Global Armenia real estate market is expected to exceed USD 1,249.3 million by 2030 from USD 880.4 million in 2019 at a CAGR of 4.3% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of rising government initiatives.
Growth of the real estate market is considered one of the key aspects of a steady market economy owing to the high national wealth personified in the real estate, its huge share in the GDP, the facility of high budget revenues, the establishment of new jobs in the market along with the growth of services provided in the market, etc. Armenia’s real estate market, after the fall and reasonable growth in the current years, displayed significant growth in 2018 primarily owing to positive political and economic outlooks of the market’s impending buyers. However, the volume and price growth is certified by the industry professionals as a consequence of a short-term effect, and in the dearth of further economic and spending deep-rooted growths, it may substantially slow down, while under conditions of increased demand (followed by price rise) the offer will also rise shortly and the real estate market is likely to have steady growth trends both quantitatively and in terms of price.
Real estate is real property that comprises of land and enhancements, which involve buildings, fixtures, roads, structures, and utility systems. Property rights provide a tag of possession to the land, enhancements, and natural resources such as minerals, plants, animals, water, etc. The real estate sector includes the many surfaces of a property, containing growth, evaluation, marketing, selling, renting, and running of commercial, industrial, residential, and agricultural belongings. This sector can waver based on the national and local regions, even though it continues to be fairly steady owing to the point that people always require homes and businesses to require office space.
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Armenia Real Estate Market: Key Players
- Ada Tech LLC
- Step Investment Group
- “Akcern” Real Estate Corporation
- Roxwell LLC
- BARS Real Estate Company
- Renshin LLC
- “CHARAGAYT” Construction Company
- MLL Industries LLC
- Comfy LLC
- Elite Group
Armenia Real Estate Market: Segments
The Industrial segment to grow with the fastest CAGR during 2020-2030
Global Armenia real estate market is segmented by Property Type into Residential, Commercial, Industrial, and Land. Among these, the industrial segment is estimated to hold the largest market share of xx% in 2019. This is primarily based on the setting up of new industries or producing plants in Armenia. For instance, lately, in April 2019, a Chinese elevator manufacturer has contracted Memorandum with Armenia to set up a plant in Kotayk Province, with an expected annual production of 2000 – 3000 elevators. Moreover, a new Diamond cutting factory opened in the city of Abovyan in December 2019. Additionally, a new cheese factory in Noragavit was commenced in March 2019. Thus, growth in the number of plants or workshops is projected to raise the demand for industrial spaces in the country.
By Property Type (in %), Armenia Real Estate Market, 2019
The Rental segment to boost at fastest CAGR during 2020-2030
Global Armenia real estate market is segmented by Business Type into Sales and Rental. Among these, the rental segment is witnessed to hold the largest market share of xx% in the year 2019. Development in the commercial and industrial sector is predicted to raise the rental transactions in Armenia. The commercial segment is one of the primary funders in the rental segment. Many U.S. brands are existing in Armenia. These involve Calvin Klein, Tommy Hilfiger, Polo, and Gold’s Gym. Additionally, the new government, which was elected in power in May 2018, stated that they will eliminate all managerial and tax obstacles for entrants. This will assist the new retailers to enter the market, therefore, driving the growth of the rental segment.
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Armenia Real Estate Market: Market Dynamics
DriverRising Government Initiatives
The government in the region along with the governments of respective states has begun numerous ingenuities to boost development in the sector. Smart City Project, with a plan to build 100 smart cities, is a prime prospect for real estate companies. To recover hindered housing projects across top cities in the region, the government in the region is granting the building up of a huge amount as an alternative investment fund (AIF). A huge number of houses have been approved in urban areas, inventing a sufficient level of job openings. The government is also developing an Affordable Housing Fund (AHF) in the National Housing Bank (NHB) using the priority sector advancing shortfall of banks/financial institutions for micro-financing of the HFCs.
Increasing Political Uncertainty
Political uncertainty in the past had a high effect on the real estate sector and the latest reforms in the region had kept on affecting the real estate market on a greater level. Initiatives from the government are usually passed on to raise the accessibility of personal housing spaces and to provide a fair opportunity to the population. But these reforms incline towards limiting the investors and builders from spending or starting a new luxury project. This stops an investment form being made in the market, thus, hindering the industry growth.
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The market report on Armenia real estate also contains the following in-depth analysis:
Real Estate Market Segments:
- By Property Type
- By Business Type
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