Armenian president attends opening of apartment block for journalists,
doctors, teachers and sportspeople

YEREVAN, August 2. /ARKA/. Armenian President Serzh Sargsyan, who is
also the chairman of the Council of Trustees of the Association of the
Yerevan State University Graduates, attended the opening of the
apartment block Avan-3 built under a social program aimed at providing
young journalists, doctors, teachers and sportspeople with housing.

"A peculiar kind of a town for young people is being created, and
there are already some 1,000 apartments here," Arsen Karamyan, deputy
minister for sports and the youth, said answering ARKA News Agency's
question.

In his words, young families have paid 185,000 drams for one square
meter, and this is far lower than the market price.

Mortgage loans were provided to beneficiaries for 20 years at a
10-percent interest rate after they paid 30% of the total price.

Some 338 beneficiaries got apartments in this 48,131-square-meter
apartment block. The total cost of the project is 5.864 billion drams.
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