According to the State Revenue Committee of the Republic of Armenia (SRC RA), there was a significant increase in income tax refunds on mortgage loans in the first half of 2024.
The refund amount increased by 8 billion drams, equivalent to more than $20 million, compared to the same period last year.
During the reporting period, 42,053 citizens took advantage of the program. The total refund amount in the first half of this year reached 32 billion drams (approximately $82 million).
The program, which began in 2014, was initially aimed at stimulating the purchase of housing in the primary market. However, since 2022, the Armenian government has gradually started phasing out this initiative in the country's capital, Yerevan. It is planned that by 2025, the program will be completely discontinued in Yerevan.
As for the rest of the country, the full termination of income tax refunds on mortgage loans is scheduled for 2029.
