Apartments in Armenia continue to rise in price

Armenia’s real estate market remains quite active. This is evidenced by the growth in both the number of real estate transactions and prices. Notably, until quite recently, there were certain fluctuations in prices over the span of one or two months. Today’s picture shows steady growth. What could be driving this?

First, the figures. As of October 2025, the total number of real estate transactions reached 22,738. This figure increased by 618 compared to October of last year, and by 1,754 compared to September of the current year.

It should be noted that the majority of these transactions are real estate purchases and sales. The number of such transactions grew by 619 in a single month, which indicates demand.

Demand is also reflected in the average market price per square meter in apartment buildings, which rose in October compared to September. Clearly, there is demand, which may be driven by several factors.

One factor is the availability of profit tax refunds for mortgage lending, which many developers still offer. Another factor is developers working with various flexible mechanisms, such as installment payment systems.

A further factor is financing opportunities provided by banks, which the population is eager to take advantage of. In any case, there seems to be a certain urgency, which is understandable given the temporary nature of the factors mentioned above.

So what are the results of all this? The market continues to heat up, which carries numerous risks—for example, the ongoing growth of the population’s credit burden, risks for the financial and banking sector, and risks for the construction sector.

However, today’s situation also implies that as demand persists, if not grows, banking products and services will remain expensive for the population. For instance, loans will continue to be costly.