Price stat for apartment (m2)
Center
$1348

Large Centre
$970

Arabkir
$880

Kanaker-Zeytoun
$604

Achapnyak
$636

Davitashen
$641

Nork-Marash
$490

Shengavit
$628

Charbakh
$565

1-6 Nork district
$631

7-9 Nork district
$492

Avan, Avan-Arindge
$762

Erebouni
$539

Malatia-Sebastia
$569

Regions
$367

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2011-11-28

Apartments in Armenia are Becoming Cheaper

In the III quarter of this year 3427 transactions on purchase and sale of apartments were carried out in Armenia, which exceeded the figure of the same quarter last year on the 101 transaction (or 2.9%). By geographical location of the transactions on purchase and sale of apartments are as follows: 2403 deals, or more than 68% of the total number of transactions over the country, came to the capital. Note that the national fund for apartments,  the share of Yerevan is much smaller - 52.3% according to January 1 2011 year.

In September, the average price of apartments for 1 square meter in Yerevan was 256.5 thousand drams, which is 5,1% less compared with the same month last year, in dollars the price for 1 square meter apartment in the capital was $ 689, and for the year decreased by $ 55.

Unlike the cities of European countries, where real estate in the suburbs is sometimes more expensive, in Yerevan, an excessive cost of real estate is in its center. In September the average price for 1 square meter of apartments in the "Kentron" ("Center"), 1.7 higher compared with urban areas.

The price for 1 square meter in that area was 436.2 thousand drams, or $ 1172. If we  take the figure the average area of apartments in Yerevan 63.1 square meters, we get the market value of the "elite" apartment in the center - more than 27.5 million drams, or about  74.000$. In practice, the price of separate apartments may exceed the figure for 2-3 times.

Second most expensive apartments are in the area of "Arabkir", with the price of 337.9 thousand AMD ( 908$) per 1 square meter. In this area, the average apartment cost is much cheaper than in the center - 21.3 million drams (57.000$). Note that if the annual average price of elite apartments in the center decreased up to 4.2%, in the district "Arabkir" the decline is significantly greater - 9.8%.

It is important to add that in September 2011, compared with the same month last year, the price for 1 square meter decreased in all districts, only in "Avan" the prices stayed unchanged.
Thus, the number of transactions of purchase and sale of apartments in Armenia in the III quarter of this year increased compared to the same quarter last year, 1.3%, but the prices decreased.




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Price stat for apartment (m2)