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Armenian mortgage market intensified

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  • 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.
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