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Former Justice Minister Calls Armenia's Constitutional Court Decision on Law on Confiscation of Illegal Property Illegal
... conveniently timed based on their own interests. About the Law The Law of the Republic of Armenia titled "On Confiscation of Property of Illegal Origin" was enacted on April 16, 2020, and came into effect on May 23 of the same year. Its purpose is ... ... through judicial processes. Reports indicate that over $30 million has been added to the state budget in the form of seized real estate and cash during this timeframe. In February 2025, the Anti-Corruption Court of Armenia made a landmark ruling, ordering ...
04/29/2025VTB (Armenia) Launches Real Estate Secured Consumer Loans
... backed by real estate. YEREVAN, April 22. /ARKA/. VTB (Armenia) announced the launch of consumer loans backed by real estate. Retail customers can now apply for a loan of up to AMD 30 million, using residential properties, apartments, or commercial real estate located within the country as collateral. Borrowers can secure a loan amounting to 60% of the property's appraised value. This product features attractive terms, with nominal annual interest rates ranging from 17.5% to 21.5% (the effective rate falling between 18.9% and 23.8%), and a repayment period spanning from 3 to 7 years. A standout aspect ...
04/22/2025Armenian Parliament Rejects Opposition Initiative to Suspend Tax Reforms
... Code submitted by the opposition Hayastan (Armenia) faction. The ruling Civil Contract faction had announced before the vote that it would oppose the bill. Hayastan faction MP Tadevos Avetisyan recalled that according to the new taxation system for real estate of individuals, a gradual increase in property tax by approximately 5-6 times is planned to take effect between 2021 and 2026. “The Hayastan faction proposes to suspend the last stage of increasing the tax burden on citizens, with the exception of cases where the value of the property exceeds ...
04/18/2025Real estate transactions in Armenia exceeded 19.5 thousand in February, showing a monthly decline
In February 2025, 19,551 real estate transactions were completed in Armenia, compared to 21,159 transactions in February 2024 and 15,269 transactions in January 2025. YEREVAN, April 9. /ARKA/. In February 2025, 19,551 real estate transactions were completed in Armenia, compared ...
04/09/2025Volume of construction in Armenia in January-February increased by 12.2%, to 44.7 billion drams
... Reconstruction and development – 382.8 million drams, the Asian Development Bank – 997.5 million drams, the German Development Bank – 31.1 million drams, and other organizations – 105.5 million drams. The majority of the construction work was related to real estate activities (volume: 25,176.8 million drams, share in total: 56.4%), the provision of electricity, gas, steam, and air conditioning (volume: 5,407.9 million drams, share: 12.1%), and transportation (volume: 2,483.2 million drams, share: 5.6%)....
04/08/2025Forbes includes Ruben Vardanyan, Eduardo Ernekian, Kim Kardashian in the list of the richest people in the world
... Ernekian. Another of his companies, Compañía General de Combustibles, is an oil and gas producer in Argentina that operates hydrocarbon fields and pipelines. Samvel Karapetyan - 1,141st place, $3.2 billion fortune He owns Tashir Holding, a commercial real estate development company. Karapetyan was born in Armenia, but came to Russia in the 1990s and settled in Kaluga. A longtime subcontractor of Gazprom, Tashir GC also has state contracts for lighting Moscow's central streets. Karapetyan's children ...
04/02/2025Winner of “My Ameria, My Home” draw highlights benefits of Ameriabank
... clients. “We are active in both the primary and secondary real estate markets, providing loans for construction and renovation. We collaborate with the government on various programs. We leverage our capabilities and potential to activate Armenia’s real estate market,” Gevorkyan said. According to him, Ameriabank was very careful in selecting the apartment. The winner of the raffle received a property in a newly built complex, located in a good neighborhood with a beautiful view. About Ameriabank Ameriabank is a leading financial and technological institution and one of the major players in Armenia’s economy. As part of its digital transformation ...
03/28/2025No reduction in property tax: Armenian government rejects the project
... significantly differed from the market value. He pointed out that before the introduction of the new system, the tax potential of real estate under the new system was estimated at 0.2% of GDP, which, according to him, is much lower than in other countries,... ... new tax On June 25, 2020, the Armenian parliament approved amendments to the Tax Code, introducing an updated mechanism for property taxation. The amendments removed the tax-exempt threshold of 3 million drams, bringing an additional 560,000 housing ...
