The Government of Armenia is going
to promote housing construction in 2014, Prime Minister of Armenia Tigran
Sargsyan said during today's session of the Government.
He said that construction decline has made up 8.2% and
this sector of economy has not yet recovered after the world economic crisis. The
driving forces of Armenian economy are industry and agriculture. Sargsyan said that the demand for high-class
housing has dropped over the past few years. In the meantime, the demand for
economy class housing has risen, however, there is no relevant supply. Sargsyan
pointed out that the Government is going to help state officials to receive
mortgage loans to buy housing. "Today it is a problem to purchase housing
at a price lower than 25 mln AMD (nearly $61 thsd)", he said. He added
that the 30% prepayment is also a big problem. In this regard, the Government
is ready to provide state guarantees so that state officials could receive a
mortgage loan without any initial contribution. One more privilege will be for
foreign citizens who will automatically get a residence permit as soon as they
acquire housing.
The Prime Minister added that the construction of 1 sq
m of high-class housing costs 800 USD and all measures should be taken to make
economy class housing much cheaper. Sargsyan instructed preparing the list of
state officials who need housing. He also instructed the Yerevan Municipality
to provide relevant area for construction.