Armenia's construction sector grew by 15.6% in the first quarter of 2023, Economy Minister Vahan Kerobyan told the parliament.
He said that construction is one of the fastest growing sectors of the economy. Last year, the sector grew by more than 12%. "In one year, 3,300 new jobs were created in the construction sector and their number increased from 11,000 to 14, 300," the minister said.
Kerobyan stressed that last year about 320,000 square meters of housing was commissioned in the country, which is 0.3% of the total housing stock of the country.
According to official statistics, the construction sector in January-March 2023 amounted to about 64.9 billion drams (US$ 169 million) in current prices.
According to a bill, co-authored by the Ministry of Economy and MP Gevorg Papoyan from the ruling Civil Contract party, developers in Armenia will be banned from using 75% of the money paid by apartment buyers before the end of construction, more precisely, until certificated of ownership are provided to buyers. The developers will have access to these amounts after the commissioning of the property.
According to Papoyan, the purpose of the bill is to protect the citizens of Armenia and the sector from risks.
Minister of Economy Vahan Kerobyan said that there are large developers, whose liabilities are already comparable to those of some banks.
"We are dealing with an area which is already quite large and needs additional detailed research," he said, ARKA reports.
