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YEREVAN, Armenia – During a recent government session, Prime Minister Nikol Pashinyan addressed the notable surge in real estate prices across Armenia, particularly in the capital, Yerevan. Pashinyan highlighted that while rising rental costs present a social concern, the overall increase in property values indicates a positive economic outlook and public optimism.
Real Estate Appreciation and Citizen Wealth
Pashinyan emphasized that many citizens, without active intervention, have seen their wealth double due to property appreciation. He illustrated this point by stating that a property valued at $50,000 in 2018 could now be worth $100,000 in 2026. “A person whose home was worth, say, $50,000 in 2018, today that same home is worth $100,000. The person has doubled their wealth, but they don’t know about it or don’t acknowledge it,” Pashinyan noted.
He further elaborated on the financial implications, suggesting that the increased property value could enable owners to secure larger loans for business ventures. For instance, a property that could secure a $30,000 loan in 2018 might now be eligible for a $60,000 loan, reflecting the substantial growth in asset value.
Yerevan’s Soaring Property Values and Decentralization
The Prime Minister pointed out that apartments in central Yerevan have recently sold for as much as $8,000 per square meter. This rapid appreciation, he believes, could lead to a desirable phenomenon: a slowdown in the influx of people and businesses into Yerevan, encouraging a shift towards regional development.
“We have discussed that real estate prices can lead to a phenomenon that is largely desirable, where flows to Yerevan slow down a bit, and businesses decide to gradually move out of Yerevan or its center to reduce their costs, thereby shifting human flows and jobs to the regions,” Pashinyan stated. He added that this could create opportunities for people to live and work in their homes and regions.
Renovation Programs and Housing Stock
Pashinyan also linked the current real estate trends to the feasibility of renovation programs. He revealed that this issue was discussed in the Security Council two to three years prior, noting that 90% of Armenia’s housing stock is old and dilapidated. The renovation program aims to implement investment projects on existing housing stock and construct new buildings.
“This makes the renovation program very realistic. We discussed this issue in the Security Council 2-3 years ago. 90% of Armenia’s housing stock is old and dilapidated. The renovation program is that investment projects are implemented in place of the existing housing stock and new buildings are constructed. And, of course, this problem is very urgent in Yerevan, and we are thinking about it,” Pashinyan concluded, emphasizing the urgency of addressing housing issues in Yerevan.
Source: https://www.pastinfo.am/hy/videos/2026/10/01/%D4%B1%D5%A1%D5%AF%D5%BF%D5%AB%D5%BE%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6%D5%A8-%D5%B4%D5%A5%D5%AF-%D5%BA%D5%A1%D5%BF%D5%B3%D5%A1%D5%BC-%D5%B8%D6%82%D5%B6%D5%AB/238658
