RoA government statistics reveal that during the first quarter of this year, 905,000 hectares of land were placed as collateral for various loans and credits. 91% of the lands are zoned as "agricultural". More than half these lands, 527,000 hectares, are located in the Armavir Marz; almost all are zoned for agricultural purposes. During the same period, there were 315 transactions were collateral was placed for mortgages; 225 in Yerevan. 78.4% of these transactions were for apartments in multi-residence buildings and 16.5% for private houses. These numbers reflect a 36.9% drop in collateralized mortgages over the same three month period in 2009.