As of November 2025, the total number of transactions in the real estate market amounted to 21,144, compared to 21,030 in November 2024. In fact, the overall number of transactions increased by 114 compared to November 2024. However, it is somewhat difficult at this stage to rush to the conclusion that the real estate market continues to remain in an active phase.
For example, while there is growth compared to November 2024, there is a decline compared to October 2025. Beyond this, an assessment based on just one month does not provide a fully objective picture, given the specific characteristics of the real estate market. For instance, the registration of real estate transactions may occur later. Therefore, we will have a much more complete picture once the annual summary data is available.
In November, about 33 percent of all transactions took place in Yerevan. The majority were alienation deals, particularly purchase and sale transactions. Compared to November 2024, purchase and sale transactions increased by 185, but they decreased by 836 compared to the previous month.
One important point regarding prices should be noted. Recently, the head of the Cadaster Committee announced preliminary figures showing that the number of real estate transactions has decreased compared to 2024—mainly due to fewer deals in the primary market. This was more than expected, given the gradual limitation of income tax refunds in Yerevan under mortgage lending programs. Logically, this should reduce demand and, consequently, lead to price declines.
At the same time, we believe that a sharp drop in prices is unlikely in the near future. First, it is difficult to assess a drastic decline in demand. On one hand, Yerevan’s housing stock is aging, and there is demand for new housing. On the other hand, developers are offering flexible schedules, which will help maintain a certain level of demand.
A more tangible decline in prices, however, can be expected.
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