,003%.

The State Committee of the Real Estate Cadastre of Armenia reports that in June 2016 versus June 2015, 1 sq m of housing in apartment buildings grew by 0.3% to 180.8 thsd AMD (up 0.04% versus Q1 2016). Flats in Yerevan cost 274.9 thsd AMD per 1 sq m (up 0.2% versus June 2015 and up 0.04% versus Q1 2016). In the provinces flats cost 86.8 thsd AMD per 1 sq m (up 0.6% versus June 2015 and up 0.1% versus Q1 2016). Meanwhile, the average prices of private houses rose by 0.5% to 188.4 thsd AMD per 1 sq m. In Yerevan, the year-over-year and quarterly growth in price was insignificant, with the average price being 286.7 thsd AMD/1 sq m, whereas in the provinces the price of 1 sq m in private houses grew by 0.1% over year to 89.9 thsd AMD, with the growth versus Q1 2016 being 0.02%.

1 sq m of housing in Yerevan (in apartment buildings and private houses) rose in price by 0.1% versus June 2015 and totaled 280.8 thsd AMD (up 0.03% versus Q1 2016), whereas 1 sq m of housing in provinces made up 88.3 thsd AMD, with a 0.4% growth versus June 2015 and 0.05% growth versus Q1 2016.

The source says that the highest prices of flats in Yerevan are in Kentron (Center) district - 428.3 thsd AMD per 1 sq m (up 0.2% versus June 2015). Arabkir district ranks next with 357.3 thsd AMD per 1 sq m (up 0.1% versus June 2015). The highest prices of private houses are also registered in these districts:  Kentron - 476.4 thsd AMD per 1 sq m, and Arabkir - 383.2 thsd AMD per 1 sq m. The lowest prices of flats and private houses in Yerevan are fixed in Nubarashen district 157.3 thsd AMD per 1 sq m and 150.8 thsd AMD per 1 sq m.

As regards the provinces, the highest prices of private houses are fixed in the resort town of Tsaghkadzor (Kotayk province) - 305 thsd AMD per 1 sq m. Abovyan (Kotayk province) ranks next - 157.3 thsd AMD per 1 sq m, with Vagharshapat (Armavir province) holding the third position - 153.2 thsd AMD per 1 sq m.  The prices of flats are also the highest in the specified three towns: Tsaghkadzor - 292.4 thsd AMD per 1 sq m, Abovyan - 155.2 thsd AMD per 1 sq m, and Vagharshapat - 154.2 thsd AMD per 1 sq m.

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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