REAL ESTATE PRICES ARE DOWN IN THE SUBURBS

Support A1+!

Real estate prices have gone down from 10-20% in Armenia. Whereas one square meter in apartments on Komitas Street used to cost 1,500 dollars, now that price ranges from 1,200-1,300 dollars. Apartments are sold cheaper than the evaluated price, told “A1+” the “Bars” real estate assessment agency.

According to the assessment agency data, a three-bedroom apartment on Komitas Street starts from 80,000 dollars, 70,000 dollars in Zeytun and 60,000 dollars in the North-West district.

The “KN FOREVER” agency informed that prices are not down in central Yerevan, while prices in the outskirts of the city have gone down by 10-20%. The agency representatives also said that there are not many transactions due to the impact of the global financial crisis, but desperate people sell their apartments at any price.

“I decided to sell my four-bedroom apartment in the outskirts of the city and get a two-bedroom apartment in central Yerevan or Zeytun, but now I am convinced that I can find myself out on the streets with the money I get. So, I decided to stop selling my apartment,” says Ashot Vardapetyan, who has been wanting to sell his house for a year now.

Real estate assessment agencies note that their workers are unemployed recently because banks are no longer granting loans due to the global economic crisis andthey only give loans to those who are more trustworthy.

Representatives of the real estate stock assessment division say that prices will fall a little more and then they will stay the same.