Mortgaging And Transactions Of Land Increase

MORTGAGING AND TRANSACTIONS OF LAND INCREASE
By Ara Martirosian

AZG Armenian Daily
09/05/2007

According to the head of the Department of Assessment of the Real
Estate State Cadastre Committee Ashot Muradian the activities in the
real estate market have increased four times during the last seven
years. The Cadastre Committee came to such a conclusion according to
the statistics of the first quarter of this year.

More than 30 thousand transactions are done in the first quarter of
this year (so many transactions were done in the whole year of 2000).

The geography of the transactions is changed.

Particularly, the specific weight of the transactions is increased in
the provinces. Ashot Muradian underlines also about the structural
changes of different transactions. Particularly, the growth of
transactions has increased by 26 % in the first quarter of 2007. The
mortgaging has increased by 80%; which means that in the hypothec
market and investment projects the role of real estate, as a reliable
means, has increased. The apartments have a specific weight in the
mortgaging: 47,5%.

What about the prices of apartments and private residencies in the
capital and provinces, they also increased in the first quarter of
this year: i.e. the prices of apartments in Yerevan, compared with the
prices of the last quarter of 2006, have increased by 6.8%, the prices
of private residencies (including the nominal price of personal plot)
– by 7.8%.

In provinces the prices of apartments have increased by 7.8 %, and
the private residencies’ prices – by 10.4%.