In 2024, apartment prices in the center of Yerevan (compared to December 2023) increased by 1%, reaching 909,100 drams per square meter.
This is according to the latest statistics from the Cadastre Committee of Armenia.
As expected, the city center remains the most expensive area, with the highest price increases of 5–6% seen in the neighborhoods of Nor Nork, Davitashen, Avan, and Kanaker-Zeytun, particularly in new residential buildings. Other areas of the city have seen more moderate increases of 3–4%, with active construction underway due to growing demand. Developers have been eager to purchase as many buildings as possible to benefit from tax incentives. It’s important to note that from 2025, the income tax rebate for purchasing an apartment through a mortgage in a newly constructed building will no longer apply in Yerevan for projects started after July 1, 2022.
Additionally, the Cadastre Committee reports that in the more expensive districts, such as Center and Arabkir, fewer multi-story buildings are being constructed, as these areas have not been eligible for tax incentives for several years. As new apartments are typically much more expensive than second-hand homes, the price range between the minimum and maximum prices varies greatly from one district to another. For example, in Achapnyak, prices ranged from 35,400 drams per square meter to 805,600 drams per square meter, while in Kanaker-Zeytun, prices ranged from 72,100 drams per square meter to 807,500 drams per square meter.
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With ongoing development and the growing popularity of Armenia’s capital, the real estate market continues to evolve, offering new opportunities for both investors and those looking to buy a home.