03/13/2025Moscow to host first exhibition of elite new buildings in Armenia
For the first time in Russia, an exhibition and sale of elite real estate from Armenia will take place on April 12-13 at the Ararat Park Hyatt Moscow hotel. YEREVAN, March 11. /ARKA/. For the first time in Russia, an exhibition and sale of elite real estate from Armenia will take place on April 12-13 at the Ararat ...
03/11/2025Service sector in Armenia grows by 12.6% in the first month of 2025, exceeding 280 billion drams
... scientific, and technical activities is 4.4% (with a volume of 12,389.2 million drams, an increase of 19.8%), and healthcare and social security account for 4.4% as well (with a volume of 12,386.3 million drams, an increase of 4.6%). The share of the real estate sector is 4% (with a volume of 11,086.1 million drams, an increase of 22.5%), the share of administrative and auxiliary activities is 2.8% (with a volume of 7,786.5 million drams, an increase of 6%), and the share of education is 2.5% (with ...
03/10/2025Construction volume in Armenia increased by 11.6% in January to 19.2 billion drams
... loans, the World Bank provided 77.2 million drams, the Asian Development Bank 309.5 million drams, the German Development Bank 31.1 million drams, and other institutions 70.4 million drams. The largest portion of construction work was carried out in real estate activities (volume: 11,080.7 million drams, share in total: 57.5%), followed by the provision of electricity, gas, steam, and air conditioning (volume: 2,886.1 million drams, share: 15%), and the manufacturing industry (volume: 702.4 million ...
03/10/2025EDB expects high growth rates in Armenia’s economy to continue in 2025
... Development Bank (EDB) expects Armenia's economic growth to remain high, maintaining its forecast of a 5.5% GDP growth. "Armenia's GDP grew by 5.9% in 2024. The largest contributions to GDP growth came from the services sector — including trade, real estate transactions, and financial activities — as well as construction (which increased by 16.8%, 19.0%, 18.1%, and 13.5%, respectively). Household consumer spending and investment were the main demand-side drivers (growth of 6.6% and 11.1%, respectively),...
02/24/2025Armenia's GDP grew by 5.9% in 2024, amounting to about 10.1 trillion drams - official statistics
... GDP at current prices at the end of 2024 amounted to 10,127,165.9 million drams. GDP per capita at market prices was 3,338,443 drams, 8,501 dollars, and 7,857 euros. According to the report, the largest growth in 2024 compared to 2023 was observed in real estate activities (19%), financial and insurance activities (18.1%), and professional, scientific, and technical activities (17.2%). The highest growth rates were recorded in the following industries: wholesale and retail trade, car and motorcycle ...
02/20/2025Slowdown of economic activity in Armenia is affecting labor market – EFSD
... real wages amid slowing economic activity also decreased to 6.7% compared to 7.4% in the first half of the year. “The highest wage growth was observed in the financial and insurance sectors (19.7% y/y), wholesale and retail trade (10.9% y/y), and real estate operations (12.1% y/y),” the survey said. Economic activity in Armenia grew by 8% in 2024. Armenia's economic growth is envisioned at 5.1% in the budget for 2025. According to Armstat, the average monthly nominal salary in Armenia in 2024 ...
02/13/2025About 5.2 thousand real estate purchase and sale transactions were made in Armenia, with the largest number of foreigners being Russian citizens
... purchase transactions by foreign citizens, 97 involved apartments in multi-apartment buildings, 26 involved land, 18 residential buildings, 17 garages, and 8 public buildings. No transactions were made with industrial buildings. Foreigners mostly purchased property in Yerevan (116 transactions), with the fewest occurring in the Syunik and Vayots Dzor regions (1 transaction each). No transactions were recorded in Shirak. Meanwhile, foreign citizens also made 214 real estate sales transactions in Armenia during the same month. Of these, 157 were made by Russian citizens, 16 by citizens of other CIS countries (excluding Russia), 16 by European citizens, 13 by U.S. citizens, 6 by Iranian citizens, and 6 by citizens ...
