Buying a property in Armenia and people who are eligible to buy a property
Buying a property in Armenia has always raised this question for applicants and foreign investors that whether they can easily buy a property as an immigrant or an investor in this country or not. Because Armenia is close to Iran, this made Armenia a destination for Iranian immigrants. It can be said that one of the reasons for investing in Armenia is due to its location and access to this country is easy for people in Asia. Generally, it can be said that buying a property in Armenia can lead to getting a residence permit and citizenship in this country.
But Armenia is not a good destination for people who want to get residence permits and citizenship of world-class countries. All foreigners can easily buy a property in Armenia without even a residence permit. It is possible to buy property worth more than $ 10,000 in Armenia. The majority of property buyers in Azerbaijan are Asian immigrants. Applicants who intend to migrate and departure can always choose a better alternative by keeping all the necessary aspects and conditions in their mind. For example, applicants can enjoy the benefits of European citizenship and get a residence permit in Europe through some appropriate investments worth 50,000 euros in Europe.
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Buying a property in Armenia and getting a residence permit in Armenia
Generally, it can be said that buying a property in Armenia is one of the ways to invest in this country. The policy of the government of Armenia for buying a property in this country is based on the fact that all applicants and foreign investors can buy a property in this country without any restrictions. Foreigners can invest and buy a property in Armenia and they can get a residence permit in three ways:
- One-year residence permit which will be issued in the form of a card
- Five-years Residence permit which will be issued in the form of a card
- Special residence permit that is valid as a passport for a period of 10 years
The amount and type of investment as well as investment conditions in Armenia are presented in the table below:
| Residence permit | Temporary residence | permanent residence | passport |
| validity | For 1 year | For 5 years | For 10 years |
| Government spendings | 221 dollars | 294 dollars | 315 dollars |
| The value of the property to get a residence permit | 19.000 dollars | 57.000 dollars | 95.000 dollars |
| The required time (to do things) | 30 to 45 days | 60 to 70 days | |
Of course, it should be noted that investing in Armenia is not only focused on buying a property, and people can get a residence permit in Armenia by registering a company.
Applicants and investors who have been given a temporary residence card through buying a property in Armenia can also bring their spouse and children under the age of 18 with them. While in the process of getting a permanent residence and 10-year residence, in addition to their spouse and children under 18 years, they can also have/bring their parents with them.
Of course, depending on the nature and type of investment, the Armenian immigration authorities can make the necessary decision to allow eligible residents to reside in Armenia by checking their nationality, place of investment and job creation in the country.
Therefore, people do not have to reside in Armenia for buying a property in this country, and foreign applicants can own 100% of their property in Armenia without the need of having a residence permit.
Buying a property in Armenia and the legal process of buying a property in Armenia
Buying a property in Armenia and its process:
The transfer of ownership is done by signing the written sales contract and property identification and determining the purchase price, which will be checked and approved by the notary public. In this regard, the buyer will have up to 30 days after the approval of the notary public to register the right of ownership with the register (Cadastre) and receive the ownership certificate. The contract will not be approved if the buyer does not register his ownership within 30 days.
Usually the whole process of buying a property is done within a week and buyers and sellers can go through these processes through a lawyer and it is not necessary to be present (a physical presence) in Armenia to complete the process.
| Services | |
| Notary public | 21 to 31 (US dollars) |
| The cost of an official government license | 10 dollars |
| The costs of certificate | 21 dollars |
| Property ownership registration fee | 52 dollars |
| Government registration fee | 41 dollars |
Buying a property in Armenia and the costs of buying and renting a property in Armenia
Ownership of a property and real estate in Armenia is 100% possible for foreigners and they are allowed to own, maintain, rent, sell and pledge these properties. Foreigners do not need a residence permit in this regard, and in fact investing in real estate can be one of the requirements for getting a temporary or permanent residence permit in Armenia. This is despite the fact that the only restriction on foreign ownership is for agricultural land, which only foreigners who have a residence permit can bury this type of property.
According to the chart below, the real estate market grew significantly between 2002 to 2018, but in 2009 the economy of Armenia was affected by the global financial crisis and property prices decreased. In 2014 to 2016, there was no significant change and in 2017, it started to grow and in the first quarter of 2018, prices increased by 23%.
- Factors that effected the increase in property prices are:
- Low mortgage (housing loan) interest rate (10.5% in 2017 is the lowest rate that have been declared)
- higher proportion of demand compared to supply due to the growth of the tourism industry
- The population growth in the cities in recent years
One of the important things to mention about buying a property in Armenia is that applicants and investors can buy a property in this country without any restrictions. However, according to the credits that have been announced by the government of Armenia those who intend to reside in Armenia and who want to become citizens in this country through buying a property can invest and get a residence permit through investment. But people who only want to buy a property in Armenia, for example, can buy a property around the city of Yerevan worth 700 euros, and sometimes the value of the property can reach up to 3000 euros, depending on the conditions. While for buying a property in the center of Yerevan, it starts from 1300 Euros and sometimes these amounts can get up to 6000 Euros per meter. Also the costs of renting a house in Armenia can vary depending on the city. But for example, for renting a house in Yerevan, you can rent a property from 200 euros to 15,000 euros per month.
It is worth mentioning that applicants can get their desired result by visiting the official websites of renting and buying a property as well as taking look at reputable magazines. But in the end, those who want to reside in Armenia, according to the tariff which is set by the government of Armenia, the minimum cost of buying a property that leads to long-term residence is US $ 95,000. Generally, it can be said that buying a property in Armenia is not a logical thing to do and does not have a unique visa advantage compared to the top countries. This article has been written by the experts of Malekpour Legal Institute and copying it is forbidden.
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