The legislation of Armenia does not limit the purchase of housing by foreign citizens in the country, however, they cannot be the owners of land. Land can be rented for up to 99 years.
The current demand for real estate in Armenia is supported by wealthy Armenians living in Russia and ethnic Armenians from Syria. Increased demand provoked activity in the construction sector and an increase in housing prices. So, according to the IMF, in the period from 2004 to 2008. the value of real estate in the country grew by a record 250%. But already in the crisis year of 2009, prices fell by 15%, and demand fell by 30%.
Of the total number of transactions in the real estate market of Armenia, the largest share (about 40%) falls on the objects of Yerevan, Kotayk province (13%), Ararat (8%), Aragatsotn region (7%) and Armavir (6%).
Today, the most expensive housing can be found in the capital of the country - Yerevan. In the city center, the cost of apartments starts at $ 50,000, and 1 square. m - from $ 1535.
The most budgetary district of the capital is Malatia-Sebastia - 1 “square” costs $ 647, and an apartment here and in similar areas of Shengavit ($ 756/1 sq. M) and 1-6 Norksky Massif ($ 685/1 sq. M) can be purchased for $ 25 000
