The Real estate is well-defined as a property, which is created up of land and any physical structures on it such as several types of buildings.
According to the report analysis, ’Armenia Real Estate Market by Property (Residential, Commercial, Industrial, and Land), and Business (Sales and Rental): Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the Armenia Real estate market there are several corporate which presently operating more effectively for leading the highest market growth and registering the great value of market share around the globe more effectively for leading the fastest market growth and dominating the handsome value of market share around the region over the inflowing years while spreading the awareness related to the benefits of such, implementing the profitable strategies, employing the young work force, implementing the profitable strategies, studying and analyzing the strategies of the government and competitors, and delivering the better consumer satisfaction involves AdaTech LLC, Akcern Real Estate Corporation, BARS Real Estate Company, CHARAGAYT Construction Company, Comfy LLC, Elite Group, MLL Industries, LLC, Renshin LLC, Roxwell LLC, and Step Investment Group.
The Armenia real estate market was worth at USD 880.4 million in 2018, and is predicted to reach USD 1,249.3 million in 2026, increasing at a CAGR of 4.3%. The growth of the Armenia real estate market is propelled by increase in economy and augmented efforts by the government for the modification of economy. The construction industry was one of the foremost contributors to the region of Armenia, however, the mining and services industry has increased to be some of the foremost drivers of the Armenian regions. Furthermore, there is increase in property transactions across Armenia. Also, the government across Armenia returns the income tax to inhabitants who re-pay mortgage loan, as per the law. Not only has this, several Armenians are repatriating and purchasing real estate. Such aspects are expected to propel the growth of the real estate market in Armenia. However, great unemployment rate and poverty is a situation for the growth of the real estate market across Armenia. The unemployment rate of Armenia is among the greatest in the Commonwealth of Independent States (CIS) regions. On the contrary, augmented focus of the government to support the real estate is expected to deliver lucrative occasions for the growth of the market in the future.
The amendments are projected to come into force by 2021. The government-held session on the property tax system reforms across the country to advance the progressive taxation mechanisms for real estate, which confirms a fair and equitable distribution of tax burden. The increase in focus on the real estate market by the government is projected to drive the growth of market during the future. Furthermore, there are several U.S. brands exists in Armenia. These involve Calvin Klein, Tommy Hilfiger, Polo, and Gold’s Gym. Further, the fresh government, which was elected into the power during May 2018, announced that they will eradicate all administrative and customs barriers for the entrants. This will support new retailers to enter market, thereby booming up the growth of the lease real estate market. Therefore, in the coming years, it is predicted that the market of real estate across Armenia will increase more effectively over the forthcoming duration.
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Ankur Gupta, Head Marketing & Communications