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Syrian Armenians Boost Housing Demand In Armenia

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  • Syrian Armenians Boost Housing Demand In Armenia

    SYRIAN ARMENIANS BOOST HOUSING DEMAND IN ARMENIA

    New Europe
    http://www.neurope.eu/article/syrian-armenians-boost-housing-demand-armenia
    Aug 28 2012

    Amid growing tension in Syria, the real estate market in Armenia is
    witnessing some growth in recent months, Armenia Liberty.org learnt
    from Armenian service.

    Local realtors claimed that a number of ethnic Armenians are arriving
    from Syria and some intend to stay on a permanent basis in Armenia
    while others seem undecided and choose to rent homes for now. This
    is the reason there are 10 times as many rents as home-buying deals
    in the market, said Garik Danielian, who runs a private real estate
    agency in Yerevan.

    Danielian said, "Many came and rented apartments for a month, and they
    now extend their rents for another month after hearing news of the
    worsening situation in Syria. People are scared." He stressed that
    the slump in the prices of housing market which was seen in 2008,
    has now come to a halt.

    Danielian said, "There are people who buy homes, there is some
    movement in the market, even a slight increase in prices for newly
    built homes." Other realtors stated that ethnic Armenians from Syria
    often prefer renting or buying housing in or close to downtown Yerevan
    and in newly constructed residential buildings.

    According to Artin Arakelian, director of a real estate agency in
    Yerevan, those who have come to Armenia so far are mainly well-to-do
    Syrian Armenians. He noted such Armenians are exploring business
    opportunities in the country which entails increasing demand for
    office space.

    The Syrian Armenians are seeing their business in Armenia and planning
    to rent some commercial property to see if they are as successful
    here in Armenia doing the same business as they have done in Syria,
    added Arakelian. He however noted that Syrian Armenians are not hasty
    in their decision to become homeowners in Armenia as they are still
    unsure whether they would find a job in Armenia and are even clueless
    about the upcoming developments in Syria.

    Syrian Armenians are also facing problems in selling their property in
    Syria and bringing their capital to Armenia. Over 20-25 Syrian-Armenian
    businessmen have turned to the Chamber of Commerce and Industry
    of Armenia for consultations, head of the Chamber Arayik Vardanyan
    said. Earlier the Chamber said Syrian-Armenians wishing to set up
    business in Armenia, will get free consultations.

    Vardanyan said that the chamber is having talks with entrepreneurs
    interested in running business in Armenia. The consultations cover
    legislation and business, including customs and tax, labor and civil
    codes, as well as information on markets.

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