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Real estate transactions grew by 17.1% in Armenia in July this year against the same month last year, and by 10.3% against June 2019, Prime Minister Nikol Pashinyan said in a Facebook post.

“The most exciting fact is that in July 2019 industrial real estate transactions increased by 11.7% from July 2018, and by 3.1% against June 2019,” the PM said.

He also lauded the fact that the transactions growth was recorded at the expense of that in provinces and not in capital Yerevan.

The PM also dismissed the claims that the real estate transactions growth is conditioned with the fact that more people are selling their homes and leaving the country, explaining such a scenario entails a decline in real estate transactions, not a growth, since sellers would be more than buyers, and even in case of great desire people would be unable to sell their apartments for years, as it was the case in 2018.

“Now the opposite process is taking place: there are many buyers but few sellers. For what reasons would anyone possibly sell their home other than the most pessimistic versions? For instance, they might sell it to buy a better one. They might replace their good house with a worse one to make investments with the gained profit, not to mention the option of acquiring an apartment from scratch and basically the most part of the transactions are such,” the PM said, adding it is best evidenced by a strong growth in mortgage loans in the country.

Pashinyan noted that mortgage loan volumes grew by 174% in June 2019 against June 2018, increasing by 120% in the fist half of 2019 from the same period of 2018.