A Guide to Buying Property in Armenia

Over the past few years, the property buying process in Armenia has changed making it easier for foreign investors to purchase property in the country. As with any purchase, it is advisable to hire a local lawyer who can help your property purchase go as smoothly as possible.

Armenian Property Overview
Foreign investors are free to purchase Armenian properties in their own names however the land that the property sits on will not be included in the sae. However, the land can be leased, and this is normally set at 99 years. Alternatively, foreign investors can setup an Armenian company. The company is then free to purchase the land that the property sits on. Many real estate agents in the country are happy to advise and help prospective property purchasers with the setting up of companies for a small fee.

Why buy property in Armenia?
Armenia probably isn’t the country most property investors think of when they are scouting for prospective real estate. However, the country has cheap property prices and generally is one of the cheaper European countries to live. Within the tourist areas, there is very little crime, and with the nation becoming more and more stable, it is increasingly looking like a good place to buy.

Yerevan is arguably the most popular place to buy in Armenia, and this means that property prices in the area are higher than elsewhere. However modern city centre flats can go for as little as $30,000 so the prices are still cheap enough to make the area a potential investment area. Currently, the property market is fairly stagnant with little growth, however for those looking for a long-term property investment, it is expected that the property market will grow and the potential return-on-investment could be quite large in the long-run.

The Armenian Property Buying Process
Once you have found a suitable property, a contract must be drawn up between the vendor and the buyer. This contract will then be signed by both parties as well as a notary. At this stage, the deposit money is then paid – expect to pay around 10-15% of the property price.

All the relevant documents will now be sent of to the local Land Registry office where various checks will be carried out. Once all the checks have been completed and approved, the property will be signed over the buyer. At this point, you will need to pay the remaining amount due on the property. It is wise to budget around 2-5% of the property price for fees.

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