Land purchase and sale transactions in regions of Armenia increased by 12.7%

ArmInfo.Prices for apartments  in the regions of Armenia increased by 15% annually, and by 6.4% over  six months, amounting to an average of 144.8 thousand AMD/1 sq.m.  in  the first half of 2024. This is evidenced by data from the State  Committee of the Real Estate Cadastre of Armenia.

According to cadastral data, the highest prices for apartments in the  regions are traditionally held in Tsaghkadzor - 442.8 thousand AMD/1  sq.m. on average , with annual growth of 10.3% and half-year growth of  4.7%. This is followed by Abovyan - 290.3 thousand AMD/1 sq.m., with  an annual growth of 14.1% and a six-month growth of 8.7%. The TOP-3  is closed by the city of Vagharshapat, where the cost of a square  meter of an apartment is 253.8 thousand AMD, with an annual increase  of 9.5% and a six-month increase of 4.6%.

The lowest prices were recorded in Tumanyan community (Lori region) -  26.5 thousand AMDs/1 sq.m.  (with an annual growth of 6% and  half-yearly growth of 3.9%). Slightly higher prices were registered  in Akhtala (Lori region) - 47 thousand AMD/1 sq.m. (with an annual  growth of 3.9% and a half-year growth of 0.6%), and almost the same  in Chambarak (Gegharkunik region) - 47.2 thousand AMD/1 sq.m. (with  annual growth of 7.4% and half-year growth of 2.4%).

Traditionally, the lion's share of transactions fell on transactions  for the purchase and sale of land - 61.9% or 11,857 transactions,  with an annual growth of 12.7% and an increase of 4.2% over the six  months. The most expensive square meter of land is in Abovyan - 14.2  thousand AMD on average, in Vagharshapat - 12.4 thousand AMD/1 sq.m.  and in Gyumri - 11.8 thousand AMD/1 sq.m. In Armenia, for the  reporting period, the most affordable land prices were registered in  Vardenis - 1.6 thousand AMD/1 sq.m., Meghri - 1.8 thousand AMD/1  sq.m. and Martuni - 2.4 thousand AMD/1 sq.m.

In total, 5173.40 hectares of land were bought and sold, of which  86.3% were of agricultural value. At the same time, transactions with  agricultural land increased slightly year on year - by 0.7%, with a  decrease of 4.8% over the six months.

Land  transactions are followed by transactions for the purchase and  sale of private houses in the regions - 2989 (an annual increase of  0.1%, over six months a decline of 13.3%), apartments - 2150 (an  annual decline of 14.6%, for six months - by 18, 2%), garages - 1360  (annual growth 2.6 times, over six months - by 41.4%), public  buildings - 570 (annual growth by 5.6%, decline by 3.4% over six  months), and buildings of industrial significance - 219 (annual  growth by 1.4%, decline by 4.8% over six months).  Real estate rental  transactions in the regions of Armenia decreased by 6.2% over the  year, while increasing over six months by 13% - to 2,584. In  particular, 47.9% were land lease transactions, 39% - public  buildings, 6 .5% - industrial buildings, 3.4% - apartments, 2.6% -  private houses, and a very tiny share of 0.6% falls on garage rental  transactions.

In total, in the regions of Armenia in the first half of 2024, 87,749  real estate transactions were made (with an annual growth of 16.9%,  and a half-year growth of 4.3%). Of this amount, 19,145 are purchase  and sale transactions, which exceeded the year ago figure by 10.6%,  while decreasing by a meager 0.5% over the past six months.