ARMENPRESS: Yerevan’s real estate market gains momentum

Armenia’s real estate market is undergoing a period of adjustment, as demand for housing in Yerevan continues to grow and buying an apartment in the capital becomes increasingly popular among foreign nationals and members of the Armenian diaspora, Prime Minister Nikol Pashinyan said.

“Our real estate market is showing a very typical example of adaptation. Today, buying an apartment in Yerevan is becoming trendy, and I am pleased to note that many foreign citizens and representatives of the Armenian diaspora are purchasing apartments in Armenia,” the prime minister said at the Cabinet meeting.

According to Pashinyan, reforms need to be implemented that will not only avoid harming this trend but will also help strengthen it.

“We need to be able to facilitate transactions related to the real estate market, while at the same time not reducing the level of trustworthiness. On the contrary, we need to increase it,” Pashinyan said.

Suren Tovmasyan, head of Armenia’s Cadastre Committee, said that a number of initiatives concerning the real estate market are expected to be presented in the near future.

“In the near future, we will present numerous initiatives concerning the real estate market that will help advance the real estate management agenda, develop Armenia’s real estate market, develop the spatial data infrastructure, and introduce new tools for analyzing the real estate market,” Tovmasyan said.

He also announced that an international event is planned to be held in Armenia in 2027, with the participation of relevant authorities from around 40 countries.

“In March, we will host our partners, which will further increase the visibility and recognition of the Republic of Armenia,” the head of the Cadastre Committee said.