The Armenian capital is becoming increasingly attractive for living, investing, and renting out property.

Thanks to affordable mortgage programs, government subsidies, and a stable real estate market, buying an apartment in Yerevan is now a realistic goal — even on a limited budget.

In this guide, you'll learn:

1. Where to buy property in Yerevan
2. How to save money during the transaction
3. How to apply for a mortgage
4. How to take advantage of income tax refunds

You'll also discover how to buy an apartment in Yerevan at a low cost, which neighborhoods are best for living, where new developments are most profitable, and how to avoid overpaying when buying with a mortgage.

Whether you're looking for an apartment in central Yerevan or want to invest in a newly launched residential complex — this guide is for you.

Best Areas to Buy an Apartment in Yerevan

Apartments in Kentron – the city center

1. High prices, best infrastructure
2. Ideal for investment and rental income

Search: Buy an apartment in Kentron Yerevan

Budget-Friendly Districts: Ajapnyak, Shengavit, Malatia

1. The most affordable apartments in Yerevan can be found here
2. A good selection of both resale properties and new developments with reasonable prices per square meter

New Developments – Modern, but with Considerations

1. Buying an apartment in a new building is most profitable during the construction phase
2. Always check the developer’s background and project delivery timelines

Average Price Per Square Meter by District

Where to Find Apartments in Yerevan: Sites and Platforms

To find a suitable apartment in Yerevan, start with reliable real estate platforms. Here are some of the best options:

1. List.am — the largest classified ads website in Armenia.
2. Offers listings for resale properties and new builds, from both owners and agencies.
3. Myrealty.am — a convenient platform with filters for district, price, condition, and more.
4. Estate.am — ideal for English-speaking users and foreign buyers, with updated listings across Yerevan and other regions.
5. MyHome (by Ameriabank) — a platform with real-time listings from accredited developers.
6. Lets you choose a property and calculate your mortgage in one place. Read our detailed article on how to get a mortgage from Ameriabank.

Tip:

Look for listings with direct contact from developers or owners — this helps avoid agent fees and simplifies the paperwork process.

How to Buy an Apartment in Yerevan with a Mortgage and Save Money

To make homeownership more accessible, Armenia offers several government-backed mortgage programs with favorable terms.

These programs help reduce the interest rate, lower the down payment, or even compensate part of the loan.

Eligible groups include young families, military personnel, displaced families from Artsakh (Karabakh), and others.

You’ll find a full review of all available programs on the AFM platform.

Government Programs That Help You Buy Property in Yerevan

Example Calculation

1. Apartment price: 25 million AMD
2. Down payment (10%): 2.5 million AMD
3. Loan amount: 22.5 million AMD

Savings: Over 31 million AMD

(Based on a 20-year term with annuity payments)

Income Tax Refund Program in Yerevan: How It Works

Since 2023, the income tax refund program has undergone important changes.

Now, only those who purchase newly built apartments directly from developers are eligible to receive compensation for mortgage interest.

To qualify:

1. The sale agreement must be registered with the Cadastre Committee
2. Purchasing a property from the secondary market or from a private individual does not qualify for the refund

Update for 2025:

From 2025, the income tax refund no longer applies to new purchases,

unless the building received construction permits before December 31, 2022.

If your new build qualifies, you retain the right to receive tax compensation.

Eligibility Requirements for the Tax Benefit

To qualify, you must:

1. Be officially employed in Armenia
2. Pay income tax (PIT)
3. Complete the property purchase and registration in accordance with Cadastre requirements

The refund is granted within the amount of PIT actually paid,

and may reach up to 1.5 million AMD per year,

substantially reducing your mortgage overpayment.

Buying an Apartment in Yerevan as a Non-Resident

Foreign citizens and members of the Armenian diaspora can also buy property in Yerevan.

Armenian law allows non-residents to own real estate on the same terms as local citizens.

