PM lauds real estate market developments
YEREVAN, AUGUST 16, ARMENPRESS. Real estate transactions in Armenia grew 17,1% in a year, Prime Minister of Armenia Nikol Pashinyan said on Facebook.
“The most joyous fact is that in July 2019 transactions of industrial-significance real estate grew 11,7% compared to July 2018, and 3,1% in July 2019 against June 2019. It is a lot more cheerful that the transactions growth was recorded at the expense of provinces and not Yerevan. By the way, when I was previously writing about real estate transactions growth some would actively claim that people are selling their homes and leaving. My dears, in that scenario real estate prices and transactions aren’t growing, but dropping, because sellers would be more than buyers, and even in case of great desire people are unable to sell their apartment for many years. A somewhat similar situation existed during the 2018 revolution. Now the opposite process began: there are many buyers, but few sellers. Moreover, for what reasons can anyone sell their home other than the most pessimistic versions? For example, they might sell it to buy a better one. They might replace their good house with a worse one in order to make investments with the resulting profit and so on. Not mentioning the option of acquiring an apartment from scratch and basically the most part of the transactions are such. And the fact that mortgage loans had an unprecedented growth in our country is the most vivid testimony to this,” Pashinyan wrote on Facebook.
The PM mentioned that mortgage loan volumes grew 174% in June 2019 against June 2018, while the semester growth totaled 120%.
Edited and translated by Stepan Kocharyan