Expert: We expect a drop in real estate sales, but a rise in  construction activity due to ongoing momentum

ArmInfo. We called this  year Black Friday, because everyone had good sales rates, but now we  are already gearing up for the challenges of next year. This was  stated by Armen Sakapetoyan, a board member of the NGO , during a conversation with journalists on  December 10 at an event dedicated to the construction sector's  year-end results.

He named the termination of the income tax refund program, which had  been in place for nearly 8 years, as the primary challenge.    Sakapetoyan noted. At the same time, he noted that in terms of  implementation, the Association expects a decline next year, but the  construction will continue to grow due to momentum.

According to the representative of the Association it is necessary to  maintain a dialogue with the public sector in these conditions,  offering new ideas and programs for implementation. In this regard,  Sakapetoyan mentioned that the organization has interesting programs  in the cities adjacent to Yerevan, including Abovyan, Artashat,  Hrazdan, and Ashtarak.   He noted that these discussions involve large  programs.

According to Sakapetoyan, as demand decreases, prices for residential  real estate will also decrease somewhat. However, according to him,  this doesn't necessarily mean increased availability, as  simultaneously, taxes, duties, and payments for connecting to public  services (such as water, gas, and electricity) are increasing for  developers. This impacts the cost of construction work and,  ultimately, the cost for the consumer.

According to the RA Statistical Committee, construction volumes in  Armenia increased by 15.5% in January-October 2024, totaling 484.5  billion AMD.