Mortgage lending in 2014 surges by 20% - Union of Banks of Armenia

17.03.2015 20:48
Mortgage lending in 2014 surges by 20% - Union of Banks of Armenia

YEREVAN, March 17. / ARKA /. The overall mortgage lending in Armenia in 2014 saw a 20% rise from the previous year to 172.4 billion drams, according to Samvel Chzmachyan, the chairman of the Union of Banks of Armenia.

Speaking at a news conference today he said the growth trend has been observed in the last two years. Thus, in 2013 it grew by 12.4% from 2012 to 143.2 billion drams.

He said in 2015 January the mortgage lending decreased by 0.8% from the late December 2014 to 171 billion drams, which is natural in winter months. Incidentally, the rise in mortgage lending is occurring against the backdrop of declining construction sector which h said in 2014 decreased by 3.3% from 2013 and by 11% in 2013 from 2012.

He said although the number of mortgage loans has fallen, the overall lending is on the rise, indicating a demand for larger transactions.

According to the National Statistical Service, the construction sector decreased by 4.3% in 2014 to 433.2 billion drams. ($ 1 - 479.74 drams). -0--


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