YEREVAN, September 25. /ARKA/. Tatul Manaseryan, an economist and the head of Alternative think tank, predict a sharp dive in real estate prices in Armenia.
Speaking Wednesday at a news conference, he said that the market is oversupplied now as construction continues in the country. “But prices are paradoxically high,” he said. “That is why a very undesirable situation may emerge here, and prices will plunge.”
Manaseryan said market supply should be in tune with demand, but nothing like that is seen in Armenia.
“Shadow dealings are very commonplace in construction, and this give grounds for concern,” the expert said.
The average price for one square meter in apartment blocks in Yerevan reached 272,100 drams in this year’s July after rising 0.04% since the same month a year before.
One square meter in detached houses in Yerevan cost 286,600 drams, on average, in July 2013 against 275,600 in July 2012. ($1 – AMD 405.75). ---0---