At present, no significant price fluctuations are being recorded in Armenia’s real estate market, according to a Cadastre official.
Edgar Kirakosyan, the Head of the Cadastral Valuation and Market Analysis Department of the Cadastre Committee, told Armenpress that in Yerevan, prices remain almost unchanged, while more active movement is observed in other towns and cities across the country.
He said that in studying market values, priority was given to transactions with the greatest relative weight and real impact on the overall market picture — specifically, land plot and apartment purchase and sale transactions.
According to him, monitoring was also conducted for transactions involving individual residential houses, garages, industrial and public-use properties; however, the volume of transactions in these segments is relatively small and does not have a significant impact on overall market dynamics.
“The analysis was carried out by combining not only price data, but also the number of transactions, territorial distribution, and other components. In Yerevan, the market value of apartments was calculated based on the average price per square meter by administrative district. By year-end [2025], a 0.3 percent increase was recorded, indicating a stable market,” Kirakosyan noted.
In the regions, however, the picture is markedly different. Based on calculations of the average market value per square meter of apartments in multi-apartment residential buildings, a 16.4 percent increase was recorded.
According to the specialist, a slight decline in prices was observed during the year up until September, but starting from September the market became more active, and this activity continued until the end of the year.
“We expected that the limitation of the income tax refund program in Yerevan would lead to price declines in the capital and increased demand in the regions, but these expectations were not fully met,” he said.
He noted that in Yerevan’s Kentron and Arabkir administrative districts, only a 1-2 percent decline was recorded, reaching 4-7 percent in certain areas. In the remaining administrative districts, prices largely remained stable or increased.
The study of the land market was mainly conducted in urban settlements of the regions. Land in border and remote settlements remains more affordable; however, such transactions do not have a significant impact on overall market volume.
At the same time, a 10 percent increase was recorded for land designated for the construction of multi-apartment residential buildings. In some cities, declines of up to 3 percent were observed, but these do not carry substantial weight.
In Kotayk Province, particularly in the cities of Hrazdan and Abovyan, an increase of more than 8 percent was recorded, indicating the preservation of positive market dynamics.
According to Kirakosyan, the main factors influencing the market include rising construction costs, higher prices for building materials, the availability of mortgage loans, and the presence of highly paid specialists — especially in the information technology sector. Among the restraining factors, he highlighted high competition in the market. Large-scale construction in Yerevan and several cities leads to increased supply, which curbs price growth.
The most in-demand properties on the market are small- and medium-sized apartments with an area of 50-75 square meters, particularly in newly built buildings. These are mainly purchased by young families using mortgage and state support programs. Larger apartments are sold more difficultly.
According to the specialist, government programs continue to have a significant impact on the real estate market.
Market value in real estate is formed through a combination of numerous factors, including location attractiveness, transport accessibility, availability of infrastructure, building quality, construction materials used, floor level, ceiling height, and the presence of elevators and parking facilities.
“The sum of all these factors forms the market value that, under competitive conditions, becomes acceptable to the buyer and is realized on the market,” Edgar Kirakosyan added.
