Within last year the Armenian real estate agencies are clearly beware of the RA State Committee of Real Estate Cadastre.

Practically all of them refuse to provide the quotes for real estate, and some even state that are not empowered to give specific figures and recommend consulting with Cadastre as the only competent body. Most probably, the reticence of real estates is caused by the consequences of the market crisis, that already brought down all prices. These tendencies make panic not only the brokers, but also disorient people that for any reason wish to sell their property.

Knowing that the prices for property are continuously going down, potential buyers do not rush at buying, hoping that further will be able to buy the same apartment at a lower price. As for the real estates, they work for price increase, as the higher the prices, the higher their commission rates. “Akcern”, one of the leading real estate agencies in Armenia refused to provide the required information to the NEWS.am correspondent. In response to the question on apartments rates at the real estate market in Yerevan, they said: “We do not give such information”. In other agencies our correspondent was told that the expert on this matter is expected shortly, and asked to call back in a couple of hours. The expert never appeared at work and the issue on “apartments’ prices in Yerevan” remained open.

VVP Real Estate Agency, we were told: “Currently the agency is on reconstruction, our experts are not at the office, and they cannot provide any response”.
“Cascade” Real Estate was the only agency where News.am correspondent got any information. One of the employees informed that she could not give exact figures, however according to her, prices on real estate in Yerevan during this year went down by 30-35%.

According to NEWS.am correspondent’s interview with independent anonymous real estate brokers, prices went down for at least 40-50% and still go down.

As an example, one of the agents told that during 2008 in one of multi-storey buildings of Avan community a 3-room average apartment on middle grounds cost $70-$80 thousand whereas presently the same apartment is available for $40-$45 thousand. Same situation was in Davitashen community, where last year a 3-room apartment was $90-$100 thousand, while today it comes to $50-$60 thousand.The price ranges depend on the area, layout and conditions of the apartment.

It’s interesting, that RA State Committee of Real Estate Cadastre website shows a different picture of real estate market prices. According to it, prices in Yerevan dropped slightly. According to the Committee, in 2008 – 1sq.m. in the center of Yerevan cost 477 400 AMD, in 2009 — 461 300 AMD; in Arabkir community 416 300 AMD in 2008– and 354 400AMD in 2009 accordingly; Avan community — 268 300 AMD in 2008 and 221 500 AMD in 2009 and in Davitashen – 290 200 AMD in 2008 and 252 600 AMD in 2009. On overage, according to the official source, an apartment cost 298 800 AMD in 2008, whereas in 2009 — 259 700 AMD. If these figures are trustworthy, the prices on the real estate in Yerevan dropped by 13,1% during the last year. In brief, this data is far from reality. While Cadastre passes the desirable for reality, Armenians keep buying and selling their property at real market prices.