If you have property to sell in Armenia you would be encouraged by how well the country has been doing at tourism. Every year, hundreds of thousands of tourists visit Armenia. Many come from Armenia’s neighbouring countries and several come from North America and Europe. There are many people of Armenian origin settled abroad who make their way to the country as well.
Armenia has a lot to offer as a tourist destination. It is one of the oldest countries in the world. There is history at every turn in Armenia, especially in the capital of the country, Yerevan. Yerevan is an ancient city which has stood the test of time.
In fact, Armenia is as old as the Roman Civilization itself. Besides history, tourists also love the pleasant climate in Armenia as well as the luxurious and sumptuous cuisine. There is nothing better than relaxing in the lazy Armenian countryside, almost in the middle of nowhere.
Many tourists like Armenia so much that they decide to buy property here, hoping to stay on in the country for the long term. They are also attracted by how cheap properties in Armenia are. Armenia’s real estate market has always been stable compared to the rest of the region. Last year in 2014, there were over 200,000 real estate transactions in the country, which is an increase of 13.3 percent over the earlier year – 2013, according to Armine Davityan, who heads the Monitoring Department at the State Committee of the Real Estate Cadastre in the Government of Armenia.
Most of these real estate transactions happen in the capital Yerevan. Other regions such as Kotayk and Armavir are doing well as well, but not as well as Yerevan. As Davityan explains, “The recent months have not seen a decline in prices. As regards factors contributing to market stability, the first is urban development projects and the second is simplified document circulation.”
In fact, over 6,000 apartments in Armenia were sold to foreign investor, so clearly there is some demand there. The apartments in the Yerevan are far more expensive than the real estate in the rest of the country. There has also been an influx of Syrian Armenians, which has served to boost property prices sharply.
However, not everyone in Armenia agrees that real estate situation in the country is looking good. Hakob Baghdasaryan , who heads Akcern Real Estate Corporation in fact says that the condition of real estate is quite grave in the country.
He explains: “No increase in real estate businesses, and 1-2 percent is not so important. Buyers are active when economy is active. We have a problem of active small and medium businesses for the real estate market to show higher activity.” Also, the exchange rate fluctuations have caused the real estate market to freeze temporarily, as Baghdasaryan explains: “But it is a temporary phenomenon because people planning programs cannot wait long.”
To attract foreign investors, Armenia should transform its real estate laws according to which a foreigner cannot own land in the country. He can only be a legal tenant or buy a house. Another issue foreign investors face in Armenia is how long the registration process takes. You need to get your passport converted into Armenian, for example, which is an unnecessary bureaucratic hassle.
If you have Armenia real estate for sale, you would wish the real estate laws in the country were more in favour of foreign investors looking to buy property here. But nevertheless, you can only deal with what you’ve got. The key is to get in touch with the right buyers and a way to do that is to get in touch with the top UK estate agents. Marketing the property well is absolutely critical to the sale and getting a top price for your real estate in Armenia.