Housing in Hayastan
So I'm going to be in Yerevan helping to renovate 3 kindergartens with my frat for 6 weeks starting mid June until the first of August and like many diasporans embarking on their yearly pilgrimage to the homeland I am looking for housing. It's a very precarious situation to be in, looking for a place to stay that's thousands of miles away from where you are... and I have to say it's a hell of a frustration coordinating this endeavor with a bunch of contacts.
What really amazes me is that the housing market is growing like crazy! Prices range from $50/day to $70/day. When I was in Yerevan during the summer of 05 I remember hearing that people were getting apartments for $35/day and even renting two room salons for $200/mth... two years have gone by and the prices have skyrocketed!
I suppose this is a good thing, a testament to the growing tourist industry which helps the economy, but add this to the continual appreciation of the dram, the rising prices of goods, and the construction of Northern Avenue, I wonder where/when/if this will end. Only 15 years of independence and already Yerevan is making giant strides to be a major tourist hub for the Caucasus, I just hope this wealth will transfer to the people and contribute to the betterment of the country.
What really amazes me is that the housing market is growing like crazy! Prices range from $50/day to $70/day. When I was in Yerevan during the summer of 05 I remember hearing that people were getting apartments for $35/day and even renting two room salons for $200/mth... two years have gone by and the prices have skyrocketed!
I suppose this is a good thing, a testament to the growing tourist industry which helps the economy, but add this to the continual appreciation of the dram, the rising prices of goods, and the construction of Northern Avenue, I wonder where/when/if this will end. Only 15 years of independence and already Yerevan is making giant strides to be a major tourist hub for the Caucasus, I just hope this wealth will transfer to the people and contribute to the betterment of the country.
posted by Levon at 10:33 AM
6 Comments:
Levon, you're armenian : negociate ! ;o)
This post has been removed by the author.
No, this arbitrarily inflated price increase will not be distributed throughout the society. Much will be pocketed by the people who put their apts up for rent and these people live elsewhere, many ouside the ROA. Prices of private apts in Yerevan will soon equal prices in the low end hotels in Yerevan. Soon, the average tourist from overseas will not be able to afford neither. No, this is not conducive to the growth of the touristtrade in the ROA. Estimates place the number of tourist this year in Armenia as close to 400,000, or about 1/6 of the ROA population. Where do these people stay?? Many from the CIS countries may stay with relatives in the ROA but the others???
Not that I agree with everything anonymous says, but do 400,000 visitors need to be hit on the head with a baseball bat engraved with "Hotel Business Opportunity!!"?
Armenians in the Diaspora who are coming and not finding suitable accommodations need to see it as a business opportunity and build hotels here.
Hello Levon,
Welcome to the blog on the Diaspora side and congratulations on the work you and your brothers are doing for Armenia.
Regarding the housing situation there, a few things to keep in mind is that prices anywhere in the world go up, especially in previously depreciated areas. So, the days of renting stuff for $200 are pretty much over as the market is catching up with the demand. Also, I would not feel too bad for locals as many of them own their own apartments and are mortgage free. In many cases, people have second apartments (condos, technically) and rent them out to some nice coin. Yes, there are investors like anywhere else in the world, but, many of the apartments are owned by locals who have made a good business decision to fix them up and rent them out.
In short, the marketplace is going through a natural spike in prices and locals are owners of more apartments for rent than most are aware of.
A quick idea for your fraternity- gather some investment dollars and buy a building in Yerevan where your community can hang out in the summers and rent out the place in the other seasons...
Does anyone know what an average electricity bill for a month would cost. Some apt owners demand that the renter pay the water and utility bills as well. Who reads the meters? I heard that this is a field rife with corruption and bribe taking as well. Anyone???
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