Today, Director of Real Estate Market, Artyom Pribilsky, talking about the current situation in the real estate market at “Analytic” Center, said that in the first half of this year as compared to last year’s first half, the real estate prices in Yerevan have not been changed. According to the data presented by Artyom Pribilsky, in the first half of the year as compared to last year, the prices have risen from negligible, only from 0.5 to 1 percent. A. Pribilsky associates this relative stability in the real estate market with little development in the economy and industry, as well as with migration issues. “If an economic growth were registered, then the prices in the market would go high. Growing migration leaves its negative impact on the real estate market.”
According to the speaker, the mortgage market, to some extent, helps the real estate market prices be stable or rise. According to him, the construction has decreased in recent years, and this causes the market prices to go down. “They want to sell their houses quickly, and a decline occurs in the market price.” According to the specialist, there will be no price fluctuations thin year, however, it is possible in the result of the events in Ukraine and the sanctions applied by the West against Russia, a decline may be observed in Armenia’s real estate market prices. “This is mainly associated with transfers. We receive a fairly large amount of transfers from Russia, and if the transfers are less, then the real estate prices would fall by a certain amount, but to what ratio, it is hard to say.”
According to the speaker, the secondary market in the country is much bigger than the primary market. “In our country, the primary market had a role until 2008, but after the crisis, the unit weight of its impact decreased as the volume of new constructed buildings has also been reduced.” “The real estate crisis has not disappeared in Armenia,” said Pribilsky. This is due to the fact that there is no price increase. “We do not have also a new construction growth. If there were a price increase, then a development in adjacent branches of industry would also be recorded. The rise in prices will also lead to decrease in migration.”
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Elya HOVHANNISYAN
