What are the prices for housing in Armenia? How do I buy an apartment in Yerevan? Can I get a residence permit in Armenia when buying real estate? A detailed guide with the answers to all these questions—in our material.

Foreigners can buy an apartment in Armenia without limitation, which can't be said about land plots—you can only rent it for up to 99 years. In addition to owning any type of real estate in Armenia, a foreigner can also freely resell, rent, or inherit it.

What does the purchase of real estate in Armenia entail?

Buying real estate does not give any preference to obtaining a residence permit in Armenia. However, it is possible to get a residence permit in Armenia in the case of opening a startup or any company engaged in commercial activities. For example, if an investor is interested in a rental business in Armenia, he can register a company, buy real estate, and then rent it out.

Buying real estate in Armenia in steps

What should be done to make the purchase of Armenian real estate successful:

1. Collect documents.

Once you have chosen the object you want, you need to negotiate with the seller about the price and other conditions of the deal. And, of course, before processing the transaction, you must have all the necessary documents:

  • Notarized translation of the buyer's passport and a document proving the seller's identity.
  • A certificate of the seller's clean title.
  • Statement about the absence of utility debts by the seller.
  • Number of accounts in a bank in Armenia from which to transfer money during the transaction.
  • Documentary evidence of the origin of funds.
  • Certificate of marital status.

2. Conclude the contract of sale.

To make a contract of sale, you and the seller need to visit a notary's office and take all the documents.

The purchase and sale agreement should contain the following:

  • Information about the parties to the contract, with all necessary details, including last name, first name, middle name, and passport information.
  • Information about the property, including its exact description and an extract from the cadastre describing the property.
  • The price of the property, including the terms and payment schedule.
  • Identification of the responsibilities of both parties.
  • Indication of protection against eviction (possible claims from third parties).
  • Signatures of the parties to the transaction and the interpreter.

3. Register the right of ownership.

After submitting a copy of the contract to the notary and confirming the transfer has been sent from the bank, the process of transferring the rights to the property in the cadastre begins. This process usually takes about three to four working days, after which the buyer is issued a certificate confirming his ownership of the house.

4. Pay for the deal.

On July 1, 2022, a new law came into force in Armenia that requires non-cash payment for all transactions over $10,000 and requires the transfer of ownership or registration with the state authorities.

Otherwise, the transaction may be invalid. Thus, the only way to pay for real estate is a bank transfer (from a local account to the seller's account via bank transfers) or a SWIFT transfer from a foreign bank to the seller's account in Armenia.

Note. Also, the purchase of real estate in Armenia is possible remotely: it is necessary to issue a notarial power of attorney to the person who will physically carry out the transaction. In this case, the registration of the purchased housing will also be part of his duties.

Related costs when buying real estate in Armenia

  • Transfer of ownership—€115.
  • Notarial translation of the passport—€7-13.
  • Realtor services—an average of 1.5-2.5% of the transaction.

The real estate tax calculation is based on the cadastral value of the object, which is as close as possible to the current market value. Each year, property owners must pay a tax of approximately 0-1% of the property value.

Average housing prices in Armenia

You can buy a 90 sq.m. apartment in Armenia for €90,000-€210,000.

The rent price for a studio apartment in Armenia is about €630-920 per month. It is possible to rent a three-room apartment in the country for €930-1500.

Utility bills in Armenia are on average €110 a month (plus €17 for Internet).

Buying housing in Armenia on a mortgage

Foreigners in Armenia can't buy housing on a mortgage. As for commercial real estate, you need to clarify the conditions directly from developers and banks with which they cooperate.

The interest rate on a 20-year fixed-rate mortgage in Armenia is 12.83%.