YEREVAN. – The real estate buyers have reduced in Armenia’s capital, Yerevan, American-Armenian businessman Vahakn Hovnanian—who has made great investments in Armenia’s real estate market—stated during a press conference on Tuesday.
As per Hovnanian, one reason for this drop is emigration, and the rest do not have enough money.
In the Diaspora-Armenian entrepreneur’s words, solely the Armenian immigrants from Syria, Iran and Egypt bring liveliness to the real estate market.
Vahakn Hovnanian also informed that 63 percent of the real estate his company (Hovnanian International Ltd) offers are purchased by local Armenians and 37 percent are bought by foreign nationals.