CENTRAL BANK CHAIRMAN: MORTGAGE DEMAND IN ARMENIA $150 MILLION NOW
ARKA
July 13, 2009
YEREVAN, July 13. /ARKA/. Mortgage demand in Armenia amounts to $150
million now, Armenian Central Bank Chairman Arthur Javadyan said at
a press conference on Monday.
"Earlier, demand was estimated to $300 million. Our studies show that
more than a half of this amount remains", he said.
He stressed the necessity to combat the skepticism seen recently
among businessmen and ordinary people.
"Many of those wanting to buy an apartment refrain from doing it now –
they fear prices will keep going down", he said.
Referring to the results of the studies, Javadyan said that housing
prices went 7 to 10% down in drams and 30% in foreign currencies.
"I don’t think prices will fall again on real estate market."
In his opinion, this is the very moment for real estate market to
make a rally.
The price for one square meter in apartment blocks in Yerevan fell
4.7% in May 2009, compared with April, to AMD 259,700. ($1 = AMD
365.3).