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Through our business risk and business consulting services, we help dynamic organizations manage the operational challenges, risks and opportunities of a...

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Related insights:

Industry Analysis Explore Armenian Banking Sector Trends: 2015–2023 Analysis

Gain insights into the Armenian banking sector with Grant Thornton Armenia’s in-depth analysis of bank performance from 2015–2023, using dynamic Tableau dashboards.

1 min read | 04 Dec 2024

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Grant Thornton Legal and Tax LLC, a subsidiary of Grant Thornton Armenia, is a multi-professional group of lawyers, tax advisors and accountants. Law firm...

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Energy & natural resources

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Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...

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Asset management
Grant Thornton’s profound experience and deep knowledge of asset management (AM) systems and registers development is based on successful implementation of large scale and complex projects in CIS region and beyond its borders.

Related insights:

Industry Analysis Explore Armenian Banking Sector Trends: 2015–2023 Analysis

Gain insights into the Armenian banking sector with Grant Thornton Armenia’s in-depth analysis of bank performance from 2015–2023, using dynamic Tableau dashboards.

1 min read | 04 Dec 2024

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While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...

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Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...

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Analysis of RA Real Estate Market for the years 2019-2024

Insights into the Armenian Real Estate Market: 2019-2024 Analysis

By:

Azat Manukyan

24 Mar 20251 min read

Contents

Armenia’s real estate market demonstrated notable growth in 2024, with a total of 247,916 transactions, reflecting a 12.88% year-on-year increase. This upward trend underscores the evolving dynamics of the sector, driven by investment activity, regulatory factors, and urban expansion.

Market Performance and Regional Distribution
The market remained particularly active in Yerevan, Kotayk, Ararat, and Armavir, where transaction volumes increased due to heightened investor interest and large-scale development initiatives.

Yerevan accounted for 27.79% of total transactions.
Regional transaction volumes grew by 12.46% compared to 2023.
Primary registration transactions increased by 30.44%, while mortgage transactions saw an 18.77% rise.

Real Estate Pricing and Market Trends
Property values continued to rise in 2024, fueled by sustained demand and strategic investment activity:

Multi-apartment building sales increased by 24.64%.
Property prices in key cities such as Sevan, Metsamor, and Jermuk surged by over 20%, largely influenced by tourism development and infrastructure investment.
A decline in foreign investor activity impacted certain segments of the commercial real estate market.

Key Drivers of Market Growth
Several factors contributed to the market's expansion in 2024:

The conclusion of Armenia’s income tax refund program prompted a surge in transactions as buyers sought to take advantage of tax incentives before the program’s termination.
Ongoing urbanization and construction projects supported demand growth, particularly in Yerevan and surrounding regions.
Tightened mortgage lending policies influenced financing trends, shaping buyer behavior and investment patterns.

Future Market Outlook
While 2024’s growth was largely driven by temporary incentives, long-term market stability will depend on factors such as sustained investment inflows, infrastructure development, and regulatory adjustments. Moving forward, an in-depth analysis of demand patterns and economic conditions will be crucial for assessing future opportunities and risks in Armenia’s real estate sector.

Analysis of the Armenian Real Estate Market in English.

Analysis of the Armenian Real Estate Market in Armenian.