2026-07-07
In May 2026, 1,555 purchase rights were registered in Armenia’s primary real estate market, compared to 591 in May 2025. As part of the analysis published at the end of April, RED Invest Group had forecast approximately 1,450 purchase rights for May, which implied growth of about 145% compared to the same month of the previous year. However, the actual results exceeded expectations, recording annual growth of 163%.
The 1,555 purchase rights registered in May 2026 indicate that the market activity established at the beginning of the year continued through the final month of spring. Compared to May of the previous year, the number of transactions increased by 163%.
It is noteworthy that this result was recorded following April’s exceptionally high performance, when 2,153 purchase rights were registered. This suggests that April’s activity was not a one-time phenomenon and that the market continues to maintain strong demand even under more balanced conditions. This level of activity has been supported by the continued supply in the primary market, the widespread use of installment payment mechanisms, and sustained interest in newly built residential properties.
During January–May 2026, a total of 7,448 purchase rights were registered in Armenia’s primary real estate market, compared to 2,778 during the same period in 2025.
As a result, the first five months recorded:
These figures demonstrate that the market activity established at the beginning of the year was maintained throughout the entire period and was not driven by any single month. This points to a longer-term trend in which the primary market is operating at a significantly higher level than in the previous year.
As noted in previous analyses, following April’s exceptionally high activity, the market has gradually begun moving toward a stabilization phase. May’s results indicate that this process is already visible: while the number of transactions declined from April’s peak level, it remains within a historically high range.
This may suggest that the market is gradually establishing a new baseline of activity, where supply and demand operate under more balanced conditions. At the same time, such stabilization should not be interpreted as the end of growth but rather as a foundation for further development.
Of the 1,555 purchase rights registered in May 2026, 789 were recorded in Yerevan and 766 in the regions of Armenia. This distribution indicates that market activity was generated almost equally in both the capital city and the regions. Approximately 51% of May’s purchase rights were registered in Yerevan, while 49% were registered in the regions.
It is particularly noteworthy that despite the termination of the income tax refund program in Yerevan, the capital continues to maintain its leading position in the primary market. This suggests that demand in Yerevan is driven not only by government support mechanisms but also by genuine housing demand, the supply of new developments, and broader market factors. At the same time, the high level of activity recorded in the regions demonstrates that the development of the primary market is gradually achieving broader geographic coverage.
May’s results confirmed that Armenia’s primary real estate market continues to develop under significantly higher levels of activity compared to the previous year. The actual growth of 163%, compared to the forecasted 145%, indicates that demand remains strong, while the market is gradually transitioning into a more balanced phase. The data from the first five months also suggest that this is not the result of individual monthly fluctuations but rather a more stable and long-term trend.
Data Source: Cadastre.am
Developed and supplemented by RED Invest Group
