Housing Prices Decrease in Yerevan

The coronavirus has had significant repercussions on the real estate market. Specifically, housing prices in Yerevan have decreased. According to experts, over the past two months, property owners have been eager to sell their real estate quickly, but potential buyers are hesitating to visit apartments due to fears of contracting the virus. As a result, landlords are beginning to gradually lower the prices of their properties.

The rental market is also in a crisis, as borders remain closed and tourists are unable to enter Armenia. It is well known that the majority of tourists visiting our country prefer short-term rentals.

The newspaper "Hachakaz" has reported that the average market price per square meter in the Central Administrative District was 668,000 drams in May, dropping to 662,000 drams in June. This signifies a decrease of 6,000 drams. In the Arabkir Administrative District, the decline was 3,500 drams, with the price per square meter valued at 463,500 drams in May and 460,000 drams in June. Price reductions have also been recorded in other administrative districts. For instance, in the Kanaker-Zeytun Administrative District, the price has decreased from 335,000 drams to 331,100 drams within a month. In the Avan Administrative District, the drop was 2,000 drams.