Armenia records slower growth in real estate prices in September – Finance Ministry
YEREVAN, December 6. /ARKA/. Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August. This is mentioned in the “Review of Macroeconomic Developments: October 2024” by the Ministry of Finance of Armenia.
It is noted that the growth in average market prices for apartments in multi-apartment buildings in Yerevan compared to August ranged from 0.4% to 1.2%, depending on the administrative district, and compared to September of last year, it ranged from 5.6% to 9.8%.
"The highest prices were recorded in the “Kentron” administrative district of the capital (908,100 drams per 1 sq. m, an increase of 0.6% compared to August and 5.6% compared to September of last year), while the lowest were in the “Nubarashen” administrative district (231,100 drams per 1 sq. m, an increase of 0.4% compared to August and 6% compared to September of last year)," the study says.
In the regions, the growth in average market prices compared to August ranged from -2.3% to 4.4%, and compared to September of last year, from -1.1% to 20.7%.
"The highest prices were recorded in the city of Tsaghkadzor in the Kotayk region (453,000 drams per 1 sq.m., an increase of 1.1% compared to August and 7.9% compared to September last year), while the lowest were in the city of Tumanyan in the Lori region (27,100 drams per 1 sq.m., an increase of 2.3% compared to August and 8.4% compared to September last year)," the report notes.
According to the National Statistical Committee, 19,494 transactions were made in the real estate market in Armenia in September 2024, compared to 17,253 transactions in September 2023 and 20,178 transactions in August of the same year.
In the overall structure, transactions involving the alienation of real estate prevail – 7,152 (36.7% of the total), including 4,643 purchase and sale transactions, 2,184 donation transactions, and 78 exchange transactions. There were also 3,442 inheritance transactions (17.7% of the total), 3,298 primary registration transactions (16.9%), 2,671 mortgage transactions (13.7%), 1,186 re-registration transactions (9.3%), 854 lease transactions (4.4%), and 261 legalization transactions (1.3%).
In September, the largest number of transactions on the real estate market were those involving land – 7,702 (39.5%). There were also 4,791 transactions involving apartments in multi-apartment buildings (24.6%), 4,325 transactions involving residential houses (22.2%), 1,416 transactions involving public buildings (7.3%), 918 transactions involving garages (4.6%), and 342 transactions involving industrial buildings (1.8%).