However, there are a few important specifics to keep in mind:

1. Mortgage options for non-residents are not available at all banks
2. The minimum down payment is typically 30% of the property’s value
3. Proof of income is required, and in some cases, a guarantor
4. Mortgages can be issued in AMD or foreign currency (most often USD)

Banks Offering Mortgages to Non-Residents

How to Buy an Apartment in Yerevan at a Lower Price: Tips

1. Look for new developments at early construction stages
2. Search for resale properties without agents
3. Use government subsidies if eligible
4. Always plan for at least a 10% down payment in advance
5. Compare all mortgage offers via AFM

Step-by-Step Guide: How to Buy an Apartment in Yerevan with a Mortgage

1. Choose the district and property
2. Decide where you want to live or invest.
3. Check for government program eligibility
4. See if you qualify as a young family, military servicemember, etc.
5. Prepare your documents
6. You’ll need:
7. Passport
8. Proof of income
9. Property details
10. Find the best mortgage through AFM
11. Go to the AFM website, and in the "Mortgage" section, enter:
12. Loan amount
13. Purpose of the loan
14. Property type (new build or resale)
15. Program (if any)
16. Loan term
17. Down payment amount
18. Submit your application to the bank
19. You can apply in person or online through the bank’s website.
20. Receive approval and sign the contract
21. Carefully review all terms, including fees and penalties.
22. Register the transaction with the Cadastre Committee
23. This is a mandatory step to finalize ownership rights.
24. Apply for a personal income tax refund
25. If you are participating in an eligible government program.

Frequently Asked Questions (FAQ)

Can I buy an apartment in Yerevan with a mortgage and no down payment?

Formally — no. Even with government-supported programs, banks require a minimum 10% down payment, though this can sometimes be covered via insurance or other mechanisms.

Is mortgage financing available for foreign citizens?

Yes, but only at certain banks, and with a higher down payment (starting from 30%).

How do I apply for an income tax refund in Yerevan?

You must be officially employed, purchase a newly built apartment directly from a developer, and register the contract with the Cadastre Committee. After closing the deal, you can submit your application for the refund via the Tax Service.

What if the income tax refund program ends?

If you're planning to buy property and want to reduce interest expenses, consider other active government programs with subsidized interest rates.

Also look for new builds whose construction started before 2022 — those may still qualify for the tax refund.

Which banks approve mortgages the fastest?

According to AFM and user reviews, the quickest banks are Inecobank, ACBA, and Ardshinbank, typically making a decision within 3–5 business days.

Can non-residents benefit from the mortgage tax refund?

No. The income tax refund in Armenia is available only to residents officially registered in the national tax system.

Can I purchase property in Yerevan in U.S. dollars?

Yes. Some banks offer mortgages in USD or EUR, especially for non-residents. However, final settlements with the seller are usually made in AMD.

Is a notary required when purchasing with a mortgage?

Yes. The sale and mortgage contracts must be notarized and registered with the Cadastre Committee.

Final Thoughts: How to Buy Property in Yerevan Profitably

Buying an apartment in Yerevan is more than a real estate transaction — it’s a strategic financial decision.

With the right approach, you can save millions of drams.

Start by defining your goal — living, renting, or investing — as this will influence your choice of district.

For instance:

1. Central Yerevan is ideal for rentals and resale
2. Shengavit offers affordable options for families

Government-backed mortgage programs can:

1. Lower interest rates to 0–5%
2. Save you up to 30–35 million AMD over the loan term

And if you're buying a new build, you may be eligible for an income tax refund of up to 13.5 million AMD (based on a 45 million AMD mortgage and full income tax payment) — effectively zeroing out the interest.

Always calculate your budget including the mandatory 10% down payment.

Even non-residents and diaspora members can get a mortgage in Armenia — with a 30% down payment and verified income.

That makes Armenia's real estate market accessible to a wide audience.

Compare mortgage offers, use the calculator on AFM, and avoid overpaying due to lack of information.

A smart mortgage choice can bring you tens of millions in long-term savings.

Find your ideal apartment and mortgage through AFM — compare all offers and start your journey to homeownership today.