Armenia is embarking on an ambitious program to modernize its housing stock, starting with a pilot project in the Ajapnyak district of Yerevan, near a planned metro station. Developers aim to commission at least one million square meters of housing annually to completely renew the capital's outdated residential infrastructure within two decades.
As announced by Armen Sakapetoyan, a board member of the Armenian Builders Association, on December 10, the pilot renovation project will cover an area of 5-6 hectares and is set to begin next year. If successful, the program will be expanded nationwide.
"The housing stock of Armenia’s multi-apartment buildings totals approximately 80 million square meters. To systematically update it, at least 800,000 square meters of new housing must be introduced annually," noted Sakapetoyan.
He highlighted that last year the construction industry achieved 900,000 square meters, and this year the goal is to exceed the one-million mark.
However, implementing the large-scale renovation program faces legislative hurdles. Developers have pointed to the lack of a dedicated tax regime for such projects and are preparing proposals for the government.
"Even at the current pace of construction, it's not enough to fully update the housing stock. We need to accelerate the process to ensure that in 10 to 20 years, there are no Khrushchyovkas left in the city’s administrative districts," emphasized the Association’s representative.
