By Adonia Agayan

YEREVAN, August 13 — “The Armenian real estate market is gradually developing,” Ashot Musayan, Armenia’s Deputy Chairman of Cadastre State Committee of Real Estate, said.

“I can’t say what will happen in the future. Nevertheless, compared with 2008 in 2010 definite development is seen,” Musayan said. He didn’t specify the  volume of the market growth.

He also noted that in a certain period the real estate market survived some decline basically related to amortization and mortgage deals. However, there is a tendency towards market development.

According to the recent official data provided by the State Committee of the Real Estate Cadastre, in the first quarter of 2010 more than 36,400 real estate deals have been executed, which is 27.9 percent higher than the indicator of the same period in 2009.

Yerevan Report