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Armenia is a modern and fast-growing country with rich history and traditions, beautiful nature, excellent cuisine, low taxes, low crime rate, and low cost of living. Properties in central Yerevan increased in value by 34.5% in 2018-2019 due to the growing economy. Foreigners are allowed to be 100% owners of real estate in Armenia and can take advantage of investment opportunities. Armenia generally does not tax real estate transactions, capital gains, gifts, or inheritance. Real estate investment can also grant immigration benefits, such as residence or citizenship.
A knowledgeable local lawyer can help you navigate through the investment process, avoid pitfalls and minimize risks. Legal assistance can be very valuable in the process of due diligence checks, document review and preparation, payments, registrations, etc. Please contact us for a free evaluation of your case.
Apartments in the central district of Yerevan (average price for one sq.m.)
Last 12 Months | ||
---|---|---|
Month | Price | Change |
Oct 20 | $1,266 | -1% |
Sep 20 | $1,280 | -1% |
Aug 20 | $1,293 | -2.7% |
Jul 20 | $1,329 | -3.1% |
Jun 20 | $1,372 | -0.6% |
May 20 | $1,380 | -1.3% |
Apr 20 | $1,398 | +2.3% |
Mar 20 | $1,367 | -1.6% |
Feb 20 | $1,389 | +0.9% |
Jan 20 | $1,377 | +0.8% |
Dec 19 | $1,366 | +1.3% |
Nov 19 | $1,348 | +1.9% |
Change in 12 Months | -6% |
Last 12 Years | ||
---|---|---|
Year | Price | Change |
2019 | $1,266 | +15.7% |
2018 | $1,094 | +18.8% |
2017 | $921 | +4% |
2016 | $885 | 0% |
2015 | $885 | -1.8% |
2014 | $901 | -14.4% |
2013 | $1,053 | +3.1% |
2012 | $1,021 | -10.8% |
2011 | $1,144 | -10.2% |
2010 | $1,274 | +2% |
2009 | $1,248 | -20.8% |
2008 | $1,576 | +6.9% |
Change in 12 Years | -19.7% |
Armenian real estate market grew exponentially between 2002 and 2008 with prices going up by 570%. In 2009 the country’s economy was hit by the global financial crisis and real estate prices went gradually down over the next few years. They remained flat during 2014-2016, and started growing in 2017. Prices in central Yerevan went up by 18.8% in 2018 and by 15.7% in 2019. The main factors contributing to the increase in prices are:
Foreigners can be 100% owners of real estate in Armenia: they can acquire, hold, lease, sell, bequest and otherwise dispose of their property on equal basis with locals. Foreigners do not need to have a residence permit or otherwise show any links to Armenia. Agricultural land can be owned through a legal entity.
Properties in central Yerevan increased in value by 34.5% in 2018-2019 due to growing economy and lowering mortgage rates.
The demand for rental properties is primarily boosted by the booming tourism industry.
The entire process of buying a property in Armenia can take only a few days. Armenia ranks very high – the 13th – among 190 countries on the World Bank’s “Registering Property” index which measures both the efficiency and the quality of the property registration system. By way of comparison, the U.S. ranks 39th, the U.K. – 41st, , France – 99th.
Armenia does not have gift or estate taxes.
Capital gains on the sale of real property by an individual are generally not taxed.
Tax real estate tax rates are in the range of 0% to 1% of the cadastral value which is normally significantly lower than the market value.
There are no stamp duties. Only small official fees are paid and they do not depend on the value of the real estate.
Armenia offers temporary, permanent and special residence to foreign business people as well as citizenship-by-exception to important investors. Investing in real estate may qualify you for such immigration benefits.
Information on properties in Armenia is abundant on listing websites such as estate.am, myrealty.am, bnakaran.com, and list.am. These websites can give an idea of the type of properties available and their prices before you actually start your search. Having a clear idea of the type of property you are looking for (main residence, holiday home, rental or investment property) and its location (town or the countryside) will help make the property hunt a lot easier.
In Armenia it is common for the agents to charge 2% to the seller and 2% to the buyer, bringing the amount of the commission to 4% of the value of the deal. The buyer will be asked to pay the commission separately and on top of the price of the property.
Copyright 2021 - Vardanyan & Partners LLC
We are a team of licensed lawyers based in Armenia and Georgia. Our primary commitment is to provide quality service to clients at a compelling value that helps manage risk, overcome regulatory issues and advance their personal and business goals.
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Attorney
LL.M. Georgetown University
New York Bar | Armenia Chamber of Advocates
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