Regions more active in choosing residential mortgage to buy homes
23.02.2015,
18:12
People beyond the capital city are more active in choosing residential mortgage to buy homes than inhabitants of Yerevan, a senior official of the State Real Estate Cadastre, Armine Davidyan, told a news conference today.
YEREVAN, February 23. / ARKA /. People beyond the capital city are more active in choosing residential mortgage to buy homes than inhabitants of Yerevan, a senior official of the State Real Estate Cadastre, Armine Davidyan, told a news conference today.
According to her, the number of such transactions across the country in 2014 increased by 0.4% to 2,000. In Yerevan the number of transactions increased by 3%, while in regions by 7.8%
She, however, admitted that this figure is still low. She said the government has launched several initiatives designed to boost this market.
Head of Akcern real estate agency Hakob Baghdasaryan said the mortgage market needs serious state support.
He praised the latest government decision to refund income tax to those who buy homes on mortgage saying it is a positive step in this direction that will enhance the market. But he added it is not enough and more constructive steps of the state are needed, in particular, it can take over some of banking risks in mortgage lending, which will allow the banks to work more actively on the market.
According State Real State Cadastre, the number of real estate transactions in 2014 increased by 12.3% from the previous year to 214,000. The bulk of transactions - about 33% - were effected in Yerevan. --0-
