Yerevan apartment buyers drop 34.5%

 Yerevan apartment buyers drop 34.5%

YEREVAN. – According to official data, the annual real estate purchase and sale transactions in Armenia have dropped by 30.6 percent, including 34.5 percent in capital city Yerevan, from January to March of the current year.

But against the backdrop of the apartments’ mass offers, less number of apartments is purchased in the country.

Such a sharp decline in demand should have led to price changes in the housing market. The official prices, however, are “apathetic” toward this imbalance in supply and demand.

But if we look at these figures under a “microscope,” we will see some changes in the prices, but upwards. So, over the course of one year—that is, as of March 2015—, the official market prices of apartments have risen in eight of Yerevan’s eleven administrative regions.

If the prices are converted into foreign currency, however, the picture dramatically changes.