GYUMRI SEES UNPRECEDENTED CONSTRUCTION BOOM

ARMENPRESS
Aug 30 2006

GYUMRI, AUGUST 30, ARMENPRESS: The first high-rise block of so-called
‘elite’ apartments, mushrooming in the capital city of Yerevan,
will be built in Armenia’s second largest town of Gyumri soon. The
building will be in downtown Gyumri and every square meter of space
in it will cost around $400, almost twice cheaper than in Yerevan.

Hrayr Karapetian, head of urban construction department of Gyumri,
said there is a line of locals ready to buy apartments in the first
‘elite’ bock.

He said there is an unprecedented private construction boom in the
town. He said the bulk of private mansions are being built by former
residents of the town doing businesses in Russia.