9.3% rise in market average price for apartments in Yerevan in first  half of 2023

ArmInfo. In the first half of 2023, a 9.3% rise in the market average price for apartments in  residential buildings was recorded in Yerevan as compared with the first half of 2022, up to AMD 411,100 per 1sq. meter, with a 4% price rise recorded this January-June against 14.6% and 7.9% respectively. 

In Yerevan's smaller center, the prices exceeded AMD 1mln per 1sq.  meter despite a slower y/y rise, 20.1% to 14%, and 12.1% to 7% this  January-June. 

According to the official data, the highest prices were traditionally  in the Kentron (Center) community - AMD 806,800 per sq. meter (a  12.5%, year-on-year rise, with a 6.4% rise this Jan-June against a  17.3% rise and 9.5% rise respectively in the corresponding periods in  2022). The Arabkir community is the second leader - AMD 564,800 per  sq. meter (an 11.3% year-on-year rise against a 15.2% rise, with a  5.2% rise this Jan-June against an 8% rise last Jan-June), followed  by the Kanaker-Zeitun community - AMD 396,600 per sq. meter (a 6.2%  year-on-year rise against an 18.2% rise, and a 1.8% rise this  Jan-June against a 10.2% rise last Jan-June). The lowest prices are  in the Nubarashen community - AMD 208,100 per sq. meter (a 5.4%  year-on-year rise against a 12.5% rise, with a 1.6% rise this  Jan-June against 6.9% rise last Jan-June). 

A total of 3,860 real estate business deals with apartments in  residential buildings were effected in Yerevan this January-June - a  34.6% year-on-year decrease, and a 30.7% decline this January-June  (against a 28.5% y/y increase in 2022 and an 8.8% increase last  Jan-June).   

A total of 739 deals with private houses were concluded (a 31.3%  year-on-year decrease against a 19.4% increase, and a 21.8% decrease  this January-June against last January-June). 

A total of 730 purchase-and-sale deals with garages were concluded in  Yerevan - a 15.9% decrease against a 5.8% increase, and a 9.9%  decrease this Jan-June against a 10.3% decrease last Jan-June. A  total of 570 deals with land were concluded, a 25.6% y/y decrease  against a 15.4% increase, with a 12.9% increase this January-June  against 2.8% increase last January-June. 

Ninety-seven deals with cultivable lands were concluded, a 38.2% y/y  decrease and a 36.6% decrease this January-June (against a 41.4%  increase and a 44% increase respectively the previous year). A total  of 461 deals with public buildings and 65 deals with production  buildings were concluded - a 21.1% year-on-year decrease and a 39.1%  y/y decrease respectively (against a 14.1% increase and a 335.4%  increase respectively in 2022), with a 12% decrease and a 21.7%  decrease respectively this January-June (5.5% and 5.3% respectively  in the first half of last year). 

A total of 28 436 real estate business deals were concluded in  Yerevan this January-June (a 9.8% year-on- year decrease against a  12.6% increase, and a 13.9% decrease this January-June against a  10.5% decrease last January-June. A total of 6 425 purchase and sale  deals were concluded - 22.6% of the real estate business deals  against 29.5% last year (a 30.9% year-on-year decrease against a  22.8% increase, and a 23.8% decrease this January-June against a 7.3%  decrease last January-June).  

A total of 3,427 leasing contracts were recorded in Yerevan (12.1% of  the real estate business deals against 9.7% the previous year) - a  12% year-on- year increase against a 10.1% increase, and an 18.3%  increase this January-June against a 15.4% increase last  January-June. 

A total of 103,490 real estate transactions were recorded in Armenia  in the first half of 2023, 7.2% year-on- year increase against a 5.9%  increase, and a 4.5% decrease this January-June against a 12.6%  decrease last January-June. The number of purchase-and-sale deals  totaled 23,728 (28.2%), with a 12.7% year-on-year decrease against an  8.9% increase, and a 7.8% decrease this January-June against a 12.5%  decrease last January-June. 

A total of 6,182 leasing contracts were recorded in Armenia during  the period under review, (6% of the real estate business deals  against 5.3% the previous year) - a 21.4% year-on-year increase and  an 11.5% increase this January-June against last January-June (a  9.1-fold decrease and a 12.6% decrease respectively the previous  year). 

Most of the real estate transactions effected in Armenia in the first  half of 2023 involved lands (40.6%), apartments (23.7%), private  houses (22.6%), public buildings (8.1%), garages (2.9%), production  buildings (2%) against 37.6%, 27.9%, 21.2%, 7.9%, 2.9% and 2.4%  respectively. Since last January-June, the share of deals with  apartments and production buildings has decreased, whereas that of  deals with lands, private houses and public buildings has increased.