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Foreign Ownership of Real Estate

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.  At the same time, investing in real estate can qualify you for a temporary or permanent residence permit

The only restriction applies to foreign ownership of agricultural land. When buying property like agricultural land in Armenia a foreigner may need to set up a legal entity and acquire the land in the name of that entity. Agricultural land can also be owned by foreigners who have special residency status in Armenia.

Property for Sale in Yerevan, Armenia


Land For Sale



Land For Sale



Land For Sale



House For Sale

Jrvej, Yerevan


House For Sale

Saralanj, Yerevan


House For Sale

Moldovakan, Yerevan


Apartment For Sale

Abovyan, Yerevan


Apartment For Sale

Sayat-Nova, Yerevan


Apartment for Sale

Deghatan, Yerevan

Tucked away from the majority of the noise and traffic within the city center, this ideal property is located within 5 minutes of the Republic Square, and within 10 minutes from Rossia Mall, a myriad of parks, a hospital and public spaces. In this region, cafes and restaurants are located within a minute’s walk. At 130sqm, this is considered prime property within a high rental demand region.
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    Market Overview and Prices (2002-2018)

    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 generally unchanged during 2014-2016, and started growing in 2017. In the first three quarters of 2018 alone, prices in central Yerevan went up by 23%

    Armenia Real Estate Prices (2002-2018)

    Orange line shows Armenia's GDP in US$B. Blue columns show average price per sq. m. in central Yerevan. Official government data from

    As the above chart shows, real estate prices generally follow changes in Armenia's GDP which grew by 7.5% in 2017. Other factors contributing to the increase in prices are:

    • Lower mortgage interest rates. The rates went down from 18% in 2009 to 13% in 2005, 10.5% in 2017 and are expected to further decrease to 7-7.5%. 
    • Higher demand for rental properties, driven by growth in tourism (18.7% in 2017) and growing city population due to repatriation and urbanization. Bank deposits become a less attractive alternative to rental property investment as interest rates on deposits continue to go down.  
    • Limited construction of new dwellings in central Yerevan.

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    Real Estate 2018.11.27

    Buying Process & Formalities

    The transfer of ownership is initiated by signing a written contract of sale identifying the property and specifying the purchase price. Normally the contract must be reviewed and authenticated by a notary public. The buyer then has 30 days to register the ownership rights with the Registry (Cadastre) and get an ownership certificate. Failure to register ownership within 30 days will invalidate the contract.

    Typically, the whole process takes around one week but with fast-track fees it is possible to complete all the formalities in 1-2 days. If parties are not ready to sign the main sales agreement a preliminary agreement may be executed by which the seller agrees to take the property off the market for an agreed period of time in return for a small advance payment. If the buyer then fails to sign the main contract the advance payment will be forfeited. If the seller defaults he will be required to return the advance payment and pay a penalty.

    Buyers and sellers can be represented by attorneys, and their physical presence in Armenia is not required to complete the formalities.

    Armenia ranks very high – the 14th – 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 38th, the U.K. – 42nd, , France – 96th.

    Notary & Government Fees

    The buyer and the seller shall agree on who will bear the costs of registration, which typically is around $200. Official fees are fixed and do not depend on the value of the real estate. Fast-track services are also available for additional fees.


    Regular Fee

    Fast-Track (Same Day)

    Fast-Track (Next Day)

    Fast-Track (Three Days)

    Notary Fee



    Notarization Government Fee



    Clean Title Certificate Fee



    US$ 41


    Ownership Registration Fee





    Registration Government Fee 



    Why Invest in Yerevan Real Estate

    Price Increase of 20.2% (2018)

    Sales Up by 23.7% (2018)

    GDP Growth of 7.5% (2017)

    High Rental Income

    100% Foreign Ownership

    Residence Permits

    Low Taxes

    Growing Population

    Tourism Growth of 18.7% (2017)


    Capital Gains Tax

    Transfer of residential property between individuals is normally not taxable, provided that both the buyer and the seller are individuals (not registered as private entrepreneurs). Thus, tax on capital gains realized by individuals form selling residential property is 0%. However, if the buyer is a legal entity or a private entrepreneur a withholding tax of 10% is applicable.

    Sales Tax

    An individual is subject to a 20% sales tax (income tax) if he sells two or more properties within one fiscal year, provided that these properties were acquired during the same fiscal year. Sale by individuals of commercial or industrial property is taxed at a rate of 10%. However, if the buyer is a legal entity or a private entrepreneur a withholding tax of 20% is applicable. Individual real estate developers are taxable at 20% of the price at which they sell the properties.

    Real Estate Tax

    The real estate tax is payable by the owner or the real estate on an annual basis. Tax rates are in the range of 0% to 1% of the cadastral value which is normally significantly lower than the market value. Where the real property is sold by an individual the new owner assumes the tax liabilities for any unpaid property tax.

    Rental Income Tax

    Rental income not exceeding 58.35 million Armenian drams (approximately, US$120,000) per year is taxed at 10%. Rental income in excess of that amount is taxable at 20%.   

    Stamp Duty, Inheritance & Gifts Taxes

    Armenia does not have stamp duties, gifts or inheritance taxes. 

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    Property Prices Grow by 23% in Yerevan | Business and Lawyers Armenia
    Official: Property Prices Grow by 23% in Central Yerevan Foreigners that are interested in buying real estate in Armenia may[...]

    Tips on Choosing an Apartment in Yerevan

    #1. Location

    #2. Building

    #3. Apartment

    #4. Agents/Brokers

    Legal Risks & Mistakes to Avoid

    While buying real estate in Armenia is generally safe, prospective buyers are advised to take certain precautions.

    #1. Marital Status

    #2. Gifts & Inheritance

    #3. Capacity to Contract

    #4. Insolvency

    #5. Encumbrances & Litigation

    #6. Preceding Transactions

    #7. Tax Liabilities & Utility Bills

    #8. Notarization

    #9. Escrow Accounts

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