During a government meeting, Armenian Prime Minister Nikol Pashinyan urged responsible agencies to launch the renovation program for the country's housing stock as soon as possible. He stated that this program should be initiated quickly, as a significant portion of the housing stock has noticeably aged and requires updating.
According to the Prime Minister, the renovation of the old housing stock should be the solution to the existing problem. It is expected that developers will be able to demolish outdated buildings and construct new ones in their place, including taller buildings. Owners of apartments in demolished buildings will receive housing in new buildings, and the additional spaces can be sold on the market by the developer.
Pashinyan instructed to complete the development of the program's mechanism as soon as possible.
At the same time, Armenia's Minister of Economy Gevork Papoyan reported that the ministry is finalizing a program to stimulate the construction of aparthotels designed for long-term residence. Such projects, according to Papoyan, could attract investments and increase demand for rentals not only from residents of Armenia and the diaspora but also from foreign citizens.
