Economy ministry works to bring cheaper rental apartments into real estate market

YEREVAN, OCTOBER 3, ARMENPRESS. Minister of Economy Vahan Kerobyan commented on the increase of real estate prices and rentals in Armenia associated with especially the large flow of Russian citizens.

“A few minutes ago a friend of mine, who’s coming to Armenia for a few days, told me that he is unable to find a hotel room for one night cheaper than 500 euros,” Kerobyan said.

The economy minister said that apartment rentals have also increased.

“We are now working to be able to bring new apartments or rooms with cheaper rent prices into the market. We are working with the private companies, as well as we are trying to create a program that would help doing so,” Kerobyan said.

Nearly 7000 apartments in Yerevan were vacant in early 2022, but now all of them are occupied. He said they are working for more apartments to enter circulation from the secondary market. Kerobyan said they are taking into account the number of people who are arriving to Armenia on a daily basis.