Displaced from Artsakh Will Be Able to Purchase New Apartments in Regions as Funding Amount is Revised

Displaced families from Artsakh will be able to acquire an apartment or residential house in the provinces of Syunik and Vayots Dzor through a mortgage from the primary market. To this end, the Government of Armenia has revised the criteria and funding amount of a previously adopted decision.

The current program provides up to 10 million drams to support the monthly payments of the principal amount of mortgage loans when purchasing real estate in Armenia. However, in some cases, this limit has posed obstacles to property acquisition, considering the inflation recorded in the real estate market.

According to the justification of the decision, potential beneficiaries of the program include 4,176 families displaced from various settlements in Artsakh. The government believes that by revising the strict price limitation, favorable conditions will be created for families displaced from Artsakh to acquire residential real estate or build individual houses on mortgage in Syunik and Vayots Dzor regions while simultaneously promoting the development of housing construction in rural areas.

As of December 19, 2022, 3,139 beneficiaries have received a financing certificate, of which about 50 are in the process of financing and are at the final stage.

It should be noted that the state support program for ensuring housing affordability for families displaced from certain regions of the Artsakh Republic was approved on February 17, 2022.