ARMENIAN REAL ESTATE MARKET IN POOR CONDITION – US BUSINESSMAN

news.am
June 29 2011
Armenia

YEREVAN. – Real estate market in Armenia is in poor condition,
American businessman of Armenian origin Vahakn Hovnanian said to a
press conference.

Hovnanian said that he is purchasing land from the state on cadastral
value but is forced to make a significant investment, because the
place there used to be dump.

Note that in Vahakni residential community, named in honor of
the businessman, real estate prices have not changed – they are
consistently estimated at AMD 82.5 million (about $ 220 thousand).

Houses are built exclusively on private orders. Currently, the
residential community has 200 houses, 500 more will be built soon.