The Armenian capital is gradually becoming more attractive for foreign investors turning into a flourishing city of weight and size in the region with the eyes of Diaspora fixed on it. The inflow of investments was so big that the capitals’ architects had to revise the previously designed strategic development plan. Interestingly, investment flows are shifting from the capital’s center towards its outskirts. In addition to a range of projects, involving city’s roads improvement, supported by both local and foreign investors, there is a Canadian quarter acquiring shape on a hill in central Yerevan.
Construction of the new building of a military college is set to kick off nearby the quarter funded by outside investors. The Canadian quarter is the embodiment of an agreement sealed by Yerevan and Montreal. Many Canadian-Armenian businessmen are eager to have their own houses in Armenia. The chief architect of Yerevan Narek Sarkisian says not only Diaspora Armenians but also foreigners are eager to build or buy mansions in the Armenian capital, particularly, French consul has built his own house in a Yerevan borough Nork Marash. Mansions are built by Iranians, the Swiss, many Americans have bought houses at Aygedzor quarter. The main reason behind their decision is the safety and also Armenian hospitality.