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NO TANGIBLE CHANGES EXPECTED IN PROPERTY MARKET IN ARMENIA IN THE NEAR FUTURE
arminfo
Monday, October 24, 20:37
One should not expect any tangible changes in the property market of
Armenia in the near future, Nelly Surova, Head of Bonsai company,
told ArmInfo. She pointed out that no abrupt or unexpected changes
have occurred in the general picture of housing prices in Armenia
over the past few months.
As regards the factors that can make a restraining impact on the
prices, the expert pointed out the general economic situation:
"Stability in the property market will be gained only in case of
sustainable economic growth, which, in its turn, may partly raise the
housing prices", Surova said. She added that the volume of transfers
also influences the price dynamics.
The expert said that the economic fluctuations, instability and
possible crisis situations in the world may lead to housing price
reduction. Following the trends of the past 2-3 years, the y-o-y
reduction in the housing prices in Armenia made up 9%.
The expert said that people still prefer the central communities as
they have developed infrastructure. But there are also people who are
forced to sell their flats in the center so as to buy cheaper housing
in the outskirts. For example, in Aug 2011 the biggest number of
housing purchase transactions were registered in Achapnyak community.
Surova said that the highest housing prices in the regions are in
Abovyan and Vagharshapat - almost 160,000 AMD per 1 sq. m. - followed
by Ashtarak, Goris and Ijevan. 14% of all property transactions in
the region are carried out in Kotayk region.
Concerning the situation on the commercial property market the expert
said that this is an active but shadowy niche of the market. "There
are no specific statistics on this sector. Very many premises are
leased without any official contract. But according to Estate.am, this
sector is quite active and enjoys high offer and demand," Surova said.
arminfo
Monday, October 24, 20:37
One should not expect any tangible changes in the property market of
Armenia in the near future, Nelly Surova, Head of Bonsai company,
told ArmInfo. She pointed out that no abrupt or unexpected changes
have occurred in the general picture of housing prices in Armenia
over the past few months.
As regards the factors that can make a restraining impact on the
prices, the expert pointed out the general economic situation:
"Stability in the property market will be gained only in case of
sustainable economic growth, which, in its turn, may partly raise the
housing prices", Surova said. She added that the volume of transfers
also influences the price dynamics.
The expert said that the economic fluctuations, instability and
possible crisis situations in the world may lead to housing price
reduction. Following the trends of the past 2-3 years, the y-o-y
reduction in the housing prices in Armenia made up 9%.
The expert said that people still prefer the central communities as
they have developed infrastructure. But there are also people who are
forced to sell their flats in the center so as to buy cheaper housing
in the outskirts. For example, in Aug 2011 the biggest number of
housing purchase transactions were registered in Achapnyak community.
Surova said that the highest housing prices in the regions are in
Abovyan and Vagharshapat - almost 160,000 AMD per 1 sq. m. - followed
by Ashtarak, Goris and Ijevan. 14% of all property transactions in
the region are carried out in Kotayk region.
Concerning the situation on the commercial property market the expert
said that this is an active but shadowy niche of the market. "There
are no specific statistics on this sector. Very many premises are
leased without any official contract. But according to Estate.am, this
sector is quite active and enjoys high offer and demand," Surova said.