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ARMENIAN REAL ESTATE MARKET IN POOR CONDITION - US BUSINESSMAN
news.am
June 29 2011
Armenia
YEREVAN. - Real estate market in Armenia is in poor condition,
American businessman of Armenian origin Vahakn Hovnanian said to a
press conference.
Hovnanian said that he is purchasing land from the state on cadastral
value but is forced to make a significant investment, because the
place there used to be dump.
Note that in Vahakni residential community, named in honor of
the businessman, real estate prices have not changed - they are
consistently estimated at AMD 82.5 million (about $ 220 thousand).
Houses are built exclusively on private orders. Currently, the
residential community has 200 houses, 500 more will be built soon.
news.am
June 29 2011
Armenia
YEREVAN. - Real estate market in Armenia is in poor condition,
American businessman of Armenian origin Vahakn Hovnanian said to a
press conference.
Hovnanian said that he is purchasing land from the state on cadastral
value but is forced to make a significant investment, because the
place there used to be dump.
Note that in Vahakni residential community, named in honor of
the businessman, real estate prices have not changed - they are
consistently estimated at AMD 82.5 million (about $ 220 thousand).
Houses are built exclusively on private orders. Currently, the
residential community has 200 houses, 500 more will be built soon.