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ARMENIA'S HOUSING MARKET STILL STAGNATES
YEREVAN, April 16. / ARKA /. Armenia's housing market is still
stagnating, according to Hakob Baghdasaryan, head of Akcern real
estate agency. Speaking at a news conference he said property prices
do not change because of sluggish construction sector and lethargic
mortgage market.
Baghdasaryan said expectations that the arrival of thousands of Syrian
Armenians would revive the housing market did not materialize.
"Syrian Armenians, who fled their country choose to rent apartments
waiting for the situation in their country to normalize so that they
can go back," he added.
He said the real estate market in the provinces does not differ from
that in Yerevan, not counting a small revival in sales of agricultural
lands.
Speaking about the outlook for the coming months, Baghdasaryan
argued that the situation in the property market will depend on the
government's approaches and changes in legislation.
"It's time to shift from decisions with short-term effect to strategic
thinking. And this requires, roughly speaking, to give up 1 million
drams today in order to earn 10 million drams tomorrow. This is true
not only of the construction sector, but also of other sectors,"
he concluded.
According to Armenia's State Committee of Real Estate Cadastre, the
average market price of a square meter of living space in apartments
in Yerevan amounted to 268,000 drams in February, up from 250, 100
a year earlier. The change is due to the depreciated Armenian currency.
The highest price was recorded in February in the capital's Kentron
(downtown) administrative district- 424,100 for a square meter and
the lowest in Nubarashen district- 146,200 drams.
The average price of a square meter of housing in private houses
(mansions) in Yerevan amounted to 283,800 drams against 269,600 in
November last year. The average price of a square meter of housing in
apartment buildings beyond Yerevan in February of this year increased
by 0.4% from the previous month. -0-
From: A. Papazian
YEREVAN, April 16. / ARKA /. Armenia's housing market is still
stagnating, according to Hakob Baghdasaryan, head of Akcern real
estate agency. Speaking at a news conference he said property prices
do not change because of sluggish construction sector and lethargic
mortgage market.
Baghdasaryan said expectations that the arrival of thousands of Syrian
Armenians would revive the housing market did not materialize.
"Syrian Armenians, who fled their country choose to rent apartments
waiting for the situation in their country to normalize so that they
can go back," he added.
He said the real estate market in the provinces does not differ from
that in Yerevan, not counting a small revival in sales of agricultural
lands.
Speaking about the outlook for the coming months, Baghdasaryan
argued that the situation in the property market will depend on the
government's approaches and changes in legislation.
"It's time to shift from decisions with short-term effect to strategic
thinking. And this requires, roughly speaking, to give up 1 million
drams today in order to earn 10 million drams tomorrow. This is true
not only of the construction sector, but also of other sectors,"
he concluded.
According to Armenia's State Committee of Real Estate Cadastre, the
average market price of a square meter of living space in apartments
in Yerevan amounted to 268,000 drams in February, up from 250, 100
a year earlier. The change is due to the depreciated Armenian currency.
The highest price was recorded in February in the capital's Kentron
(downtown) administrative district- 424,100 for a square meter and
the lowest in Nubarashen district- 146,200 drams.
The average price of a square meter of housing in private houses
(mansions) in Yerevan amounted to 283,800 drams against 269,600 in
November last year. The average price of a square meter of housing in
apartment buildings beyond Yerevan in February of this year increased
by 0.4% from the previous month. -0-
From: A. Papazian