Armenia's real estate market has seen some growth in recent months which local realtors link to a growing number of ethnic Armenians arriving from Syria amid escalating violence in the war-torn Middle Eastern country.
While some of these Armenians intend to stay in Armenia on a more or less permanent basis and therefore prefer becoming homeowners, most of them still seem undecided and choose to rent homes for now.
Garik Danielian, who runs a private real estate agency in Yerevan, said this might explain why there are ten times as many rents as home-buying deals in the market. "Many came and rented apartments for a month, and they now extend their rents for another month after hearing news of the worsening situation [in Syria.] People are scared," Danielian told RFE/RL's Armenian service (Azatutyun.am).
Armenian News
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