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.
