2026-08-21
Over the past year, the upward trend in prices has continued in Yerevan’s residential real estate market. Property appreciation has been recorded in all administrative districts of the capital, although the growth rates have varied. While the already high prices in the central areas of Yerevan limit the possibility of sharp growth, price changes have been more dynamic in developing and relatively affordable administrative districts. The increase in construction costs, the expansion of the supply of newly built apartments, the shift of buyers’ interest toward areas outside the city centre, as well as the limited supply of land in several administrative districts, continue to contribute to price growth.
According to the data for the second quarter of 2026, the overall upward trend in prices continued across all administrative districts of Yerevan. However, the rates of change were not uniform: the highest growth was recorded in Nork-Marash, Shengavit, and Ajapnyak. The most active price dynamics were recorded in Nork-Marash, where the average price per square metre reached approximately AMD 553,000, increasing by around 24% over one year. This trend is driven by the development potential of the administrative district, limited supply, and growing interest in high-value residential environments. In Shengavit, annual property appreciation amounted to approximately 19%, while in Ajapnyak it was around 16%. In both administrative districts, price growth was supported by the increase in new construction projects, relatively affordable price levels, and the gradual shift of buyers’ interest toward areas outside the city centre.
In the remaining administrative districts, price changes were more stable and moderate. In Kentron and Arabkir, the main reason for this was the already established high price base, while in the other districts it was the relatively balanced relationship between supply and demand. Overall, price growth in Yerevan’s market continues, but the highest growth rates are gradually shifting toward administrative districts with development potential and more accessible price levels.
The annual picture of Yerevan’s residential real estate market shows that price growth is no longer concentrated only in the most expensive administrative districts. The highest growth rates are being recorded in developing and mid-priced segments, where buyers still see the potential for further price increases. Until the end of 2026, the gradual continuation of price growth is likely in the market, although the changes will not be uniform across all administrative districts. Prices in Kentron and Arabkir will most likely continue to rise at a more moderate pace, while Nork-Marash, Shengavit, Ajapnyak, and other developing districts may maintain stronger price dynamics.
Data source: Cadastre Committee of the Republic of Armenia
Developed and supplemented by RED Invest Group
