Armenia's construction sector grew considerably in 2022 to about AMD 541bln ($1.4 billion), Economy Minister Vahan Kerobyan said.

"The government provides assistance to the construction industry through subsidizing mortgage loans, and in 2022 it refunded 40 billion drams ($ 103 million) to mortgage borrowers," Kerobyan said at the opening of the "Caucasus. Construction and Repair Expo 2023" in Yerevan.

He said thanks to this large-scale program of the government the construction sector has been registering a noticeable growth in recent years.

According to official statistics, in January-December 2022, the country's construction sector grew by 12.5% to over AMD 541.1 billion ($1.4 billion). Some 147.2 billion drams ($381 million) worth construction was financed by the government, nearly 103 billion drams ($266 million) worth construction by individuals and nearly 37 billion drams (($96 million) by international loans.

Under an Armenian government's decision approved in 2015 when purchasing an apartment directly from a developer, borrowers can receive an income tax refund in the amount of the interest on the mortgage. The scheme was designed to create a stable and effective demand for new housing as well as give many first-time buyers an opportunity to own a home, ARKA reports.