In Yerevan, real estate market activity is declining, but prices  continue to rise

ArmInfo.The average market value of real estate in multi- apartment buildings in Yerevan in Q1  2023 amounted to 405.2 thousand drams / 1 sq.m., which is higher by 10.6%, than the same period in 2022, with a quarterly growth of 1.8% alone. This is evidenced by the data of the State Committee for Real Estate Cadastre.

According to the cadastral data, the highest prices for apartments in  Yerevan are traditionally held by the Kentron (Center) community - an  average of 796.2 thousand AMD / 1 sq.m. (y-o-y growth by 14.3%,  quarterly - by 3.2%). This is followed by Arabkir, where the price of  apartment buildings is fixed at 556.2 thousand AMD / 1 sq.m. (y-o-y  growth by 12.8%, quarterly - by 2.4%). Davtashen closes the top three  - 406.1 thousand AMD / 1 sq.m. (y-o-y growth by 13%, quarterly - by  1.5%).

The lowest housing prices in the capital remain in the Nubarashen  community, where a square meter of an apartment averaged 206.1  thousand AMD / 1 sq.m., with a y-o-y growth of 6.9%, quarterly -by  0.8%.  However, 1,847 transactions for the purchase and sale of  apartments were made in Yerevan for Q1 2023, which is 27.7% less than  a year ago, with a decrease over the quarter by 33.8%.

After apartments, the largest number of transactions for the purchase  and sale of real estate in the capital falls on transactions with  garages - 346 (y-o-y decline by 11.3%, a quarterly decline by 24.3%),  private houses - 326 (y-o-y decline by 26.7% , a quarterly decline by  29.1%), land 261 (y-o-y decline  29.8%, a quarterly decline by 7.1%),  followed by public property 209 (y-o-y decline  20.8 %, a quarterly  decline by 25.6%) and the least interesting, as always, are  industrial buildings - 28 (y-o-y decline by 49.1%, a quarterly  decline by 15.2%).

According to the Cadaster data,  1,699 real estate rental  transactions were registered in the capital in Q1 2023, which is  21.3% higher than a year ago, with a quarterly growth of 8.2%.  In  total, 13,216 real estate transactions were made in Yerevan during  the reporting period (y-o-y decline by 6.4% quarterly decline by  20.7), which is 26.7% of the total number of real estate transactions  in Armenia.