Armenia and the real estate market: stunning growth
Among the various nations that most attract the interest of potential investors, we certainly couldn't let a truly unique country escape us. Today we are in Eurasia, in an area that, in the course of history, has been the protagonist of important events from an economic point of view but above all from a social point of view. The name assigned to this State is the result of a "linguistic - cultural union between the various neighboring peoples. Cradle of the Urartu civilization, the country that is driving the Eurasian real estate market crazy is Armenia!
According to statistical data, in fact, the number of real estate transactions that took place in the last two years in Armenia, reached 15,230, up 30% compared to 2018 and 24% compared to 2017. But in which provinces, in detail, Has this real estate boom been recorded? Following a decreasing order, we identify the capital, Erevan (35%), followed by Kotayk (11%), the province of Ararat (8.8%), Armavir (8%), Gegharkunik (7.7%), Lori ( 7.1%), Aragatsotn (6.1%), Shirak (5.2%), Tavush (4.8%) and finally Syunik (4.5%).
Last but not least was the province of Vayots Dzor with the fewest transactions (2.1%) but still important for the real estate market.
Most transactions are dedicated to the signing of residential property purchase and sale contracts. But there are also leases and real estate leasing transactions.
Despite this apparently positive situation for Armenia, it should be remembered that property prices have risen compared to the previous year, confirming the fact that the Armenian market presents itself to the world as winning and dynamic, so much so that it can take on prices not so cheap. The average price per square meter for a property in the capital has grown by 1.6%, but the most evident in terms of increase are those reported in the Kentron area (480,000 plays per square meter, which correspond to 800 euros).
Definitely more advantageous prices are those registered in the Nubarashen district, with its 155,300 dramas.
It should be noted, however, that restrictions have been applied to real estate transactions. On 1 March last year, an anti-money laundering law was amended by the Armenian government. A sort of legislative package was therefore adopted to protect both buyers and owners of the buildings themselves.
In addition, numerous construction projects are underway, but also aimed at improving international relations, in order to favor a decidedly more dynamic and faster economy. A property in Armenia currently remains on the market for about 40 days.
Considering the Asian and European average, these are slightly longer times, but still giving a "wave of optimism both on the demand side but also on the supply side.
It is therefore hoped that this boom will not be limited only to 2019, but that it will continue with an unstoppable trend, such as to make this state even more attractive and competitive in the brick market!
According to statistical data, in fact, the number of real estate transactions that took place in the last two years in Armenia, reached 15,230, up 30% compared to 2018 and 24% compared to 2017. But in which provinces, in detail, Has this real estate boom been recorded? Following a decreasing order, we identify the capital, Erevan (35%), followed by Kotayk (11%), the province of Ararat (8.8%), Armavir (8%), Gegharkunik (7.7%), Lori ( 7.1%), Aragatsotn (6.1%), Shirak (5.2%), Tavush (4.8%) and finally Syunik (4.5%).
Last but not least was the province of Vayots Dzor with the fewest transactions (2.1%) but still important for the real estate market.
Most transactions are dedicated to the signing of residential property purchase and sale contracts. But there are also leases and real estate leasing transactions.
Despite this apparently positive situation for Armenia, it should be remembered that property prices have risen compared to the previous year, confirming the fact that the Armenian market presents itself to the world as winning and dynamic, so much so that it can take on prices not so cheap. The average price per square meter for a property in the capital has grown by 1.6%, but the most evident in terms of increase are those reported in the Kentron area (480,000 plays per square meter, which correspond to 800 euros).
Definitely more advantageous prices are those registered in the Nubarashen district, with its 155,300 dramas.
It should be noted, however, that restrictions have been applied to real estate transactions. On 1 March last year, an anti-money laundering law was amended by the Armenian government. A sort of legislative package was therefore adopted to protect both buyers and owners of the buildings themselves.
In addition, numerous construction projects are underway, but also aimed at improving international relations, in order to favor a decidedly more dynamic and faster economy. A property in Armenia currently remains on the market for about 40 days.
Considering the Asian and European average, these are slightly longer times, but still giving a "wave of optimism both on the demand side but also on the supply side.
It is therefore hoped that this boom will not be limited only to 2019, but that it will continue with an unstoppable trend, such as to make this state even more attractive and competitive in the brick market!
