Expert: Armenia’s mortgage market developing in due course

06.04.2010 20:33
Expert: Armenia’s mortgage market developing in due course

YEREVAN, April 6. /ARKA/. Armenia’s mortgage market is developing in due course, Mher Yedigaryan, the director of National Mortgage Company universal credit organization, said in an interview with ARKA News Agency.

“Now the mortgage market is developing properly, but it doesn’t mean that impacts of the global crisis are overcome fully,” he said adding that things in any separate area, such as mortgage lending, are closely connected with economic developments.

Yedigaryan said that the National Mortgage Company started functioning amid lowering supply and demand for mortgage loans.
This fall in demand and supply was due to volatility on real estate market.

Yedigaryan said that the company’ efforts had produced certain results – the situation has been improved a great deal.

“It became possible to stabilize and spur mortgage lending by offering money-lending organizations long-term and relatively cheap money,” he said in his interview.

Yedigaryan said that the National Mortgage Company cooperates with 12 banks and three credit organizations and intends to enlarge this number soon.

The company’s authorized capital amounts to AMD 5 billion and is planned to be enlarged in 2010.

“The government allocated AMD 12 billion I 2009 for mortgage market development. This money is being spent through the National Mortgage Company by refinancing of mortgage loans extended to the country’s population,” Yedigaryan said. --0--


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