02/07/2025Over 23,000 real estate transactions in Armenia in December, monthly decline
In December 2024, 23,103 real estate transactions were made in Armenia, compared to 21,668 transactions in December 2023 and 22,030 transactions in November 2024, according to data from the National Statistical Committee. YEREVAN, February 7. /ARKA/. In December 2024, 23,103 ...
02/07/2025Service sector in Armenia grew by 10.6% last year, to 3.5 trillion drams
... 11.8%). The share of professional, scientific, and technical activities is 5% (volume: 171,912.0 million drams, growth of 12%), healthcare and social security of the population constitutes 4.5% (volume: 157,215.7 million drams, growth of 7.2%). The real estate sector represented 4% of the total services market (volume: 136,589.8 million drams, growth of 12.6%), administrative and auxiliary activities accounted for 3.4% (volume: 117,671.3 million drams, growth of 6.4%), and the education sector made ...
02/07/2025Armenia’s construction industry reports 14.5% growth in 2024
... Development Bank were used to finance construction in the amount of 25 billion drams and loans from the German Development Bank were used to finance construction in the amount of 3.8 billion drams. The majority of construction work was carried out for real estate construction (319 billion drams). About 115 billion drams were used to finance the construction of transport facilities and more than 87 billion drams were used to finance the construction of electricity, gas, steam and air conditioning facilities....
02/06/2025Armenian real estate market records slower price growth in December 2024 - Ministry of Finance
Prices in Armenia's real estate market continued to rise in December 2024, although the growth rate slowed compared to November. This is stated in the report "Review of Macroeconomic Developments: December 2024" by the Ministry of Finance of the Republic of Armenia....
02/04/2025Declaration of income in Armenia: a complete guide to all issues - part 2
... real estate to another individual in 2024, you are required to include information about the income from the sale of this property, which is considered non-taxable income, in your return. 16. Should donations be included in the return? If you received real estate, movable property, or cash as a gift from another individual in 2024, this income must be declared, but it is NOT taxable. It should be noted that non-taxable income received as a one-time gift may not need to be included in the declaration if it is less than ...
01/22/2025Income declaration in Armenia: A complete guide to everything you need to know
... be handled by a parent, guardian, or trustee.) 20. If you sold real estate in 2024, do you need to file a return? If you sold real estate in 2024 and received income from the sale, you are not required to file a return based on this in 2025 unless you ... ... declarant under another provision of the law, you must include in your return the income from the sale, which is non-taxable if the property was sold to a non-tax agent (e.g., an individual).
01/21/2025More than 21 thousand deals made in Armenian real estate market in November
... in November 2023 and against 22,120 transactions in September 2024, the National Statistical Committee said. The most deals were made in Yerevan - 5,976 (28.4% of the total number), the least in Vayots Dzor - 361 (1.7%). Transactions on alienation of real estate prevailed – 7,644 (36.3% of the total number), including 5,185 transactions on purchase and sale, 2,063 deals on donation and 45 deals on property exchange. Also, 3,962 inheritance transactions were made (18.8% of the total number), 3,472 primary registration transactions were made (16.5%), 1,939 transactions were property re-registration (9.2%), 966 transactions were lease (4.6%) and 244 ...
01/15/2025Armenia's service sector grows 6.3%, exceeds 3 trillion drams
... drams, an increase of 12.8%. The professional, scientific, and technical activities sector (share - 4.9%) grew by 12.6% to 148,364.4 million drams, while healthcare and social security (share - 4.7%) increased by 7.7% to 142,746.6 million drams. The real estate sector (share - 4.1%) grew by 12% to 123,433.7 million drams, administrative and auxiliary activities (share - 3.5%) rose by 6.4% to 105,631.8 million drams, and education (share - 2.5%) grew by 4.9% to 75,042.3 million drams. ($1 = 397.78 ...
01/15/2025Construction sector in Armenia up 14.9% in 11 months to AMD 567bn
... construction by he German Development Bank, over 5 billion drams worth construction was financed by European Investment Bank and over 5 billion drams construction by other financial institutions. Most of the funds, - about 273 billion drams- was used to build real estate. ($1 - AMD 397.78) -0-.
