Foreign nationals buying real estate in Armenia are mainly Russians

YEREVAN, DECEMBER 16, ARMENPRESS. 166,486 real estate transactions were recorded in the first ten months of 2022 in Armenia, according to the Cadastre Committee.

The figure is a 3,6% growth compared to 2021’s same period.

Demand has increased and it led to growth of real estate prices.

“In October, average apartment prices in Armenia grew 12,9% compared to 2021’s October. In the provinces the average figure is 19,1%,” Deputy Director of the Cadastre Committee Arman Petrosyan said.

Petrosyan said that the real estate market is the first to react to processes taking place in the economy. Because a 14,1% economic activity growth was recorded in the past 9 months it impacted the purchase power-demand. The favorable-term mortgage programs are also impacting the market.

Meanwhile, the inflow of foreigners to Armenia has very insignificant or no impact on the real estate prices in the market, Petrosyan said.

“In the ten months of 2022 foreign nationals bought only 1581 real estate properties. This is only 3,6% of all transactions. The foreign nationals mostly acquired apartments, land areas or private houses,” Petrosyan said.

Most of the foreign nationals who bought real estate in Armenia are from Russia, followed by the US and Iran. The foreigners mostly bought real estate in Yerevan, followed by Kotayk.

Selling, inheritance and mortgages constitute most transactions in Armenia with 38,3%, 19,3% and 13% respectively. Most transactions took place in Yerevan, with over 53,000 transactions, followed by Kotayk, Armavir and Ararat. Least real estate transactions took place in Vayots Dzor (2%).