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CONSTRUCTION BOOM IN DOWNTOWN YEREVAN TO LAST FOR 5 YEARS MORE

YEREVAN, MARCH 2, ARMENPRESS: Though prices of luxurious apartments in downtown Yerevan have shot up from $150 for one square meter to around $600 in the recent 3-4 years local realtors argue they are still 2 times lower than they should be. According to Armen Mkoyan from Elite Group real estate agency, the demand for such apartments is not satisfied yet, prompting the emergence of apartment constructing companies supported by Russian, French and Iranian capital.

Mkoyan said the construction boom in central Yerevan is likely to last for another five years and will then move to other districts. He said almost 53 percent of new apartments built in the city center are bought by Diaspora Armenians, especially by Russian Armenians.

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