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Keeping money in a bank account or in cash usually doesn’t protect your capital from inflation. Over time, money loses its purchasing power. If you want your savings to generate income, it’s worth considering investments.

What Are Investments in Simple Words?

Investments mean putting your money where it can grow and generate returns. This can be:

A bank deposit, where you earn interest.
Bonds, which pay fixed income (coupon).
Shares, giving you ownership in a company and sometimes dividends.
Real estate, which can increase in value and generate rental income.
Gold and other assets, which may be sold profitably in the future.

The main idea is simple: money should bring more money. But risk usually increases as potential returns go up.

In Armenia, banks don’t sell shares directly to individuals. To buy or sell stocks, you need a brokerage account. Sometimes banks have their own licensed brokerage subsidiaries or investment departments under the supervision of the Central Bank.

In simple terms:

You can open a deposit directly at a bank.
But if you want to buy stocks or securities, the bank will direct you to its brokerage arm or a partner broker.

Why Invest in Armenia Now?

Stable Dram and Lower Deposit Rates

The Armenian dram has remained stable, with inflation under control. However, deposit interest rates have dropped to around 6–9% annually, which often does not outpace inflation.

Rising Real Estate Prices and Rental Demand

Housing prices in Yerevan have grown significantly, while rental demand remains high. Long-term rentals yield about 5–8% annually, while short-term rentals can reach 12%. However, there are expenses: vacancy periods, maintenance, and taxes.

Bond Market Growth and Tax Benefits

On the AMX (Armenia Stock Exchange), both government and corporate bonds are available.

Government bonds: 7–11% annual yield, tax-free for residents, low risk.
Corporate bonds: +1–3% higher returns, but with more risk. Interest income is taxed at 10%.

Popular Ways in Armenia to Invest

1. Deposits and Deposit Certificates

Yield: up to 9% in AMD, 5–6% in foreign currency.
Pros: very low risk, deposit insurance up to 16 million AMD.
Cons: often below inflation, 10% tax on interest.
Deposit certificates offer slightly higher yields but usually don’t allow early withdrawal.

Example: 1 million AMD at 8% = 72,000 AMD net after tax.

2. Bonds

Government bonds: 7–11% yield in AMD, tax-free for residents, minimal risk.
Corporate bonds: 1–3% higher yields but higher risk, 10% tax on coupons.

Example: 1 million AMD at 9% = 90,000 AMD income + principal repayment.

Tip: Beginners should start with government bonds through a bank broker.

3. Stocks

Income: dividends + stock price growth.
Pros: high profit potential, access to global companies.
Cons: volatility, no guaranteed income.

Tip: For beginners – start with large, stable companies (“blue chips”) or ETFs

4. ETFs (Exchange-Traded Funds)

What it is: A basket of assets (stocks, bonds, commodities).
Pros: diversification, low fees, convenience.
Traded on the stock exchange like regular stocks, with many types (indexes, sectors, bonds).

In simple words: You invest in an entire market instead of one company.

Where to Open a Brokerage Account in Armenia?

To invest through the Armenia Securities Exchange (AMX) — stocks, bonds, ETFs — you need a licensed broker with access to the exchange. Here are some reliable options:

Apricot Capital – local broker offering remote account opening, low commissions, and educational resources.
Dimension – direct AMX member, provides brokerage services both in Armenia and on international markets.
Freedom Broker Armenia (Freedom Holding) – part of an international group, with access to global markets.

Many investors also use international platforms (Interactive Brokers, XTB, Capital.com, Swissquote) to invest abroad.

4. Real Estate: Income and Capital Growth

Buying an apartment for rental remains one of the most popular investment options in Armenia. Property prices in Yerevan have risen noticeably in recent years, and the trend is likely to continue — although growth will depend on the economy and demand.

Example (2025):

One-bedroom apartment in Yerevan costs 19,500,000 AMD (≈ $50,000).

Long-term rental

Average rent: 136,500 AMD (≈ $350) per month.
At 11 months rented per year = ≈ 1,501,500 AMD annual income.
That’s about 7.7% annual yield from the property value.
After accounting for vacancies, taxes, and maintenance, net yield drops to 6–7%.

Short-term rental (Airbnb, Booking)

Average rate: 11,700 AMD (≈ $30) per night.
With 70% occupancy (≈ 21 nights/month) = ≈ 245,700 AMD per month.
For 11 months ≈ 2,702,000 AMD annual income.
Gross yield ≈ 13.8% annually.
After commissions (10–15%), cleaning, utilities, and seasonal gaps, net yield is 10–12%.

Conclusion: Real estate can be a profitable investment, but you must account for all expenses and downtime to make realistic calculations.

5. Venture Funds and Startup Platforms

Armenia is actively developing its IT ecosystem, and private investors can access venture opportunities:

FAST Foundation – focused on science and technology projects.
Granatus Ventures – Armenia’s first venture fund, supporting IT startups.
HIVE Ventures – diaspora-led fund investing in tech projects.
Hero House / SmartGateVC – accelerator and early-stage venture fund.

Tip: Beginners should not jump into direct venture investments. It’s better to start by attending startup events and pitch sessions to understand the market. Remember: venture capital is high-risk — many projects fail. It should make up no more than 5–10% of your portfolio, and entry amounts are often too high for small private investors.

Where Should You Start Investing?

Investing in Armenia today is accessible to everyone — whether you have 100,000 AMD or 10 million AMD.

Up to 1 million AMD: It’s rational to start with deposits and government bonds.
From 5 million AMD: You can add corporate bonds and even small real estate investments.
Larger capital: Diversify your portfolio and consider alternative instruments.

The key is to understand where you’re investing and not to chase the highest possible returns.

Conclusion

Investing in Armenia is becoming more relevant than ever. Yes, deposit rates are declining, but bonds, real estate, and stocks now offer more opportunities.

It’s important not to wait for the “perfect moment,” but to begin with a simple portfolio of 2–3 instruments and invest regularly. This way, you’ll protect your money from inflation and build the foundation for financial freedom.

Disclaimer: This material is not investment advice. All decisions should be made independently by the investor.

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