“Yerevan market offers apartments for the rich only”

The construction volume grew 112 percent over the first five months of 2010, as compared with the same period of the previous year. Construction volume grew 8.8 percent in May, as compared with April. National Statistical Service Structural Subdivision Head Mariam Petrosyan told a press conference today.

According to Mrs. Petrosyan, the construction works are mostly financed by private organizations – 44.2 percent, 12 percent is financed by the state budget, 0.2 percent by communities, 26.5 percent by international credits.

Construction volume fall 40 percent under the financial crisis.

In return, independent expert Samvel Avagyan, said that Yerevan is the only city in Armenia being expanded, it is a “negative phenomenon, and if Yerevan continues expanding at current rates, agricultural lands will be also used soon, what is not so favorable.”

“Elite building construction is prioritized in Yerevan, while it does not meet population medium stratum demand,” Avagyan said adding that currently the market offers apartments for the rich only.