Should you buy property in Armenia online right now? Armenia’s property market is yet to recover from the housing slump suffered in 2008, but it has certainly made a lot of progress. The country has witnessed great economic growth and this is reflected in the state of the property market.
The average price of apartments in the capital of Yerevan has been dropping steadily since 2012 according to real estate experts. The Kentron district of Yerevan has the most expensive homes and apartments in Armenia. This is where the rich and the famous of the country reside.
The average price of land here is $1,017 per sq. m. Armenia is a former member of the Soviet Union. It has undergone a massive transformation in the past decade and a half. There was a massive housing boom here from 2004 to 2008.
The home price to income ratio in Yerevan was reasonable in 2007, at about 16.5. The house price to rent ratio peaked in 2008 t0 28. That probably set off the housing market collapse which caused such devastation to homeowners in the country.
The government has done its best to improve the investment climate in the country. There has been an increase in the number of real estate transactions by about 5% this year, compared to 2016.
The capital Yerevan accounted for most of the property sales – as high as 40.9%. This was followed by Kotayk province which was responsible for 13.2% of the sales. Ararat witnessed 8.3% of the sales, Aragatsotn 6.9% and Armavir about 6.6%.
Who is buying in Armenia? Syrian Armenians are the biggest buyers of properties here, among foreign buyers. Many of them have moved to Armenia because of the devastating situation in Syria. The war in Syria has made many Syrians into refugees. Armenia is one of the few countries has welcomed them with open arms.
So if you are going to sell your property in Armenia fast, your best chances are to sell it to Syrian Armenians. There is a lot of demand for Armenian properties from them, especially for newly build homes in Yerevan. Also very popular is the resort townof Lake Sevan. There is a lot of demand for homes and apartments in Gyumri and Vanadzor as well.
Armenia has witnessed strong economic growth lately. It is one of the fastest growing countries in the region. So it makes sense to invest in the Armenian property market.
The construction activity in Armenia has been picking up lately, which is good to see. The mortgage market in the country has been doing pretty good as well. The government of Armenia has loosened some of the restrictions on foreign investment in property, which is a very positive development.
Now, foreign nationals can lease property in Armenia. They can lease land for up to 99 years and buy a house as well. But if you want to buy land in Armenia, you can do so as a part of a registered company under Armenian law.