New buildings for sale in Armenia

Armenia is the highest mountainous country in the Caucasus, because almost all of its territory lies at altitudes above 1 km above sea level. However, the difficult climate does not hinder the development of the real estate market. Of course, the land fund is limited, but even in conditions of high demand, you can buy real estate in Armenia from a developer at quite reasonable prices.

Nuances of buying real estate in new buildings in Armenia

Legislation allows non-residents to freely purchase new housing in Armenia, with the exception of properties in border or strategic zones. When choosing a developer, you need to check its reputation and proven experience in implementing large residential complexes. They more often than others offer installments for 1-3 years without interest or a mortgage at 8-12% per annum. 

Also, developers in Armenia are required to build all new buildings according to strict seismic resistance standards (up to 9 points on the Richter scale) due to the country's location in a seismically active zone.

It is important that foreigners can make a purchase remotely through a notary. To do this, it is enough to make an electronic signature. But then the risk of running into unscrupulous sellers increases, and therefore it is recommended to check the developer's construction permits. It is better to do this through licensed realtors registered with the Cadastral Committee of Armenia.

Cost of new housing in Armenia

The cost of new housing in Armenia is also 20-30% lower in the early stages of construction. Location also plays an important role: as already mentioned, there are many mountains in Armenia, and therefore real estate developers in Armenia often focus on picturesque landscapes. Despite the simple building, an additional fee (15-30% markup) is charged for the mountainous landscape, which is quite common for the country.

Average prices for new buildings in Armenia:

Popular cities for buying real estate from developer in Armenia

The traditional first line of many countries is the capital. In this case, Yerevan is the most developed in terms of infrastructure, and it accounts for 27.8% of all real estate transactions in the country. Here are the highest prices of $ 1,500 per square meter due to the high demand for real estate among foreigners.

Other popular cities:

• Gyumri. Gyumri stands out for its abundance of buildings with historical architecture and theaters. However, the city is attractive not only for tourists and investors, prices for new buildings start from $ 600–800 per square meter, which is quite affordable for families and young professionals.
• Dilijan. Dilijan is oriented towards tourists - there are many spa centers, sanatoriums, boarding houses, and the quality of the air and mineral springs have made it a unique mountain climate and spa resort. The local real estate market offers cottages, apart-hotels and eco-housing from $700-1000 per sq.m. Investments in tourist real estate are especially profitable here due to the proximity to the Dilijan National Park.
• Tsaghkadzor. The main ski resort of Armenia, which is why it attracts investors in seasonal real estate. Prices for apartments and chalets in new buildings start from $800 per sq.m., and in elite complexes - from $1200. The most active season is winter, when the ski slopes open. In summer, the flow of tourists is smaller, its basis is ecotourism.
• Vanadzor. The largest city in the Lori region with a developed industrial sector. In addition, the city authorities are striving to develop the IT industry through the Vanadzor Technology Center technopark and affordable housing prices (from $650 per sq.m.).