Average Yerevan Apartment Prices Up 9.5% Despite Drop in Units Sold
The average price of one square meter of apartment space in Yerevan increased by 9.5% in the first half of 2019 when compared to the same period last year.
The most expensive apartments are in Yerevan’s Kentron, Arabkir and Davtashen districts.
Here’s a breakdown of the average market cost of one square meter of apartment space in Yerevan’s eleven districts for the first half of 2019 and the percentage increase from last year.
Kentron: 586,660 drams (16.3%)
Arabkir: 401,000 drams (11%)
Davtashen: 309,300 drams (10.8%)
Kanaker-Zeytun: 295,400 drams (8.3%)
Ajapnyak: 273,700 drams (11.6%)
Avan: 266,500 drams (4.7%)
Shengavit: 265,300 drams (5.6%)
Erebuni: 262,800 drams (6.2%)
Nor-Nork: 257,200 drams (7.3%)
Malatia-Sebastia: 255,500 drams (7.6%)
Nubarashen: 172,900 drams (7%)
In all, according to the State Cadastre Committee, 5,061 apartment units were sold in the first six months of this year, down by 5.3% from the same period last year.
Thus, while demand for apartments has decreased, prices continue to rise.
974 of the above 5,061 apartments were sold in Yerevan’s Kentron District, down by 76 from last year.
Apartment sales were also substantially down in Davtashen (191 units this year, 284 in 2018) and Malatia-Sebastia (425 units this year, 517 last year)
Sales substantially rose in Arabkir. 936 units were sold in the first half of this year compared to 894 the same period last year.