Buy-to-Hold Investment Properties in YerevanCultural rhythmwith mountain horizon and traffic

Real Estate in Yerevan, Armenia

Why Invest in Property in Yerevan

Yerevan, the capital of Armenia, is rapidly emerging as one of the most attractive real estate markets in the South Caucasus. Combining a growing tech industry, geopolitical relevance, a rising tourism sector, and a large Armenian diaspora, Yerevan has seen steady development in both residential and commercial property sectors. Its affordability, clear ownership laws, and urban development projects have positioned the city as a regional hub for real estate investors looking for stable returns, low entry prices, and mid- to long-term appreciation.

Types of Property Available

Yerevan offers a diverse portfolio of real estate suitable for different investment strategies:

• New-build apartments — Predominantly in districts like Arabkir, Davtashen, and Avan, featuring modern layouts, elevators, and underground parking.
• Soviet-era flats — Found across central and residential districts, usually more affordable but in need of renovation.
• Luxury developments — In Kentron (city center), including penthouses, panoramic-view apartments, and concierge buildings.
• Detached houses and villas — Common in Nork-Marash, Ajapnyak, and suburbs like Vahakni or Dzoraghbyur.
• Commercial spaces — Retail units, offices, and hospitality venues in high-traffic areas such as Northern Avenue or Tumanyan Street.
• Land plots — Available on the city outskirts and popular for villa development or commercial construction.

Ownership Rules and Legal Considerations

Armenia offers one of the most transparent property ownership systems in the region. Key aspects include:

• Foreign nationals can own property — There are no restrictions on residential or commercial real estate ownership for foreigners.
• Freehold ownership — Buyers receive full ownership of both property and land (except for agricultural land, which has restrictions).
• Simple registration process — Property transactions are registered within 2–7 working days at the Cadastre Committee.
• Low property taxes — Armenia maintains minimal annual taxes on real estate ownership, typically below 0.2% of market value.
• Notary optional — While notaries can be involved, most real estate deals are registered directly with legal support from real estate agencies or lawyers.

Property documents and title checks are digitized and available through government registries, simplifying due diligence for investors.

Price Ranges and Market Trends

Yerevan’s property market has grown steadily since 2018, supported by digital nomads, tech professionals, Russian relocators, and repatriated Armenians. However, prices remain affordable by international standards. As of 2025:

• New apartments — $1,300–$2,800 per m² depending on district, with Kentron commanding the highest prices.
• Soviet-era flats — $900–$1,500 per m², offering good value for renovation and long-term rental.
• Luxury properties — $3,000–$5,000 per m² in central locations like Northern Avenue or Cascade.
• Detached homes — $180,000–$500,000+ depending on location, size, and finishing.
• Commercial units — $2,000–$4,500 per m² in central business areas.

Rental yields:

• Long-term residential rentals: 5%–7% annually
• Short-term rentals (Airbnb): 8%–11% gross yield in tourist-heavy areas

The market remains a cash-dominated one, with mortgages available but limited for foreigners. Most transactions are conducted in AMD (Armenian dram), but prices are often quoted in USD for foreign investors.

Most Popular Districts for Investment

Each Yerevan district offers unique investment potential:

• Kentron (Center) — Prime investment zone with high tourist footfall, international schools, and luxury buildings. High liquidity and demand for both sale and rent.
• Arabkir — A developed residential district near the center, home to families and local professionals. Great for long-term rentals.
• Davitashen — Modern mid-range area with new construction and solid infrastructure, ideal for first-time investors.
• Ajapnyak — Rapidly growing, with lower land prices and many new residential projects.
• Malatia-Sebastia — Affordable for entry-level buyers, with room for capital appreciation as infrastructure improves.
• Avan and Nor Nork — Suburban feel, with more greenery and access to schools and hospitals. Good for families and long-term tenants.

Proximity to universities, tech offices, metro stations, and parks all influence rental success and resale value.

Investment Scenarios and Profiles

Yerevan attracts a wide range of investors, including:

1. Buy-to-rent landlords — Targeting young professionals, tech workers, and relocated individuals from Russia or Iran.
2. Short-term rental operators — Offering Airbnb apartments in Kentron and Cascade for tourists and business travelers.
3. Diaspora investors — Purchasing second homes or properties for family use and future relocation.
4. Commercial investors — Opening restaurants, shops, or medical clinics in centrally located ground-floor spaces.
5. Developers and speculators — Buying land in outer districts and building apartment blocks or townhouses.

Example: A 2-bedroom new-build apartment in Arabkir purchased for $140,000 can be rented for $800/month long-term, or $100/night short-term with proper furnishing. A commercial unit in Kentron bought for $250,000 may lease for $1,500–$2,000/month, depending on street visibility and renovation.

Risks and Considerations

While Yerevan is a growing market, investors should consider:

• Resale timelines — While demand is strong, liquidity can vary by district and property type.
• Construction delays — Off-plan buyers should vet developers carefully and seek legal protections in contracts.
• Building maintenance — Some Soviet-era buildings lack elevators or modern utilities, affecting rental desirability.
• Political factors — While Armenia is stable, regional tensions can influence investor sentiment.

Using trusted legal advisors, verifying titles, and focusing on high-demand districts can mitigate most risks.

Conclusion: Who Should Invest in Yerevan

Yerevan is well-suited for investors looking for an affordable, stable, and steadily appreciating urban market. Whether targeting tourism, relocation demand, or long-term local renters, the city combines cultural vibrancy, economic activity, and a favorable legal framework. With increasing international interest, digital transformation, and a maturing real estate ecosystem, Yerevan stands out as one of the most promising property markets in the post-Soviet space.