YEREVAN. – The new income tax procedure will invigorate the housing business in Armenia.

Financial Director at Shen Holding JSC—which manufactures and exports building materials—, Sergey Durakhanyan, told the aforesaid to Armenian News-NEWS.am.

He recalled that since the beginning of the year, the government refunds the income tax in the amount of the mortgage interest rate, if the apartment is purchased directly from the constructor.  

“We already see results,” stressed Durakhanyan. “So, intensification is expected in the housing industry [of Armenia] in the coming months.”