2026-05-15
The data for the Yerevan real estate market in the first quarter of 2026 show that average apartment prices in the capital continue to maintain an upward trend. Overall, the price increase is positive; however, within the market, it is expressed differently: in already established and high-value administrative districts, growth is stable and moderate, while in developing areas it is faster and more significant.
In this context, two main price behavior patterns can be distinguished in the Yerevan real estate market. The first refers to already developed administrative districts with a high price level, where prices grow more slowly but steadily. The second refers to developing administrative districts, where there is still greater potential for revaluation, resulting in faster price growth. In this logic, Kentron can be highlighted as a stable and developed administrative district with a 1.2% increase, while Nork-Marash can be highlighted as a rapidly growing and developing direction with a 21% increase.
The graph below presents the dynamics of average apartment prices in Yerevan’s administrative districts based on data from the first quarter of 2025, the fourth quarter of 2025, and the first quarter of 2026. The graph makes it possible to compare both annual and quarterly changes and to see in which administrative districts price growth has been more stable or more rapidly expressed.
Kentron administrative district continues to remain the highest-priced zone in Yerevan. In the first quarter of 2026, the average price per 1 sq. m. here was about AMD 908,000. In the case of Kentron, the important point is that the price is high, but the growth rate is relatively moderate. Compared to the first quarter of 2025, the price increased by about 1.2%, while compared to the fourth quarter of 2025, it increased by about 0.5%. This shows that Kentron’s market has already matured: instead of sharp growth, a stable, predictable, and high-value market has formed here. In other words, price growth in Kentron is not driven by rapid revaluation, but rather by the established market position of the administrative district, the high value benchmark, and the stable preservation of prices under conditions of limited new supply.
Nork-Marash stands out in the graph as one of the administrative districts that recorded the fastest growth. If in the first quarter of 2025 the average price here was about AMD 400,000 per sq. m., then in the first quarter of 2026 it reached about AMD 485,000 per sq. m. Annual growth amounted to around 21%, which significantly exceeds the average growth rate in Yerevan. At the same time, compared to the fourth quarter of 2025, growth of about 4.6% was also recorded. This indicator shows that the market in Nork-Marash is in an active revaluation phase. The administrative district has not yet fully reached the price level of Kentron or Arabkir, but due to its locational characteristics and development potential, it has started to form a higher price environment.
The Yerevan real estate market continues to maintain positive price dynamics in the first quarter of 2026. The overall picture shows that the market is growing, but this growth is expressed with different intensity across different administrative districts. Taking as an example one of the most stable administrative districts, Kentron, where prices are at a high level and are growing at a moderate pace, and Nork-Marash as a developing and rapidly growing administrative district, which recorded a significant price increase compared to the first quarter of 2025. Thus, based on the data for the first quarter of 2026, Yerevan’s apartment market can be characterized as growing but not uniform, where stable high-value segments and rapidly revaluing directions form an overall positive price environment.
Data source: Cadastre.am
Processed and supplemented by RED Invest Group
