Real estate prices to remain unchanged in Armenia in 2025 

ArmInfo.  According to the results of 2024, the secondary real estate market was more passive, both in terms of transactions and in value terms, compared to 2022 and 2023. This was noted in an interview with an ArmInfo correspondent by the founding member of the Council of the Association of Real Estate Agencies of Armenia, director of the real estate agency "Kolibri" Rustam Grigoryan. At the same time, he noted  that the primary market of Yerevan maintained its pace in 2024 thanks to the mechanism for the return of income tax on mortgage loans. From this year, the latter will be available only in the regions of the country.

, - he said. At the same time, prices, according to Grigoryan, will remain at the same level. He noted that this is due to the fact that developers have made their strategic changes and already understand the situation in the market well.

The secondary market in 2025, as the expert noted, will become more regulated. Real real estate prices will not decrease, but will remain at the current level. , - Grigoryan said.

He explained that by saying , he means those at which the sale is made, and not those at which the real estate is put up for sale. , - the head of the Real Estate Agency noted. 

At the same time, he complained that the Cadastre presents a  distorted picture of the real estate market when it says that prices or transactions are growing. As an example, he pointed to the unprecedented increase in transactions in the Malatia-Sebastia administrative region during the last reporting period. In particular, the Real Estate Cadastre presented a multiple increase, when in fact it was about transactions concluded 3 years ago, but registered only by the reporting period. , - he noted.

Meanwhile, it should be noted that according to the State Committee of Real Estate Cadastre, the average market value of real estate in apartment buildings in Yerevan increased by 8.8% in 2024, amounting to 426.8 thousand drams/1 sq.m.

Traditionally, the highest prices for apartments in Yerevan are held by the Kentron (Center) community - an average of 905.6 thousand drams/1 sq.m. (annual growth of 8.1%). Next comes Arabkir, with a cost of 637.3 thousand drams/1 sq.m. (annual growth of 8.4%), and Davitashen closes the top three - 476.7 thousand drams/1 sq.m. (annual growth of 11.3%).

The lowest housing prices in the capital are maintained in the  Nubarashen community, where the average square meter of an apartment was 229.9 thousand drams/1 sq.m., with an annual growth of 7.3%. Real estate purchase and sale transactions in Yerevan increased by 32.1% over the year to 17,853 (25.9% of the total volume of transactions in the capital). At the same time, the lion's share of transactions in the capital are apartments (61.2% or 10,940 transactions) with an annual growth of 35.5%. Next come transactions with garages, which increased 2-fold over the year, amounting to 3,476 (19.4%). At the same time, a decrease was recorded in transactions with private houses - by 10.8% to 1,313 (7.3%). Transactions with public real estate increased by 8.6% to 1048 (5.8%), and industrial real estate  transactions by 29% to 178 (0.9%). A decline in Yerevan was also recorded at the end of the year in terms of land purchase and sale transactions - by 21.8% to 898 (5%).

At the same time, 46.7% of land transactions account for agricultural land with a total area of 9,442.12 hectares (with an annual growth of 2.1%).

Then come transactions for the purchase and sale of private houses - 6,108 (an annual decline of 5.1%), apartments 4,710 (an annual decline of 8.5%), garages - 2,417 (an annual growth of 62.7%), public buildings - 1,311 (an annual growth of 16%), and industrial buildings - 498 (an annual growth of 11.7%).

The Association of Real Estate Agencies of Armenia was established in 2024 with the aim of creating a united front with the state in the real estate market, improving the qualifications of market specialists and the quality of their services, bringing the domestic real estate market in line with international standards in order to increase its attractiveness for foreign investors.