Thursday, February 8 2018 17:43
Alina Hovhannisyan

In Armenia, housing prices for 2017 fell by 2.8%

In Armenia, housing prices for 2017 fell by 2.8%

ArmInfo. The average market  value of housing in Armenia decreased by 2.8% in 2017, making 178.8  thousand AMD ($ 370)/1sq.m. versus 0.2% growth in 2016. This is  evidenced by the data of the State Committee of Real Estate Cadastre.

According to the source, the average apartment prices in the year  (2017 to 2016) fell by 3.8% - to 173.7 thousand AMD/1 sq. M. In  particular, the price of an apartment in Yerevan was 265.3 thousand  drams / 1 sq.m. (with an annual decline of 3.5%), and in the regions  - 82.2 thousand AMD/1 sq.m. (with an annual decline of 4.9%).   Meanwhile, prices for private houses in average for 2017 fell by 1.8%  to 183.8 thousand AMD/1sq.m. In the capital, the cost of 1 sq.m.  private house for the year decreased by 2.3% to 280.2 thousand AMD,  and almost the same decline was recorded in the regions - by 2.5% -  to 87.5 thousand.

In total, the price of 1 sq.m. the capital's residential real estate  (multi-apartment buildings and private houses) fell by 2.9% on an  annual basis, an average of 272.7 thousand drams. In the regions,  prices for 1 sq.m. residential real estate (multi-family and private  houses) fell 2.6% to 84.8 thousand.

According to the State Statistics Committee, the highest prices for  apartments in Yerevan have traditionally been kept by the community  of Kentron (Center) - 445.8 thousand AMD/1 sq. m. on average, with an  annual growth of 4.1%. Then follows Arabkir, where the price of  multi-apartment buildings is fixed at 345.8 thousand AMD/1sq.m, with  an annual decline of 3.2%. These communities also traditionally  record the highest prices for private homes: Kentron - 476.3 thousand  AMD/1sq.m. (with an annual decline of 0.02%) and Arabkir - 381. 3  thousand AMD/ 1sq.m (with an annual decline of 0.5%).

The lowest prices for housing in the capital are invariably preserved  in Nubarashen, where the prices for apartments during the reporting  period amounted to 157.1 thousand AMD/1 sq. m. (with an annual  decline of 0.2%), and the cost of private houses - 150.2 thousand  AMD/1 sq.m. on average (with an annual decline of 0.4%).

In the regions, the highest prices for apartments were recorded in  the resort town of Tsakhkadzor (Kotayk region) - 289.5 thousand drams  / 1 sq. m. (with an annual decline of 1%). Then follows: Abovyan  (Kotayk region) - 151.6 thousand drams / 1 sq. m. (annual decline of  2.3%) and Vagharshapat (Armavir region) - 132.2 thousand drams / 1  sq. m. (with an annual decline of 14.3%). In the regions, the three  above- mentioned cities are also leading in prices for private  houses: Tsakhkadzor - 301.3 thousand drams / 1 sq.  m. (with an  annual decline of 1.2%), Abovyan - 156.1 thousand drams / 1 sq. m.  (with an annual decline of 0.8%) and Vagharshapat - 150.1 thousand  drams / 1 sq. m. (with an annual decline of 2%).

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