01/14/2025Slow-acting tax: Armenians expect sharp increase in property tax
... might be forced to leave his own home in the center of the capital if he is unable to pay the taxes. "We need to consider the social issues arising from this decision. I have strong suspicions that this is being done so that new oligarchs can buy real estate in the center at a very low price and then profit from it. In no other country would you see such a drastic increase in property taxes," the expert emphasized.
01/13/2025Armenian Prosecutor General's Office recovers $30 million worth of illegally alienated property
... during 2023-2024 worth $30 million, which were alienated illegally. In particular, the AOKS building on Abovyan Street is among the real estate properties returned to the ownership of the state. In addition, the General Prosecutor's Office confiscated 7 real estate properties and 1 vehicle, which were of illegal origin. The total amount of confiscated illegal property totalled 4.7 billion drams. -0-
12/27/2024Accor Group Partners with Technotun to Bring Pullman to Armenia for the First Time
Accor, a world-leading hospitality group, has signed an agreement with Technotun, a major real estate operator in Armenia, to bring the pioneering Pullman brand to the nation’s capital city. YEREVAN, December 20. /ARKA/. Accor, a world-leading hospitality group, has signed an agreement with Technotun, a major real estate operator in Armenia,...
12/20/2024Unibank named best bank for high-net-worth individuals in the CIS
... options. A personal manager is always in contact with the client and is ready to provide support at all stages of service. The resolution of financial matters is complemented by lifestyle management services, including hotel bookings, assistance with real estate transactions, as well as organizing medical care, education, and leisure abroad. Even if a client needs to book a table at a famous restaurant or purchase tickets for the opera, the Unibank Privé concierge service will take care of these ...
12/19/2024Armenian prosecutor general to confiscate 1.7 billion drams and property from ex-accounts chamber head
... YEREVAN, December 18. /ARKA/. The Prosecutor General's Office of Armenia intends to confiscate nearly 1 billion 723 million drams from Levon Yolyan, the former head of the Accounts Chamber, the agency reports. The confiscated assets include six items of property, such as real estate in Yerevan, Tsaghkadzor, and the villages of Artavaz and Artashat, as well as one vehicle. The total value of these assets is estimated at 628 million drams. Additionally, the Prosecutor General's Office plans to seize real estate in Yerevan ...
12/18/2024Head of developers' association expects no drop in Armenia's real estate prices
... does not decrease. Given that production costs remain high, the final price for the consumer will also not change," Grigoryan said. The "Macroeconomic Development Review: October 2024" by the Ministry of Finance of Armenia states that real estate prices in Armenia continued to rise in September, but the growth slowed compared to August. The average market price growth for apartments in multi-apartment buildings in Yerevan ranged from 0.4% to 1.2% compared to August, depending on the ...
12/10/2024Over 5.3K real estate transactions made in Armenia in October, most by Russians
In October 2024, 5,333 purchase and sale transactions were made in the Armenian real estate market, compared to 4,580 transactions in October 2023 and 4,643 in September 2024, according to data from the National Statistical Committee of the country. YEREVAN, December 9. /ARKA/. In October 2024, 5,333 purchase and sale transactions ...
12/09/2024October sees decline in Armenia's real estate market with 22.1K transactions
In October 2024, 22,120 transactions were made in the real estate market in Armenia, compared to 19,815 transactions in October 2023 and 19,494 transactions in September of the same year, according to data from the National Statistical Committee of the Republic. YEREVAN, December 9. /ARKA/. In October ...
12/09/2024Armenia's service sector grows 5.8% to 2.7 trillion drams
... increase of 12%). The professional, scientific, and technical activities sector (share - 4.9%) grew by 12.9% to 133,489.0 million drams, while the healthcare and social security sector (share - 4.7%) saw an increase of 8.1% to 129,071.3 million drams. The real estate sector (share - 4.1%) grew by 12.6% to 111,302.1 million drams, administrative and support activities (share - 3.5%) increased by 6.3% to 94,910.6 million drams, and the education sector (share - 2.4%) grew by 4.4% to 66,510.3 million drams....
