ArmInfo. The Armenian real estate market is currently experiencing a renaissance and is on the rise, which began in 2019. Hayk Galstyan, head of Ameribank's My Home platform, expressed this opinion in response to a question from an ArmInfo correspondent on the sidelines of the TOON EXPO specialized exhibition.
2026.
He attributed the situation to the gradual abolition of the income tax refund mechanism in Yerevan and the surrounding areas. According to Galstyan, real estate transactions have already reached their peak. "People are trying to jump on the last train, and right now the demand is simply crazy, unnatural, I would say. And we predict that from the beginning of next year, it will be evenly distributed across the months. "Right now is the peak value because there are only a month and a half left until the mechanism expires," the expert said.
However, according to Galstyan's forecasts, the Armenian real estate market will reach a plateau and stabilize in two years.
As a reminder, the state-run income tax refund program for mortgage holders ceased to apply in Yerevan in 2025, but it continues in the regions. Armenian authorities plan to completely abolish the income tax refund on mortgage loans starting in 2029. The abolition will be gradual. Thus, after January 1, 2027, income tax on mortgage loans in the primary market will not be refunded if the property is located in the regions adjacent to Yerevan—Aragatsotn, Ararat, Armavir, and Kotayk. From January 1, 2029, the income tax refund on mortgage loans will also cease to apply in the remaining regions. The restrictions will not affect border settlements.
As a reminder, the state program for income tax refunds on mortgage loans for primary market housing purchases (apartments in new buildings or new private homes) has been in effect in Armenia since November 2014. Overall, from 2015-2024, 209.7 billion drams ($529 million) were refunded from the state budget to citizens who took advantage of this program. In 2025, this amount will amount to 96.67 billion drams, or $253 million (the initially planned 84.07 billion drams, plus an additional 12.6 billion drams allocated).
