Demand for real estate up as prices fall in Armenia

Demand for real estate up as prices fall in Armenia

10.04.2010

ArmInfo. Real estate alienation deals for Feb 2010 numbered 3319,
including 2643 (79.6%) were purchase-and-sale deals, says the report
by the State Committee for Real Estate provided to ArmInfo. In fact,
583 apartments in residential buildings were purchased in Feb in
Yerevan and another 307 in the region. As for private houses, a total
of 371 purchase transactions were registered, including 297 in the
regions.

Real estate purchase-and-sale deals were up almost 40% in Feb 2010. No
significant price fluctuations were registered in the sector in Feb.
Nevertheless, real estate prices in the country fell 4% per year. In
particular, in Feb 2010 the average price of the immovable property in
the capital city was 270.3 thousand drams/sq.m at residential
buildings and 281 thousand drams/sq.m of private house. In the regions
the prices were 77.4 thousand drams/sq.m and 84.3 thousand drams/sq.m
respectively.

The highest price in the Kentron Community (city center) totaled 470
thousand drams/sq.m, whereas the highest price for regional housing
was registered in the resort town of Tsakhkadzor – 200 thousand
drams/sq.m in average.