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Construction boom in downtown Yerevan to last for 5 more years

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  • Construction boom in downtown Yerevan to last for 5 more years

    ArmenPress
    March 2 2005

    CONSTRUCTION BOOM IN DOWNTOWN YEREVAN TO LAST FOR 5 YEARS MORE

    YEREVAN, MARCH 2, ARMENPRESS: Though prices of luxurious
    apartments in downtown Yerevan have shot up from $150 for one square
    meter to around $600 in the recent 3-4 years local realtors argue
    they are still 2 times lower than they should be. According to Armen
    Mkoyan from Elite Group real estate agency, the demand for such
    apartments is not satisfied yet, prompting the emergence of apartment
    constructing companies supported by Russian, French and Iranian
    capital.
    Mkoyan said the construction boom in central Yerevan is likely to
    last for another five years and will then move to other districts. He
    said almost 53 percent of new apartments built in the city center are
    bought by Diaspora Armenians, especially by Russian Armenians.
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