Real estate prices fall in Yerevan

YEREVAN. - In April the average market price for 1 square meter of residential space of multi-apartment buildings in Armenian capital constituted AMD 257 thousand ($ 688). This figure is by AMD 20 thousand ($53.5) lower in relation to April 2010.

The largest decline in average prices is registered in “fashionable” districts of Arabkir and Shengavit, AMD 41.9 thousand and AMD 26.1 thousand per square meter respectively.

Kentron district still holds the absolute record of highest prices on real estate. Although prices here declined by AMD 21.9 thousand in relation to previous April, they are still capable of surprising vendees from “rich countries” with a cost of AMD 447.3 ($1197) per square meter.

The price dynamics in Yerevan reflects marked decrease of demand for housing. Also there is a significant reduction of consumers with average income, which is especially visible in sharp decline of prices in “fashionable” Arabkir district.