Haykakan Zhamanak: Decline on Armenia’s real estate market
The State Committee of Real Property Cadastre of Armenia has summed up the trends on Armenia’s real estate market.
According to the results, the average price for 1sq meter in residential buildings was AMD 600 (0.2%) down in the first half of 2015 as compared with the corresponding period of last year.
Real estate has always been valued in USD terms in Armenia. With AMD depreciation considered, a 14% annual decease in the price for flats has been recorded in the country. Interestingly, with such a decline in flat prices, fewer real estate businesses have been registered.
Specifically, the number of purchase and sale deals showed a 26.7% decrease in the first half of 2015 as compared with the first half of last year. A 34.2% decrease in the number of deals with flats has been recorded in Armenia during the period under review. A similar situation can be observed in another market segment, private houses.
The number of deals has shown a 7.9% decrease in Yerevan and a 22.4% decrease in Armenia’s regions.
The situation leaves much to be desired on the mortgage market.
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