REAL ESTATE GETTING MORE EXPENSIVE IN YEREVAN AND MARZES

Tert.am
05.05.10

Armenian estate market has in the first quarter of 2010 seen a
much-anticipated stability, Arman Petrosyan, Head of Real Estate
Estimation Committee in the State Cadastre, said at a press conference
today.

According to Petrosyan against the backdrop of the same period of 2009
there has been an increase both in the quantity of the deals (27.9%),
struck during the period under discussion, and in the estate price.

The transactions relating to estate have increased both in the capital
city of Yerevan and in the marzes (province): this year 67.8% of
transactions were conducted in the marzes.

The Committee forecasts that this trend of growth in the estate market
will be preserved all year round.

The stability of the estate market, according to Petrosyan, is
accounted for by the fact that the participants of the market
have started to be more active. Another factor supportive of this
stabilization is that there are no more pessimistic expectations
about the estate market.

"The global financial-economic crisis had started to affect our market
negatively since August 2008. The market saw stability since September
2009," said Petrosyan.

In Yerevan the average market price for 1 square meter of inhabitable
houses has increased by 2.8%, while that number in the marzes has
been 1.5%.

Petrosyan also said that 36,499 transactions have been conducted in
the estate market in the first quarter in 2010.