In the first nine months of 2015, Armenia signed a 16.3% percent less real estate transactions than for the same period in 2014. Based on these results, we can talk about the short-term cooling of the real estate market in Armenia, — says Russian financial analyst Mikhail Krylov.
«There are several reasons for reducing the number of transactions: first, the devaluation of the dram by 1,5 times since June 2014; second, the currency jumping off and the cost of the national currency as a result of its return to the previous maximum. AMD fell 30%, then — rose 30%; and the third, the macroeconomics: it is no secret that Armenia’s trading partner is Russia, and it depends on the state of Russia’s economy,» said Mikhail Krylov in his interview to RUSARMINFO. Economist Vilen Khachatryan has told RUSARMINFO about the security threats in regards to the increase in number of transactions on the real estate. «The number of transactions will grow only if the outflow of population from Armenia increases. When the Armenian nationals decide to leave the country, they will sell their property or give it to banks for loans,» noted the economist. Note: The reduction in the number of transactions for real estate is not the only indicator in regards to the lowering solvency of Armenian population: according to official statistics, the country’s domestic trade turnover in January-August 2015, compared to the same period of the last year, decreased by 5.4%, in the first half of 2015, the volume of transfers was reduced by $250 million.