Rise in the number of property transactions and affordable interest rates on mortgage loans are the factors driving the growth of the market.
PORTLAND, OR, UNITED STATES, October 22, 2020 /EINPresswire.com/ — Real estate means land as well as any physical structure affixed to the land such as houses, buildings, and landscaping. The rise in the economy of Armenia and the increased focus of the government to diversify the economy help boost the growth of the real estate market in Armenia.
As per the report published by Allied Market Research, the Armenia real estate market accounted for $880.4 million in 2018 and is projected to portray $1.24 billion by 2026, growing at a CAGR of 4.3% from 2019 to 2026. The report offers a comprehensive analysis of the industry dynamics, key market segments, market trends and estimations, top investment pockets, and competitive landscape.
The Armenia market is segmented on the basis of property type and business type. On the basis of property type, the market is divided into residential, commercial, industrial, and land. The land segment held the largest share in 2018, accounting for more than two-fifths of the market. On the other hand, the industrial segment is expected to manifest the fastest CAGR of 5.8% during the forecast period.
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There is growth in the number of property transactions in Armenia. Also, there is a law in Armenia, which states to return the income tax to residents who will re-pay the mortgage loan. In addition, mortgage interest rates in Armenia is one of the lowest in neighboring countries such as Russia and Belarus. However, the high dependence of the Armenian economy on the Russian economy restrains the growth of the market.
By property type, the land segment is expected to account for the largest share in Armenia real estate industry during the forecast period, due to high volume of land related transactions and its higher value. The land segment is expected to grow at a CAGR of 3.7% during the forecast period.
Depending on business type, sales is expected to hold a maximum market share and the rental segment is expected to grow at a higher CAGR of 4.9% during the forecast period.
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The major players in the market includes 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.
Key Findings of the Study:
• The report provides an extensive analysis of the current and emerging Armenia real estate market trends and dynamics.
• Depending on property, the land segment dominated the market, in terms of revenue in 2018 and the industrial segment is projected to grow at a CAGR 5.8% during the forecast period.
• By business, the sales segment led the market in 2018.
• Key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the Armenia real estate industry.
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Source: EIN Presswire