12/09/2024Construction volume in Armenia up 15.5% to 484.5 billion drams in 10 months
... million drams, the German Development Bank 2,659.3 million drams, the European Bank for Reconstruction and Development 4,799.6 million drams, and other institutions 3,018.1 million drams. Most of the construction work was carried out in sectors related to real estate (volume: 237,816.4 million drams, share: 49.1%), transport (volume: 76,617.2 million drams, share: 15.8%), and the provision of electricity, gas, steam, and air conditioning (volume: 48,570.8 million drams, share: 10%). ($1 = 401.31 drams)
12/09/2024Armenia records slower growth in real estate prices in September – Finance Ministry
Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August. YEREVAN, December 6. /ARKA/. Real estate prices in Armenia continued to rise in September, although the growth slowed compared to August....
12/06/2024Ameriabank Named Armenia’s Best Bank for Real Estate by Euromoney
... through technological advances and sustainability initiatives. According to Euromoney, Ameriabank achieved notable growth in its real estate business in Armenia during the review period from June 2023 to June 2024. The bank’s gross mortgage loan portfolio ... ... properties and secure mortgage loans entirely online. A first in Armenia’s banking sector, the platform facilitates everything from property search to contract signing. Over AMD 18 billion in loans were issued on the portal over the review period, amounting ...
11/29/2024Ruling party ready to make concessions on tax changes in Armenia
... the Tax Code, which envisage changing the preferential tax regime enjoyed by a string of small and medium-sized enterprises. The government bill suggests excluding advocacy, accounting, consulting, advertising, construction, architectural design and real estate trade from the types of economic activities covered by this tax break. The government claims that the companies and individual entrepreneurs engaged in these sectors have an unfair advantage over other types of business. MP from the opposition ...
11/27/2024Armenia's GDP growth slowed to 5.2 per cent to about AMD 2.7 trillion in Q3 - official statistics
... quarter - 6.4 per cent. In nominal terms it totalled over AMD 2.7 trillion in current prices. GDP per capita in market prices totalled 894,328 drams, or $2,306, or 2,009 euros. Compared to the same quarter of 2023, the highest growth rates were posted by real estate-related activities -32.3%, professional, scientific and technical activities -27% and culture, entertainment and recreation - 25.7%. Three other sectors also recorded double-digit growth rates: financial and insurance activities - 24.5 per ...
11/20/2024Justice or sixfold increase of burden: tax changes discussed in the National Assembly of Armenia
... entrepreneurs or micro-enterprises either do not pay this type of tax at all or pay 5 per cent tax on their turnover,’ he argued. The government bill suggests excluding advocacy, accounting, consulting, advertising, construction, architectural design and real estate trade from the types of economic activities covered by this tax break. In its opinion, companies and individual entrepreneurs engaged in these sectors have an unfair advantage over other types of business, he said. According to the deputy ...
11/20/2024Armenia records around 19.5 thousand real estate transactions in september, with monthly decline noted
In September 2024, 19,494 transactions were made in Armenia’s real estate market, compared to 17,253 transactions in September 2023 and 20,178 transactions in August of the same year, according to data from the National Statistical Committee of the country. YEREVAN, November 8. /ARKA/. In September 2024, 19,...
11/08/2024Service sector in Armenia grew by 5.9% in January-September, reaching 2.4 trillion drams
... entertainment, and recreation services upped by 10% to 224.8 billion drams. Professional, scientific, and technical services grew by 14% to 119.5 billion drams, while the health care and social services showed an 8% increase to 115.6 billion drams. The real estate sector services increased by 12.9% to 99.5 billion drams, administrative and support services grew by 6.7% to 84 billion drams, and education services rose by 4.9% to 59.6 billion drams. ($1 - 387.36 drams).-0-
11/07/2024Assistance program for Nagorno-Karabakh refugees extended until March 2025 – Minister
... minister revealed that in January-March 2025, the amount of monthly assistance will be 50,000 drams, but starting from April the 10,000 drams will not be paid. He explained that these 10,000 drams were initially provided only to those families that owned real estate. According to the minister, starting from April of next year, social support is planned to be provided to certain groups of the refugees. He said they are individuals with 1st and 2nd degree disability, families who have lost their breadwinners,...
