NUMBER OF DEALS DECLINES BY 50% AT VVP REALTY AGENCY
YEREVAN, MAY 29, NOYAN TAPAN. An exhibition entitled "New Yerevan" on
the real estate market development tendencies in Armenia will be held
in Yerevan’s North Avenue on May 31. Vruyr Penesian, director of the
VVP realty agency – the exhibition’s organizer stated at the May 29
press conference that the exhibition will present the best
newly-constructed buildings and districts, including the district
designed for 18 thousand residents in the area adjacent to Tichina
district. Besides, zoning projects and the final designs of a number of
streets will be presented.
Speaking about the development of the real estate market, V. Penesian
said that the number of purchase-sale deals at their agency has
currently declined by 50% as compared with the same period of last
year. According to him, those investing in house construction have
postponed the implementation of their projects until September.
Nevertheless, as V. Penesian pointed out, there has been no decline in
real estate prices, which are quite stable at the moment. In his words,
demand for so-called elite buildings is great, which is evident from
the fact that 90% of apartments in North Avenue have been sold and the
price of 1 square meter there makes 2-3.5 thousand dollars.
From: Emil Lazarian | Ararat NewsPress
