The Cadastre Committee of Armenia has published an analysis of the real estate market for the second quarter of 2024, revealing interesting trends both in the capital and in the regions of the country.
In Yerevan, the number of real estate transactions increased by 3% compared to the same period last year but decreased by 18% relative to the first quarter of 2024. An unexpected trend was the significant rise in interest in garages, with their sales increasing by 55%.
Housing prices in the capital continue to rise. The average cost per square meter in central Yerevan increased by 11.1%, and in some districts like Nor-Nork and Davtashen, the growth exceeded 12%. Overall, apartment prices in Yerevan rose by 10.1% compared to the second quarter of 2023.
In the regions of Armenia, there is an overall increase in the number of transactions by 9.8%, mainly due to the sale of land, garages, and public buildings. However, sales of apartments and private houses in the regions decreased by 9% and 3%, respectively.
The Syunik region stands out, with the number of real estate transactions growing by an impressive 86%.
Interesting dynamics are also observed in the rental market. Nationwide, the number of rental transactions increased by 0.6%, with Lori and Shirak regions leading the growth with increases of 61% and 95%, respectively.
The overall picture of the Armenian real estate market in the second quarter of 2024 shows a growth of 16% compared to the same period last year, indicating continued sector development despite some fluctuations in individual segments.
