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Armenian Mortgage Market Has Large Room For Development

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  • Armenian Mortgage Market Has Large Room For Development

    ARMENIAN MORTGAGE MARKET HAS LARGE ROOM FOR DEVELOPMENT

    ARKA
    Feb 12, 2010

    YEREVAN, February 12. /ARKA/. Armenian mortgage market has large
    room for development, if not in 2010, then in 2011 and 2012, Manuk
    Yerghnyan, the head of E-V Consulting Research Center, said Thursday
    in Novosti International Press Center.

    "Construction has such a big share in Armenia's GDP not because it is
    highly developed, but thanks to underdevelopment of other sectors,"
    he said.

    Yerghnyan said that Armenia's per-capita construction lower than that
    of Russia and the United States two or three times.

    "This shows that there is a large room for building up housing.

    Construction in Armenia could be propelled by demand spurring by
    mortgage lending," he said.

    No new houses were built in 2009.

    Yerghnyan expects a rally in 2011 and 2012.

    According to Armenian State Real Estate Cadastre, the number of realty
    deals in Armenia rose 5.3% in Jan-Nov 2009, compared with the same
    period a year before, and reached 137,100 by late November.

    Prices for flats in Yerevan averaged AMD 265,600 per one square meter
    in late November after falling 10.5% over the period between January
    and November 2009, compared with the same period a year earlier.

    Private housed in Yerevan became 4.5% cheaper in Jan-Nov 2009, compared
    with the same period of the previous year, and averaged AMD 294,600
    per square meter.

    Prices for apartments in Armenia's provinces rose 4.8% and prices for
    private houses 7.9% in Jan-Nov 2009, compared with the same period
    of 2008.
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