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Armenian Real Estate Market In Poor Condition - US Businessman

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  • Armenian Real Estate Market In Poor Condition - US Businessman

    ARMENIAN REAL ESTATE MARKET IN POOR CONDITION - US BUSINESSMAN

    news.am
    June 29 2011
    Armenia

    YEREVAN. - Real estate market in Armenia is in poor condition,
    American businessman of Armenian origin Vahakn Hovnanian said to a
    press conference.

    Hovnanian said that he is purchasing land from the state on cadastral
    value but is forced to make a significant investment, because the
    place there used to be dump.

    Note that in Vahakni residential community, named in honor of
    the businessman, real estate prices have not changed - they are
    consistently estimated at AMD 82.5 million (about $ 220 thousand).

    Houses are built exclusively on private orders. Currently, the
    residential community has 200 houses, 500 more will be built soon.

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