Yerevan City Guide

Yerevan is the capital and largest city of Armenia and one of the world's oldest continuously inhabited cities, home to over a million people, roughly a third of the national population, and the centre of the country's economy, culture, and property market. The capital has been a magnet for capital and people since 2022, when large inflows of migrants and businesses relocating from Russia drove a sharp run-up in prices and rents that has more recently begun to stabilise. City-centre apartments average around US$2,300 per square metre, but prices vary widely by district: prime Kentron commands the top tier (recently around 908,000 AMD/m²), while areas like Arabkir, Davitashen, and Nubarashen step progressively lower. Armenia recorded roughly 248,000 real-estate transactions in 2024 (up 12.9%), and apartment sales rose 26.5% year-on-year in H1 2025. Yields are attractive: citywide gross rental yields average about 7.8%, with Arabkir often delivering 8–10% and central Kentron nearer 6–8%. Foreigners can buy freely (with no residency requirement), and there is no restriction on foreign ownership of apartments. The principal risks are the market's reliance on post-2022 migration flows that could reverse, regional geopolitical tension, and recent rental-price volatility.