An initiative has been developed to intensify the real estate market of Armenia, Suren Tovmasyan, Head of the Cadastre Committee of Armenia, told a press conference Monday.

He added that the chance to conduct real estate purchase and sale transactions in Armenia for persons abroad is being facilitated and now there is no need to draw up a power of attorney in the name of third parties, or come to Armenia in person to carry out these transactions.

Tovmasyan explained that if the parties come to an agreement and the bank expresses its readiness to finance the mortgage loan, the parties will be able to sign the purchase and sale agreement online and submit it for registration.

This means that persons living abroad who have the right to purchase real estate in Armenia will be able to sign the aforesaid agreement remotely and receive the ownership certificate electronically.

Tovmasyan added, however, that this is still a pilot project.

To note, this procedure is much more complicated for Armenian citizens.

Also, there have been a number of media reports about Turkish and Azerbaijani nationals purchasing apartments in Yerevan, the capital of Armenia.