Armenian mortgage market intensified

Armenian mortgage market intensified

2009-08-21 20:32:00

ArmInfo. Mortgage market in Armenia has been intensified recently due
to stabilization of housing prices, David Atanesyan, Director General
of First Mortgage Company UCO told ArmInfo. He said one square meter of
housing in the center of Yerevan is available for $1100-1300 thousand.
Minimal housing prices are expected in early 2010 as demand for housing
by banks and credit organizations is expected to increase in the market.

He said that positive trends are prevailing in the mortgage market due
to the slackening rates of house price crash. Government of Armenia is
taking specific steps, particularly, finances the real sector of
economy, including construction sector, he said. Due to the
governmental anti-crisis measures the 16.3% economic decline for
Jan-Jul may be reduced to 12%.

All the banks in Armenia are engaged in the mortgage market as well as
some universal credit organizations. Out of 3 mortgage programs
implemented in Armenia (EBRD, KfW and IFC), First Mortgage Company is
actively involved in KfW Development of Sustainable Housing Finance
Market in Armenia.