ArmInfo.During the first half of 2026, the average market price for multi-apartment housing in Yerevan grew by 9.1% year-on-year—a sharp acceleration compared to the modest 0.9% growth recorded during the same period last year—reaching an average of 505,900 drams per square meter.
According to data released by the State Committee of Real Estate Cadastre of the Republic of Armenia, apartment prices in the regions saw an even more pronounced surge, climbing by 18.2% during the reporting period. This trend continues the robust momentum observed a year earlier, when regional real estate values grew by 14.3%.
The highest apartment prices in Yerevan are traditionally found in the Kentron (Center) community – an average of 927,200 drams per square meter. (an annual increase of 4.1%). Next comes Arabkir, where the price of apartment buildings was recorded at 659.1 thousand drams per square meter (an annual increase of 5.6%). Davitashen rounded out the top three with 520.9 thousand drams per square meter (an annual increase of 9%), and a nearly identical price was recorded in Nork-Marash at 520.1 thousand drams per square meter (an annual increase of 22.9%).
The lowest housing prices in the capital traditionally remain in the Nubarashen community, where the average price per square meter of an apartment was 257.9 thousand drams per square meter, with an increase of 8.9% over the year.
Apartment prices in the capital also increased at double-digit rates in the communities of Malatia-Sebastia (14.4%), Shengavit (12.9%), Avan (11.3%), Ajapnyak (11.2%), Nor-Nork (10.8%), and Kanaker-Zeytun (10.6%). However, the most significant increase was in Nork-Marash, up almost 23%.
Among the regions of Armenia, the highest apartment prices were recorded in Kotayk, averaging 307,600 drams per square meter, with the largest year-on-year increases in Charentsavan (41.9%), Byureghavan (41%), and Hrazdan (39.8%). Next in terms of high prices are Armavir Region - an average of 260.3 thousand drams/1 sq.m., Ararat Region - an average of 248.7 thousand drams/1 sq.m., and Syunik Region - an average of 207.2 thousand drams/1 sq.m. And the lowest price for apartments is recorded in Lori Region - an average of 101.2 thousand drams/1 sq.m. It is noteworthy that in the resort town of Tsaghkadzor (Kotayk Region), which leads in apartment prices - 470.6 thousand drams/1 sq.m., the smallest annual increase of 2.4% was recorded, while in another resort town of Dilijan (Tavush Region), apartment prices jumped by 24.7% to 322.4 thousand drams/1 sq.m. In total, 9,586 apartment sales and purchases were completed in Yerevan in the first half of 2026, a 47.1% increase compared to the same period last year (compared to a 39.5% increase the previous year). Apartments accounted for 69.9% of the total number of apartment sales and purchases completed in Yerevan.
Garages accounted for 2,367 sales or 17.3% (a 27.1% increase year-on-year), private homes accounted for 759 sales or 5.5% (a 33.4% increase year-on-year), public buildings accounted for 477 sales or 3.5% (a 1.3% increase year-on-year), land sales accounted for 451 sales or 3.3% (a 13% increase year-on-year), and industrial buildings accounted for a very small percentage: 72 sales or 0.5% (a 1.4% increase year-on- year). In total, 13,712 real estate purchase and sale transactions were completed in Yerevan in the first half of 2026, with annual growth accelerating from 26.5% to 38.6%.
In the regions, 19,961 real estate purchase and sale transactions were concluded in the first half of 2026, with an annual increase of 17.8% (versus a decline of 11.5% a year ago). The majority of these transactions involved the purchase and sale of land - 12,020, with an annual increase of 14.8% (versus a decline of 11.7% a year ago). Of these, 6,179 transactions involved the purchase and sale of agricultural land, with an annual increase of 15.1% from a 3.7% decline. Next came transactions involving the purchase and sale of private homes - 3,360, with an increase of 33.3% from a 15.7% decline, and apartments - 3,088, with a significant acceleration in annual growth from 9.8% to 30.8%. In the first half of 2026, 5,782 real estate rental transactions were concluded in Armenia, a decrease of 2.2% compared to the same period last year. Of these transactions, 3,278 or 56.7% were concluded in the capital, with a year- on-year decline of 9.4%. Among the regions, the largest number of real estate rental transactions were concluded in Lori - 416, with a year-on-year increase of 58.2%. However, the largest increase was observed in Vayots Dzor - 96.4%, where the smallest number of real estate rental transactions are usually concluded. A decline in rental transactions was recorded in Ararat, Tavush, Gegharkunik, Syunik, and Kotayk - by 2.4-13.4%, whereas a year ago, a decline in such transactions was recorded in almost all regions, with the exception of Ararat and Syunik, where an increase of 10.1-58.6%. According to the Cadastre, a total of 42,038 real estate transactions were completed in Yerevan during the reporting period, with year-on-year growth accelerating from 4.3% to 23.4%. Their share of the total number of transactions completed in Armenia increased year-on-year from 29.8% to 32.6%. A total of 129,092 real estate transactions were concluded in Armenia in the first half of 2026, with year-on-year growth increasing from a 4.9% decline to 12.7%.
Sustained price growth in Yerevan's real estate market remains entirely realistic, with strong potential for further increases and no foreseeable catalysts for a major price correction, Hovhannes Basentsyan, deputy director of the DCD development company and a member of the Armenian Developers Association, told ArmInfo earlier in an interview.
"First, this is because Armenia remains a developing nation. Such economies typically experience steady real estate price growth, often outpacing developed countries. Second, the market is driven by rising construction costs. The simultaneous increase in project execution expenses and steady buyer demand inevitably impact final housing prices," Basentsyan clarified. He added that, barring force majeure scenarios, Armenia's real estate market will maintain its upward trend in the coming years while undergoing natural market adjustments.
Recall, the decade-long income tax refund mechanism for mortgage loans on newly built housing in Yerevan was abolished starting in 2025. This benefit remains active in the regions, though it is scheduled for complete phase-out by 2029, with the exception of border settlements. This policy shift explains the surge in demand and subsequent price growth for regional real estate that began in 2025.
