The prices of apartments for rent in Yerevan had fallen by half

As it was predicted, due to the epidemic and the tourism crisis, serious difficulties have arisen in the Armenian rental market this year.

The number of deals, particularly in Yerevan, had decreased by 14% in the first half of the year. According to the General Director of “Red Group” Arsen Avetisyan, the rental market is now in deep rest. About 80% of the apartments for rent in the center of the capital were apartments for daily rent, the remaining 20% were long-term. In the case of the former, nothing can be said about the prices, as they are simply not delivered for the simple reason that there are no tourists in the country, and in the case of the latter, the prices have been reduced by at least half. The reason is that in this part of the market, on the one hand, the demand has objectively decreased, on the other hand, a part of the daily rent sector has moved here, creating a several times surplus of supply. According to Arsen Avetisyan the tenants of an apartment try to find out at what price they can hand them over and he definitely recommends to hand over as much as the buyer is ready to pay. Moreover, it refers to the apartments of both the central part of the city and other parts, “. The current situation, however, according to him, is temporary ․ By the time the epidemic is over and tourism is booming, rental prices will rise rapidly to pre-existing levels. According to Eduard Apriyan-  another Red Group expert, business development director, due to the owners’ tolerant, literate and tenant approach, the prices in this sector did not change much, there were no excesses in the market and relative stability was maintained. . As Cadastre 2020 semi-annual analysis reports the table below shows the average rental prices of public buildings in Yerevan per square meter.