Residential Real Estate Prices for October 2008 in Yerevan

The prices in Yerevan are continuing to their decline since August. In October the average prices declined for 0.3% compared to September reaching 300 thousand dram per square per meter. Real estate prices declined the most in Erebuni district, i.e. by 2.97% during the month of October. Out of 11 districts in Yerevan only four districts showed sign of small growth and stabilization. Downtown prices showed only moderate signs 0.7% growth reaching 490 thousand drams per square meter. Nubarashen’s prices are still growing at the fastest growth rate and compared to October 2007 price per square for a dwelling grew 24.3%.

(To view current prices for existing real estate listings please visit http://www.peak.am/)

Yerevan Real Estate Market 2007

Real Estate Market in Yerevan for the first half of 2007

The real estate market is one of the fastest growing markets in Armenia. During the last 6 years the real estate market has fundamentally grown

68,432 real estate sale transactions were executed during the period of 2006-2007 in Armenia, of which 82-90% was sale/purchase, 9-16% charity and 0.3-1.4% exchange trades. In 2006, the
lowest result was recorded in January, and the highest result was in March. Consequently, the highest rates of charity and exchange trades were recorded in December, and the lowest in March.

The greater appreciation is stated in the suburbs of Yerevan with growth of more than 35%. The increase in the prices was fuel by the development of mortage in Armenia.

36-40% (2006), 24-33% (2007) of real estate sale transactions was performed in Yerevan, and 36-38% of sold real estate was apartments in dwelling houses. Compared to 2005, in 2006 the number of real estate sales demonstrated an apparent increasing tendency on a monthly
basis, whereas during 2006-2007 the number of sales tended upwards during certain months and downwards during others.and continues growing up till now with rapid speed. Real estate prices, as reported on sales transactions by the Cadastre commission, increased throughout Armenia and especially Yerevan over the past five years. The average price in the 2007 of real estate increased by 28% in dollar terms and 17% in dram terms in Yerevan.

(To view current prices for existing real estate listings please visit www.peak.am)