Tuesday, February 25 2020 17:57
Alina Hovhannisyan

In 2019, apartment prices in Yerevan increased by 10.8% per annum

In 2019, apartment prices in Yerevan increased by 10.8% per annum

ArmInfo. The average market value of real estate in multi- apartment buildings of Yerevan in 2019 increased by 10.8%, amounting to an average of 315 thousand drams / 1 sq. m.

This is evidenced by the data of the State Committee of the  Real Estate Cadastre of RA.  Thus, according to the agency, the  highest prices for apartments in Yerevan are traditionally kept by  the Kentron (Center) community - an average of 607.4 thousand drams /  1 sq. m., with an annual growth of 14.8%. Then follows the  metropolitan community of Arabkir, where the price of multi-unit  apartments is fixed at 415.1 thousand drams / 1 sq. m., with y-o-y  growth of 12%, and the Davidashen community closes the top three -  with y-o-y growth of 11.2% to 318.9 thousand drams / 1 sq. m.

The lowest housing prices in the capital are maintained in the  Nubarashen community, where the square meter of an apartment for the  reporting period averaged 177.3 thousand drams / 1 sq. m., with a  y-o-y growth of 7.2%.

Real estate price increase in the capital was also recorded in  Kanaker-Zeytun communities - by 10.3% to 306.2 thousand drams,  Nor-Nork - by 10.3% to 267.7 thousand drams / 1 sq. m., Erebuni - by  7% up to 270.5 thousand drams / 1 sq. m., Shengavit - by 8.8% to  275.7 thousand drams / 1 sq. m., Achapnyak - by 13.9% to 286.1  thousand drams / 1 sq. m., Malatia-Sebastia - by 10.7% to 266.3  thousand drams / 1 sq. m.  and Avan - by 6.5% to 273.9 thousand drams  / 1sq.m.

According to the State Committee, in 2019, 11,212 transactions for  the sale and purchase of apartments in multi-apartment buildings were  completed in Yerevan, which is 4.2% less than the indicator a year  ago.  The lion's share of these transactions - 20.8% - fell on  apartment buildings in the Center community, and the smallest - 0.4%  - the Nubarashen community.

In an interview with ArmInfo correspondent, real estate market  participants noted that the Diaspora's renewed interest in buying  real estate in their historical homeland continues to be the main  drivers of price increases, although the share of foreigners in  transactions is about 10%, a factor of "revolutionary enthusiasm"  associated with optimistic expectations for economic development  countries and, of course, the further reduction in price and growth  of 40% of mortgage loans, which once again turned the real estate  market into a profitable investment tool. 

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10 billion

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200 million

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200 million

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200 million

Yield at cut-off price

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Maximum yield

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