Armenia is located in the heart of the Transcaucasus, where Eastern and Western cultural traditions intertwine. With a population of only 2.97 million, GDP is growing steadily at about 6% per year. The main driver of the economy is the construction boom, which was caused by an explosion in demand in the local real estate market in 2022. This, coupled with a simplified purchase procedure for foreigners, makes the real estate market attractive to investors and those who are simply looking for housing in Armenia.
Advantages of buying property in Armenia
Foreigners can freely buy property in Armenia without the need to obtain special permits. There are only indirect restrictions in the form of a ban on owning land in Armenia. However, it is only conditional, just instead of full ownership, a lease for 99 years will be issued.
Real estate prices here are also affordable: the average cost of a square meter in Yerevan in 2024 ranged from $ 600 to $ 2,300. The highest prices are in the central Kentron district, while more budget-friendly options can be found in the Nubarashen, Erebuni, and Shengavit districts.
Rental demand in major cities has grown by 30% since 2022. The growth has not stopped, and in general, buying property for sale in Armenia as an investment asset is a good idea, especially for renting out. Moreover, such real estate can become the basis for obtaining a residence permit.
Real estate prices in Armenia
The cost of armenia real estate for sale depends on the region. New buildings in Yerevan are the most expensive — $2,300+ per m². Secondary housing in the budget districts of Malatia-Sebastia starts at $600 per m². In the cities of Gyumri and Armavir, prices remain in the average range of $500–1,200 per m².
Real estate prices in Armenia:
| Property type |
Average price (USD per m²) |
| New apartment buildings |
1000–2300
|
| Resale housing |
600–1500 |
| Private houses |
800–3000 |
| Commercial real estate |
1500–4000 |
Popular cities and regions of Armenia for buying housing
Yerevan is the leader in the number of transactions on the local market — 68% of all in the country. The business life of Armenia is also concentrated here. The Kentron district is considered the most prestigious, which is why housing in it is the most expensive in the country ($2300+ per m²).
The second largest city is Gyumri. It has more reasonable prices (up to $2000 per m²) and a slower pace of housing construction. In general, it is chosen by those who want to stay in Armenia permanently, away from the rush of the capital.
Tsaghkadzor is a popular ski resort. Prices here are at the level of Gyumri, but there are not many properties due to the limited land fund. However, it is precisely because of the resort that the city is ideal for investing in rental housing.
How to buy housing in Armenia
The process of buying real estate in Armenia begins with choosing an object and checking its legal purity. To check, it is recommended to hire a lawyer or formalize the transaction through a realtor. His services will cost 1.5-2.5% of the transaction amount. But this will protect you in case the deal falls through.
If everything is clean, then the parties draw up a preliminary agreement. In it, the terms of the transaction and its amount are agreed upon. Also, a mandatory clause is information about making a deposit as a confirmation of the intention to buy the property. The deposit is usually 5-10% of the value of the property.
After this, a full-fledged purchase and sale agreement is signed with a notary and the ownership is registered with the Cadastral Committee of Armenia.
The transaction requires:
- A notarized translation of the buyer's passport.
- A document confirming the identity of the seller.
- Extract on the right of ownership and absence of encumbrances.
- Certificate of absence of utility debts.
- Bank account in Armenia for transfer of funds.
There is no tax on the acquisition of real estate in Armenia, but owners pay an annual property tax - up to 1% of the cadastral value.
