In 2024, foreigners purchased only 2.7% of real estate

ArmInfo. In 2024, foreign citizens made 3,892 real estate purchase and sale transactions,  accounting for 6.7% of the total volume of transactions. According to data from the State Committee of Real Estate Cadastre of the Republic of Armenia, the volume of transactions by foreigners decreased by  13.1% compared to the previous year.  The most active buyers and sellers of real estate in Armenia are citizens of the Russian Federation, the USA, Iran, several European countries and the CIS.

In an interview with an ArmInfo correspondent, Rustam Grigoryan, a  founding member of the Council of the Association of Real Estate  Agencies of Armenia and Director of the real estate agency "Kolibri"  noted the Association has developed a code of ethics for real estate  market participants.  The primary goal of this code is to attract  foreign investors and buyers. These guidelines include retraining  real estate agents in accordance with international standards,  forming partnerships with foreign structures, and increasing  recognition in the international market. One of the laws of the code  of ethics, as Grigoryan further explained, is to always prioritize  the interests of clients, excluding racial, religious, political  discrimination, and other factors.

When asked about the risks associated with increasing accessibility  of real estate  in Armenia to citizens of countries with which our  country does not have good neighborly relations - Turkey and  Azerbaijan, he noted that this issue is not within the competence of  the Association. The expert did not have exact data on the number of  transactions with citizens of Turkey and Azerbaijan  purchasing real  estate in Armenia, but he noted that their share is so small that it  can be said that such transactions do not exist at all.  Let us  recall that at the end of 2022, Deputy Chairman of the Real Estate  Cadastre Committee Arman Petrosyan stated that the number of real  estate properties purchased in Armenia by citizens of Turkey does not  exceed 100 units, and citizens of Azerbaijan don's exceed 10.