Armenia real estate prices fall 15%

Armenia real estate prices fall 15%

YEREVAN. – The real estate prices in Armenia are virtually unchanged in July of this year, as compared to the same period last year, reported Haykakan Zhamanak daily.

“But this, [is] in terms of the [Armenian] dram. Given that real estate in Armenia is traditionally listed in [US] dollars, it should be noted that [the price of] real estate has fallen by nearly 15 percent [in the country]. (…). But the volumes of apartment sales and purchases [also] have considerably reduced.  

“This is due to two main factors: First, the purchasing power demand has reduced as a result of the impoverishment of the population. And second, the offer for apartments has increased because of emigration,” wrote Haykakan Zhamanak.