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Mаry Mamyan

Home Buying Program for Young Professionals

At a press conference today, Arsen Karamyan, President of the Yerevan State University's Alumni Association said that real estate prices have gone through the roof in recent years, preventing young families from becoming home owners.

Karamyan described a new program designed to allow young professionals to buy apartments at special rates. Applicants must be under 30 years of age, have three years work experience and provide financial documents attesting to their credit worthiness.

Those meeting these requirements will be offered apartments at less than market rates.

So far, Karamyan says that 450 applications have been received for homes going for 185,000 AMD per square meter.

Twenty year mortgages with 9.5-10% interest rates will be made available to eligible applicants.

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