Pashinyan expects mortgage rate to drop

23.08.2018 18:55
Pashinyan expects mortgage rate to drop

YEREVAN, August 23. /ARKA/. In a live Facebook stream on August 22 evening Armenian Prime Minister Nikol Pashinyan said he expects mortgage rates to drop further. According to him, over the past three months, mortgage lending rates have decreased by 1-1.5%.

"This is a small but important step; we hope that along with the growing activity in the real estate market this trend will continue," Pashinyan said.

He said the most important role of the government in this process will be to provide assistance.

According to the Central Bank of Armenia, mortgage lending by Armenian banks at the end of July 2018 stood at 222.2 billion drams (an increase of 1% over the previous month). In the past five years, mortgage lending by banks has grown by 64%.

According to the latest data of the Central Bank, the average mortgage rate for individuals is 11.3%. ($ 1 - 482.90 drams). --0--

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