YEREVAN. – There are disturbing developments in Armenia’s construction sector: 8.5-percent drop in eight months.

Prime Minister Tigran Sargsyan stated the aforesaid during Thursday’s Cabinet meeting.  

As per Sargsyan, the primary reason is the reduction in the demand for luxury apartments. Instead, there is a demand for economy class apartments, but the respective offer is not much.  

To invigorate the construction sector in Armenia, the government plans to promote the construction of economy class apartments.

With the first respective step, legislative changes are proposed, pursuant to which if foreign nationals purchase an apartment in Armenia, they will quickly be issued a certificate of residence, and therefore they will have no difficulty entering the country.       

Subsequently, the government will promote the civil servants’ purchasing of apartments with mortgage loans.   

In addition, Tigran Sargsyan asked Yerevan Municipality to allocate suitable areas for developers, so that the cost price of the apartments to be built would be low.