Armenia’s Real Estate Market Booms in 2024: A Year of Record Transactions and Growth

The real estate market in Armenia experienced big growth in 2024, achieving a record-breaking total of 247,926 transactions, according to Suren Tovmasyan, Head of the Cadastre Committee. This impressive activity reflects the major development not only in the capital city of Yerevan but also in the provinces.

Of the total transactions, 68,946 were recorded in Yerevan. The capital’s real estate transactions grew by 12% compared to the previous year, indicating heightened activity and investor interest. The remaining 178,980 transactions occurred across Armenia’s provinces, where a similar upward trend was observed, with growth nearing 13%.

“We see by the numbers of registered transactions in the real estate market across all areas of the country that there is growth,” Tovmasyan said during a press conference.

Some provinces stood out with exceptional growth rates:

• Gegharkunik Province: 15% increase, leading the country in growth.

• Lori Province: 14% increase.

• Shirak Province: 11% increase.

• Aragatsotn Province: 10% increase.

• Ararat Province: 7% increase.

• Kotayk Province: 5% increase.

  
  

This widespread growth shows a nationwide trend of rising real estate activity and investor confidence.

The transactions covered a broad range of real estate activities, including:

• Sales and purchases

• Rentals

• Alienation and inheritance

• Registration of state ownership rights

  
  

Additionally, Tovmasyan noted a decline in real estate donation deals due to a policy change. Previously managed by the Cadastre Committee, these agreements are now handled by notaries, affecting the overall figures.

The Armenian Report spoke with Burag Simon Celikian, an Armenian-American realtor, who attributed the market’s growth to several factors:

“Rising income levels and favorable tax incentives have created a positive investment environment. Increased interest from the Armenian diaspora and Russian nationals has also played a significant role,” said Celikian.

He emphasized that government initiatives to simplify transaction processes and protect homeowner rights have further strengthened market confidence. “All signs indicate that the market will continue its upward trajectory, making it a good time to invest in Armenia,” Celikian concluded.

While Tovmasyan confirmed an overall increase in real estate prices, specific data on market trends and pricing will be released after the annual reports are finalized. This forthcoming information will provide further clarity on the scope and sustainability of Armenia’s real estate boom.