Prices of apartments for rent in Yerevan have fallen sharply

Karapet Hovhannisyan, deputy director of “House Key” real estate agency, said that the prices of apartments for rent in Yerevan have fallen. Karapetyan notes that this number is around 50%.

The waves of moving to Armenia have stopped, and the rental housing market is experiencing a sharp drop in prices due to stagnation. The apartment rented last year for 400 thousand drams ($1037) cannot be rented for 230 thousand ($596). Overall, the decline can be estimated at approximately 50%. Basically, we are returning to the previous prices, said the deputy director of the real estate agency.

Karapetyan added that the prices of apartments for rent in the Arabkir administrative region remained almost the same, but affordable apartments are also possible there.

Many homeowners have not yet adjusted to the market realities that dictate low prices. They have spent money on expensive renovations, inspired by the new influx of tourists, and now they cannot come to terms with the idea of ​​renting their apartments at a low price. Hovhannisyan assumes that a part of the apartments originally intended for rent will go to the sale market.

Samvel Mkhitaryan