Average Prices Of Apartments Increase By 2.5% In Yerevan And By 6.4%

AVERAGE PRICES OF APARTMENTS INCREASE BY 2.5% IN YEREVAN AND BY 6.4% IN MARZES IN FIRST QUARTER OF 2008 AS COMPARED WITH FOURTH QUARTER OF 2007

Noyan Tapan

Ma y 14, 2008

YEREVAN, MAY 14, NOYAN TAPAN. 35,085 real estate-related transactions
were concluded in the first quarter of 2008: their number grew by
14.1% on the same period of 2007 and declined by 25.4% on the 4th
quarter of 2007.

According to data of the State Committee of the Real Estate Cadastre
adjunct to the Armenian government, purchase-sales made up 84.2%,
donations – 14.8%, and exchanges – 0.9% of the total number of
alienation transactions (12,495). 30.9% of real estate alienation
transactions were done in Yerevan.

32.2% of alienated real estate were apartments.

The number of real estate alienation transaction declined by 3.3%
in the 1st quarter of 2008 as compared with the same period of last
year and by 29.8% as compared with the 4th quarter of 2007.

In the 1st quarter, 61% of real estate sale-purchase transactions in
Yerevan were transactions on sale-purchase of apartments. The number
of transactions on sale-purchase of apartments in Yerevan declined by
14.9% in the 1st quarter of 2008 on the 1st quarter of 2007 and by
35.8% as compared with the 4th quarter of 2007. The average market
prices of apartments sold in Yerevan grew by 2.5% per square meter
as compared with the 4th quarter of 2007.

In particular, the price of a square meter in Yerevan’s Kentron
community made about 472.4 thousand drams (about 1,523 USD), in Arabkir
– 387.6 thousand drams, Kanaker-Zeytun – 298.2 thousand drams, in
Nor Nork – 259 thousand drams, Avan – 259.4 thousand drams, Erebuni –
260 thousand drams, Shengavit – 269.2 thousand drams, Ajapniak – 264.5
thousand drams, Davitashen – 276.9 thousand drams, Malatia-Sebastia –
255.5 thousand drams, and in Nubarashen – 145.4 thousand drams.

1,253 apartments were sold in marzes (provinces), except Yerevan,
in the first quarter of 2008, which is less by 12.3% as compared with
the same period of 2007 and by 22.4% as compared with the 4th quarter
of 2007.

The average market prices of apartments in marzes grew by 6.4% in
the 1st quarter of 2008 on the 4th quarter of 2007. In particular,
the price of one square meter made (in thousand drams): in Ashtarak
– 115.3, in Aparan – 31.4, Talin – 43.9, Artashat – 97.5, Masis –
123.5, Vedi – 80.4, Ararat – 63.9, Nor Hachn – 115.1, Byureghavan –
88.6, Yeghvard – 106.8, Hrazdan – 60.7, Tsakhkadzor – 136, Jermuk –
121.5, Dilijan – 82.5, and Ijevan – 113.1