Real estate market saturated - CBA chairman

ArmInfo. Real estate price indices do not reflect the reality that we have according to the  assessment of our experts, Chairman of the Central Bank of Armenia Martyn Galstyan told a press conference on June 3.

"Recently, despite the fact that there has been continuous activity,  the level of saturation of the real estate market is quite high," he  believes.

Referring to the opinion of industry experts, the head of the Central  Bank noted that the Armenian real estate market is at a point with a  high level of uncertainty. "If earlier we saw that the market was in  a long stage of linear or non-linear growth, now this trend does not  exist. There are risks of a turning point and uncertainty, which is  due to the significant level of open price gap in the real estate  market," Galstyan noted.

According to the Real Estate Cadastre, the average market value of  real estate in apartment buildings in Yerevan in the first quarter of  2024. amounted to 457.3 thousand drams/1 sq.m., which is 12.9% higher  than the year-ago figure. In the regions of Armenia, prices increased  by 16.3%, amounting to 144 thousand drams/1 sq.m.