Pashinyan addresses rising rental costs, high real estate prices in Yerevan

Prime Minister Nikol Pashinyan addressed rising apartment rental costs and high real estate prices at the October 1 Cabinet meeting.

He said he regularly receives letters from citizens on the issue.

According to Pashinyan, citizens complain that rental costs have increased. The Prime Minister said this is a matter of social concern for the government.

Pashinyan also spoke about the increase in the market value of apartments. He gave the example of a house that previously cost $50,000 but could now be worth $100,000. According to the Prime Minister, the owner does not always perceive this change as an increase in the value of their property.

The Prime Minister said he has information about an apartment in central Yerevan being sold for $8,000 per square meter.

“We have discussed this issue in the government,” Pashinyan said.

In his assessment, high real estate prices in Yerevan, particularly in the central part of the city, could prompt some businesses to relocate elsewhere to reduce costs.

If some jobs move to the regions, Pashinyan said, this could give people who commute to Yerevan for work from other towns and cities in the regions an opportunity to live in their home communities again.

Pashinyan also addressed the possibility of constructing new buildings in place of old residential buildings.

“This makes the renovation program realistic,” he said, explaining that amid high prices, such projects could be of interest to investors.

As an example, the Prime Minister mentioned the four- and five-story buildings in Ajapnyak district and noted that implementing such projects would also require working with residents.