Mortgage loans grow by 7.7 percent in first half of year

19.10.2011 17:58
Mortgage loans grow by 7.7 percent in first half of year

YEREVAN, October 19. / ARKA /. Commercial banks and crediting organizations in Armenia issued 2,072 mortgage loans in the first half of 2011, down from 2,407 loans made available in the first half of 2010. The amount of loans issued this year totaled 22.3 billion drams, a 7.7% increase over the same period in 2010, according to a Central Bank report on financial stability in the first half of 2011.

As follows from the report, the number of real estate transactions increased in comparison with the first half of last year by 12.9%, but dropped by 1.5% from the second half of 2010.

"The sharp decline in real property prices during the period may adversely affect the stability of households’ financial situation because they may not be able to make timely payments," the report says. ($1 - 376.19 AMD). -0-


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