Along with the demand in the real estate market, the prices are increasing. Andranik Harut

Andranik Harutyunov, member of the board of the Association of Real Estate Agencies After analyzing the statistics of the State Cadastre Committee for the last period, he says that there is a dynamic growth in the primary real estate market, both in Yerevan and in the regions.

“One of the circumstances here is that the developers and banks with various financial institutions managed to find such mechanisms, in which case the buyers are offered products with installments, phased payments, not mortgages, which are without bank interest.

For example, we have many developer partners who offer the purchase of an apartment with a 5-10 year installment payment option. This tool has had a very good effect on the real estate market, for example, the activity in the primary market has increased. The activity in the primary market has increased a lot in the marzes, because this year is the last year when the law on the return of income tax is in force and will be withdrawn in the case of the marzes adjacent to Yerevan. 168.am–Andranik Harutyunov said in a conversation with , talking about the processes and trends taking place in the real estate market.

According to our interlocutor, those citizens who planned to buy property even next year are trying to buy an apartment this year with a mortgage, which is already subsidized by the state, because they get the interest back in the form of income tax.

“Let’s take into account that now there is a big trend, for example, in the secondary market, where there are apartments and other areas for sale, they are mostly bought by Armenians living in Russia. It is obvious that there is a bit of a war situation there, there are financial and logistical problems. Many Armenians from Russia come to Armenia and buy real estate.

At the moment, our company is mainly active in the primary market, and there is an increase in our buyers from our compatriots coming from Russia, who want to purchase real estate in Armenia,” Andranik Harutyunov added.

Regarding the trends in the rental market, our interlocutor said that now is the tourist season, and in this season, apart from hotels, properties that people have bought for investment purposes are being rented out, especially for daily rent. If in the past real estate was handed over mainly in the Center, in particular in Arabkir, now there is this movement in almost all parts of the capital.

Andranik Harutyunov answered the question: are there certain statistics that foreigners buy a lot of real estate in Armenia, that foreigners make up a small percentage in statistics.

“Some of our compatriots have 2 or 3 citizenships, we will see in the statistics of the Cadastre Committee that, for example, 50 Russian citizens or Italian citizens alienated an apartment in Armenia this year, most of them are Armenians who also have the citizenship of another country. Unfortunately, our real estate market is not the same as in Georgia or other developed countries, which brand their market in order to bring a flow of investors from international markets to their market, to bring money to their state. We do not have this at the moment, but we all want to make our market more international.

The higher the demand for real estate, the higher the prices, and this is true in any market. If I’m not mistaken, even the Central Bank noted risks in its last year’s report, but this year the opposite happened, the number of transactions was more than last year, and interest is increasing every year. There are several features that we have a diaspora outside of the population living in our state, and they are very connected to Armenia,” our interlocutor mentioned and reminded the return of Syrian Armenians to Armenia during the war caught in Syria, some of whom bought real estate in Armenia.

The same process is taking place due to the Russian-Ukrainian war.

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