Residential real estate in Yerevan is getting more expensive, while transactions for their purchase and sale reduced amid growing rental transactions

ArmInfo. In Yerevan, apartment  prices in May 2023 increased by 7.7% per annum to 416.7 thousand AMD/  1 sq.m. At the same time, transactions with the purchase and sale of  apartments in the capital decreased by 35.7% year-on-year to 702.  This is evidenced by the data of the RA State Committee for Real  Estate Cadastre.

The highest prices for apartments in Yerevan are traditionally held  by the Kentron (Center) community - an average of 815.2 thousand AMD  / 1 sq.m. (y-o-y growth of 10.2%). Then follows Arabkir, where the  price of apartment buildings isrecorded at the level of 573.1  thousand AMD / 1 sq.m. (y-o-y growth of 9.7%).  Davtashen closes the  TOP-3- 420.2 thousand AMD/ 1 sq.m. (y-o-y growth of 10.5%).  The  lowest housing prices in the capital remain in the Nubarashen  community, where a square meter of an apartment averaged 210.1  thousand AMD/1 sq.m., with a y-o-y growth of 3.8%.

In Yerevan, in May 2023, a total of 5,225 real estate transactions  were concluded, which is 18.8% lower than a year ago. Of the total  number of these transactions, purchases and sales account for 23% or  1,204 transactions, with a y-o-y decline of 27.7%.

The lion's share is accounted for by transactions with the purchase  and sale of apartments - 58.3% with a y- o-y decrease of 35.7%,  followed by transactions with houses - 12.5% (y-o-y decline by  21.4%), transactions with garages - 12.3% (decrease by 4.5% per  annum), transactions with land - 8.9% (decrease by 6.9% per annum),  transactions with public buildings - 7.1% (decrease by 9.5% per  annum), transactions with industrial buildings - 0, 7% (y-o-y decline  of 40%).

At the same time, during the reporting period, 598 real estate lease  transactions were concluded in the capital, which is 11.2% higher  than a year ago.

In total, 18,176 real estate transactions were made in Armenia in May  2023, which is 2% higher than the indicator of a year ago. Of the  total number, 24.3% or 4408 transactions (with a y-o-y decline of  13.1%) fall on the share of purchase and sale transactions, and 5.5%  or 1013 fall on the share of lease transactions (with a y-o-y  increase of 11.8% ).