ArmInfo. The average market value of apartment buildings in Yerevan rose by 3.8% in the first quarter of 2026 (compared to a 1.5% increase a year earlier), averaging 482.1 thousand drams per square meter.
According to data from the State Committee of the Real Estate Cadastre, the Kentron (Center) district traditionally maintains the highest apartment prices in Yerevan, averaging 908.4 thousand drams per square meter (a YoY growth of 102%). Arabkir follows, where the cost of apartments was recorded at 633.4 thousand drams per square meter (a YoY growth of 0.8%). Davitashen rounds out the top three at 494.8 thousand drams per square meter (a YoY growth of 2.9%).
The lowest housing prices in the capital are traditionally found in the Nubarashen district, where the average cost per square meter of an apartment was 249.9 thousand drams, reflecting a 5.5% annual increase. In total, 4,704 apartment buy-sell transactions were executed in Yerevan during Q1 2026, which is 67.6% higher than the previous year's figure (compared to an 8.7% growth a year earlier). Apartment transactions accounted for 69.7% of the total volume of real estate sales. This was followed by transactions involving garages—1,218 or 18.1% (a YoY growth of 34%); private houses—334 or 4.9% (a YoY growth of 29.5%); commercial properties—250 or 3.7% (a YoY growth of 36.6%); land plots—217 or 3.2% (a YoY growth of 41.8%); and a negligible percentage for industrial properties—22 or 0.03% (a YoY decline of 38.9%). Overall, 6,745 real estate buy-sell transactions were completed in Yerevan in the first quarter of 2026, representing a 55.2% year-over-year increase.
A total of 1,713 real estate rental transactions were registered in the capital in the first quarter of 2026, which is 5.3% lower than the same period last year. According to the Cadastre, a total of 20,449 real estate transactions were completed in Yerevan during the reporting period, representing a 30.1% year-on-year increase, accounting for 34.4% of the total number of transactions completed in Armenia.
In an interview with ArmInfo, Hovhannes Basentsyan, Deputy Director of the DCD development company and a member of the Armenian Association of Developers, highlighted the key factors driving the real estate market's development following the expiration of the income tax refund mechanism for mortgage loans. Among the main reasons, he cited industry segmentation, the growing competence of developers and buyers, and the introduction of flexible payment and installment plans.
However, the expert noted that this development is primarily driven by investment demand. "Of course, there is also a need for housing, but that's secondary. We see that buyers are primarily purchasing premium- class properties, for whom this is their fourth or fifth apartment, with the goal of generating income—either through sale or rental. Investment buyers are more active participants in purchase and sale transactions, which is driving the market," Basentsyan said.
A sustained price increase in Yerevan, according to the expert, appears entirely realistic. "In my opinion, the potential for further growth remains, while I see no preconditions for a significant price decline. Firstly, this is due to the fact that Armenia remains a developing country. Such economies are characterized by steady growth in real estate prices, often at a faster rate than in developed countries. Secondly, the market is affected by rising construction costs. If project implementation costs rise simultaneously and demand from buyers remains, this will inevitably impact the final price of housing," Basentsyan said. Barring force majeure scenarios, the Deputy Head of the DCD noted that the Armenian real estate market will continue its upward trend in the coming years, while undergoing natural adjustments.
