Investing in Yerevan property in 2026: rental yield and payback

What rental yield does an apartment in Yerevan bring?

In short: the yield depends on the district, the condition of the apartment and the rental format, and there is no universal figure. Kentron has the highest rents and steady demand, but also the highest entry price, so the percentage yield is often more modest than elsewhere. Arabkir and Kanaker-Zeytun offer a balance of price and demand. In residential districts such as Davtashen, Avan and Malatia-Sebastia, entry is cheaper and the percentage higher, but demand is less premium. Long-term rental gives a steady income with less hassle; short-term rental earns more in the centre but needs management, is seasonal and has higher costs. Rent levels depend on location, renovation, floor and view, new build or resale, and furniture. The main rule: calculate the net yield after taxes, utilities, vacancies and management, not the gross yield.

Why Yerevan interests investors

Yerevan remains one of the most dynamic property markets in the region: steady rental demand, an inflow of relocants and tourists, moderate taxes and a relatively low entry threshold make the Armenian capital attractive for investment.

What yield rent brings

The yield depends heavily on the district, the condition of the apartment and the rental format. Benchmarks for long-term rental in Yerevan are market indicators worth rechecking before buying, since prices and rents change.

• The centre (Kentron): the highest rents and steady demand, but also the highest entry price, so the percentage yield is often more modest. Median rent about $1,605 a month, purchase about $3,667 per square metre.
• Arabkir, Kanaker-Zeytun: a good balance of price and demand. Arabkir: about $1,190 a month and $2,845 per square metre.
• Residential districts (Davtashen, Avan, Malatia-Sebastia): a lower entry price and a higher percentage yield, but less premium demand. Malatia-Sebastia: about $1,090 a month and $1,919 per square metre.

Figures are medians of active listings in the WSE.AM catalog on 22 October 2026; all districts are on the Yerevan apartment prices page.

Long-term or short-term rental

• Long-term: a steady income, less hassle, less vacancy. Suits a passive investor.
• Short-term (Airbnb): higher potential income, especially in the centre, but it needs management, has higher costs and is seasonal. More: short-term rental in Yerevan.

What affects the yield

• Location: proximity to the centre, the metro, parks and universities.
• Condition and renovation: apartments with a modern renovation rent faster and for more.
• Floor and view: upper floors with a view are valued higher.
• New build or resale: new complexes often command higher rents.
• Furniture: a furnished apartment rents for more.

Taxes on rental income

Income from renting out property in Armenia is taxed, and the rate and procedure depend on the owner's status and the chosen regime. This is an important factor in the final net yield, so check the current rules with the tax service or an accountant and include them in your calculation.

How to choose a property for investment

• Calculate the net yield (after taxes, utilities, vacancies and management), not the gross yield.
• Compare several districts by the ratio of price to rent.
• Allow for renovation and furniture costs.
• Assess liquidity: how easy it will be to resell the property.

Conclusion

Yerevan offers investors a combination of moderate entry, steady rental demand and a moderate tax environment. The key to a good result is an accurate calculation of the net yield and a well-chosen district for your strategy.

Browse investment options: apartments for sale in Kentron, new builds for sale in Arabkir and apartments for sale in Malatia-Sebastia, or send a request through apartment search.

The second direction we work in is new buildings in Batumi. The economics there are different: a short resort season instead of year-round rental, and growth in the price per square metre during construction instead of a steady flow. Which to choose for your goal: Batumi or Yerevan: where to buy.

_Photo: Serouj Ourishian, CC BY-SA 3.0, Wikimedia Commons.jpg). Image resized._

Frequently asked questions

What is the real yield of an apartment in Yerevan?
After taxes, vacancies, maintenance and routine repairs, it is realistic to expect 6-8% a year from long-term rental. Figures above 10% are usually calculated without some of the costs.

What should be included in the investment when calculating?
Not just the apartment price: renovation, furniture and appliances, a parking space and transaction costs. In Armenian new builds, apartments are handed over without finishing, which adds 20-40% to the budget.

Which is more profitable: long-term or short-term rental?
Short-term rental brings more gross income but requires constant work: check-ins, cleaning, reviews. Long-term rental brings less, but predictably and with almost no involvement.

Which district should I choose to rent out?
Not the cheapest but a liquid one: where there is always demand. Compact apartments in decent districts rent fastest and give the best percentage.

Does an expensive renovation pay off?
No. Tenants do not pay extra for designer solutions. Normal appliances, air conditioning, internet and cleanliness pay off, not expensive materials.