There is an increased demand for various properties such as residential and industrial in Armenia. The highest share of the residential segment is attributed to increase in number of buyers of houses due to various government programs, which made housing affordable. Further, there is rise in the number of manufacturing facilities in Armenia, which is further increasing the demand for industrial real estate.
Moreover, the development in the commercial industry, and focus of the government toward diversification of economy further helps fuel the growth of the Armenia real estate market over the coming years. However, high poverty and unemployment rate hampers the growth of the market. On the contrary, increased focus of the government to help the real estate market offers remunerative opportunities for the market growth.
the Armenia real estate market size was valued at $880.4 million in 2018, and is projected to reach $1,249.3 million by 2026, growing at a CAGR of 4.3%. The sales segment accounted for more than half of Armenia real estate market share in 2018 and is expected to witness a CAGR of 4.0% during the forecast period.
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Real estate means land as well as any physical structure affixed to the land such as houses, buildings, and landscaping. Rise in economy of Armenia and increased focus of the government to diversify the economy help boost the growth of the real estate market in Armenia. Further, availability of affordable interest rates on mortgage loans is helping families in the country to afford houses. However, high poverty and unemployment restrict Armenia real estate market growth.
There is an increased demand for various properties such as residential and industrial in Armenia. The highest share of the residential segment is attributed to increase in number of buyers of houses due to various government programs, which made housing affordable. Further, there is rise in the number of manufacturing facilities in Armenia, which is further increasing the demand for industrial real estate.
Moreover, the development in the commercial industry, and focus of the government toward diversification of economy further helps fuel the growth of the Armenia real estate market over the coming years. However, high poverty and unemployment rate hampers the growth of the market. On the contrary, increased focus of the government to help the real estate market offers remunerative opportunities for the market growth.
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There is growth in the number of property transactions in Armenia. Also, there is a law in Armenia, which states to return the income tax to residents who will re-pay the mortgage loan. In addition, mortgage interest rates in Armenia is one of the lowest in neighboring countries such as Russia and Belarus. However, high dependence of Armenian economy on Russian economy restrains the growth of the market. For example, the western economic sanctions and decreased prices of oil affected Russian economy due to which Armenia also suffered collateral economic.
By property type, the land segment is expected to account for the largest share in Armenia real estate industry during the forecast period, due to high volume of land related transactions and its higher value. The land segment is expected to grow at a CAGR of 3.7% during the forecast period.
Depending on business type, sales is expected to hold a maximum market share and the rental segment is expected to grow at a higher CAGR of 4.9% during the forecast period.
The major players in the market includes AdaTech LLC, “Akcern” Real Estate Corporation, BARS Real Estate Company, “CHARAGAYT” Construction Company, Comfy LLC, Elite Group, MLL Industries, LLC, Renshin LLC, Roxwell LLC, and Step Investment Group.
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