11/04/2024Construction and renovation of 223 schools begun in Armenia over three years – Minister
From 2021 to 2024, construction and renovation of 223 schools began in Armenia, stated Minister of Education, Science, Culture, and Sports Zhanna Andreasyan during budget discussions in parliament. YEREVAN, October 29. /ARKA/. From 2021 to 2024, construction and renovation of 223 schools began in Armenia, stated Minister of Education, Science, Culture, and Sports Zhanna Andreasyan during budget discussions in parliament. She noted that 192 schools were built in Armenia from 1991 to 2017, most...
10/29/2024Buying a home has never been easier: Ameriabank presents MyHome ecosystem at TOON EXPO 2024
... participating in TOON EXPO 2024, presenting the MyHome ecosystem - our types of mortgage and investment loans that allow purchasing property in Yerevan, the regions and abroad. They are available to both residents of Armenia and our Diaspora compatriots. We ... ... state support programs that Ameriabank has joined and which provide additional credit benefits to those clients who want to buy real estate,’ Vahram Gevorgyan, Head of Ameriabank's Long-Term Banking Services Department, told reporters at the exhibition....
10/25/2024Armenia's service sector grew by 5.2% in eight months to AMD 2.1 trillion
... and recreation services grew by 8% to 196.2 billion drams. Professional, scientific and technical services increased by 15% to 106.6 billion drams, and the healthcare and social security services showed an increase of 8.4% to 103.3 billion drams. The real estate services increased by 12.9% to 88 billion drams, administrative and support activities increased by 7.2% to 73.3 billion drams, and education services increased by 7.3% to 49.9 billion drams. ($1 - 387.42 drams) -0-
10/08/2024Armenian Prosecutor General's Office demands confiscation of 14 real estate properties and 6 billion drams from former MP Aleksandr Sargsyan
... of former President Serzh Sargsyan). On September 30, 2024, the Anti-Corruption Court accepted for consideration another claim of the Prosecutor General's Office on confiscation of property of illegal origin. "The Department for Confiscation of Property of Illegal Origin of the Prosecutor General's Office submitted a petition to the court demanding confiscation of 14 real estate properties, 8 movable properties and 5 billion 92 million drams from former MP Aleksander Sargsyan and his affiliates in favor of the Republic of Armenia," the statement said. Earlier it was reported that by decision of the Investigative ...
10/08/2024Armenian Prosecutors demand confiscation of 29 real estate properties and 2.5 billion drams from former Prosecutor General Aghvan Hovsepyan
... Aghvan Hovsepyan. On September 27, the Anti-Corruption Court accepted for consideration another claim of the Prosecutor General's Office for confiscation of property of illegal origin. “The Prosecutor General's Office department for confiscation of property of illegal origin submitted a petition to the court to confiscate 29 real estate properties and 2 billion 551 million 100 thousand drams in favor of the Armenian Republic from Hovsepyan and persons related to him,” the report reads. Hovsepyan was arrested in early September 2021. As part of a criminal case being investigated ...
10/08/2024About 21,600 transactions concluded in the real estate market of Armenia in July
According to the National Statistical Committee, 21,584 transactions were concluded in the real estate market of Armenia in July 2024, compared to 21,147 transactions in June of the same year. YEREVAN, September 6. /ARKA/. According to the National Statistical Committee, 21,584 transactions were concluded in the real estate market of Armenia ...
09/06/2024Armenia's services sector grew by 4.5 per cent to 1.8 trillion drams in seven months
... culture, entertainment and recreation services increased 6% to AMD 168 billion. Professional, scientific and technical services grew by 15.5% to AMD 94.1 billion, health care and social security services showed a growth of 8.8% to AMD 90.1 billion. Real estate activities rose 12.5% to AMD 76.6 billion, administrative and support services increased 8% to AMD 63 billion, and educational services rose 7.4% to AMD 45.8 billion. ($1 - AMD 387.30) -0-.
09/06/2024Construction volume in Armenia up 16.1% to AMD 259bn in 7 months
... 9.1 billion, the German Development Bank with AMD 1.8 billion, the European Investment Bank with AMD 2.7 billion, and almost AMD 2 billion in total was financed by other structures. Most of the construction work - AMD 135.3 billion - was related to real estate, about AMD 36 billion went to the transport sector and AMD 20.1 billion to the provision of electricity, gas, steam and conditioned air. ($1 - AMD 387.30) -0-.
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