Construction in Armenia continues to show significant growth
According to the Statistical Committee of Armenia, the volume of construction in the country from January to September has increased by 15.9% compared to the same period last year. During this time, construction worth 406 billion 37 million drams has been carried out.
Construction also constitutes a significant part of Armenia’s GDP. For instance, in 2023, construction and real estate activities together accounted for 15.2% of the GDP. However, this figure has decreased significantly in 2024. In the second quarter of this year, the volume of construction made up 5.7% of the GDP.
In recent years, the construction of private homes has increased. According to statistics for January-August, the volume of construction financed by the population’s funds has grown by 70.2% compared to the same period last year, amounting to 82 billion 505 million drams.
The construction sector in Armenia is also preparing to transition to the European Union’s technical standards.
The head of the Urban Development Committee, Yeghiazar Vardanyan, has stated that Armenia’s construction potential will allow for the implementation of ambitious projects, such as the renovation of Yerevan’s residential buildings, the construction of new buildings, metro stations, the Academic Town, large and small reservoirs, bridges, and tunnels.
He mentioned that starting next year, the committee plans to ensure the technical translations of the European Union’s urban planning standards and their implementation.
On November 20, Tigran Avinyan, the mayor of Yerevan, spoke about the construction volumes collected from construction activities in the city. He noted that this year, 18 billion drams have been collected from the construction sector.
There has been significant growth in construction since 2020. While in 2020, construction amounted to 432 billion 584 million drams, in 2023, it increased by 43.2%, or 187 billion 101 million drams.