Homeowners Can Take Out Loans at Effective Interest Rates: Vahan Kerobyan

Significant changes have occurred in the real estate market this year. At the beginning of the year, there were 462,129 apartments in multi-apartment buildings, of which 70,827 (15.32%) were unoccupied in January, while in August, the number of unoccupied apartments decreased to 62,066 (13.43%). This was stated by the Armenian Minister of Economy Vahan Kerobyan on his Facebook page.

“In Yerevan, out of 266,284 apartments, 28,692 (10.77%) were unoccupied in January, and 23,350 (8.77%) in August. In Gyumri, out of 29,253, 9,573 (32.72%) were unoccupied in January, and 9,189 (31.41%) in August. In Vanadzor, out of 27,175, 7,103 (26.13%) were unoccupied in January, and 6,553 (24.11%) in August. In Abovyan, out of 14,370, 1,619 (11.27%) were unoccupied in January, and 1,349 (9.39%) in August.”

He reminded that the government has a “renovation program,” which is a subsidy program for renovation loans for apartments and houses. In Yerevan, apartment owners can take renovation loans at an effective interest rate of about 5%, renovate their properties, and, if they wish, rent them out at quite high prices. In other cities or villages, loans are available at even lower interest rates,” he wrote.