Real estate prices regulate the market. Minister of Economy Vahan Kerobyan told this to reporters Friday, referring to the fact that real estate prices have risen sharply in Armenia in recent months.
"In connection with the large number of people who moved to Armenia, including people who came to Armenia by repatriation, the demand for real estate has increased sharply at us, which has led to a sharp increase in prices. If someone had told us a year ago that one square meter of real estate in the center of [capital] Yerevan could cost 4-5 thousand euros on average, each of us would have laughed. Today it is a reality, and it happened as a result of economic changes.
"It is important for us to speed up the pace of housing construction because today's demand is incomparably greater than the volume [of housing construction] that our developers manage to carry out today. We should try to do it through new programs, about which active discussions are already underway," said the Armenian economy minister.