Armenia: Overview

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Corrupt and in conflict

Armenia (pop. 3,471,000; GDP/cap US$1,355) is in Southwest Asia, east of Turkey. It is a lower middle income country with a GDP per capita of US$4,600.

It has some positive features. It ranked as the 27th most economically free among 157 nations in the 2006 Index of Economic Freedom. 98.6 percent of its population is literate. The top corporate tax rate is only 20 percent.

On the other hand, Armenia is one of the corrupt nations in the world.

It is also in a state of conflict with its neighbors. Two important neighbors, Azerbaijan and Turkey, closed their borders with Armenia for political reasons. Azerbaijan and Armenia have not yet reached a peaceful resolution of claims on Nagorno-Karabakh, an area officially part of Azerbaijan, but assigned to Soviet Azerbaijan in the 1920s by Moscow.

Foreign individuals can lease
Foreigners may only lease land for up to 99 years. Foreign individuals are allowed to lease land. A company registered by a foreigner in Armenia as an Armenian business entity has the right to buy land.

RESIDENTIAL PROPERTY AROUND THE WORLD

Europe
UK house prices softening

Asia & Pacific
Bubble fears prompt foreign ownership limits in China

America & Caribbean
The slowdown of the U.S. housing market

Middle East and Africa
Bahrain is open to foreigners and sizzling hot

RESIDENTIAL PROPERTY FACTS
Price (sq.m): n.a.	Rental Yield: n.a.
Rent/month: n.a.	Income Tax: n.a. Assumptions: Owners are a non-resident couple drawing US$ / €1,500 per month in rent, with no other local income.
Roundtrip Cost: n.a. The total cost of buying and then reselling an apartment. Includes: * all transaction taxes and charges: * lawyers' and notaries' fees * agents' fees Assumptions: The buyers are non-resident foreigners. The apartment cost US$250,00 / €250,000.	Cap Gains Tax: n.a. Assumptions: The property was bought for US$250,000 / €250,000, and sold 10 years later, after a 100% appreciation.
Landlord & Tenant Law: Pro-Landlord Rating is based on a detailed study of each country’s law and practice.

DECEMBER 2007

14,900 real estate deals recorded in Armenia in November - Arka News Agency

JULY 2007

If the economic growth continues at the average rate of the last 5 years, Armenia will reach the med - AZG Armenian Daily
ARMENIANOW: "They aim to isolate Armenia" - AZG Armenian Daily
11,2% economic growth in the first 6 months of 2007 - AZG Armenian Daily