How to determine the real price of an apartment in Yerevan: a valuation method

How do you determine the real price of an apartment in Yerevan?

In short: the main working method is comparable sales, that is, comparing with similar properties at the price they actually sold for, not the price they were listed at. As a starting point for the order of magnitude: in 2025 the average price of an apartment in Yerevan was about AMD 538,600 per square metre, up about 4.7% over the year. But this is a city-wide average, and you cannot value a specific apartment by it: the spread between districts is huge, and the centre can cost twice as much as the outskirts for a building of similar quality. Comparable properties are those in the same district (ideally the same street), in the same type of building, with a similar area (within 15-20%), in similar condition and on a comparable floor. The fewer properties there are to compare with, the less reliable the valuation: this applies to very large apartments and non-standard layouts.

The most common question from both buyers and sellers is how much the apartment is really worth. Here is the method used by valuers and professional market participants.

Starting point: the market

In 2025 the average price of an apartment in Yerevan was about AMD 538,600 per square metre, up about 4.7% over the year. This is a city-wide average, and its main use is to understand the order of magnitude, not to value a specific property.

The spread between districts is huge: the centre can cost twice as much as the outskirts for a similar building. The median price per square metre by district, from active listings in our catalog, is on the Yerevan apartment prices page; for a district overview, see the best districts of Yerevan.

The comparable sales method

The main working method. The logic is simple: find similar properties and look at what they sold for, not what they were listed at.

Comparability criteria:

• The same district, ideally the same street or neighbouring blocks.
• The same type of building: new build, Stalin-era, Soviet panel, monolith. See types of buildings in Yerevan.
• A similar area, within 15-20%.
• A similar condition: renovated, unrenovated, needs renovation.
• A comparable floor.

The fewer properties you can find for comparison, the less reliable the valuation. This applies to rare formats: very large apartments, units in luxury buildings and non-standard layouts.

What adds a premium

• Location: the centre, proximity to the metro and parks, a quiet street.
• The view: of Ararat, the city or greenery.
• The floor: middle floors are valued more than the first and the last.
• The condition of the building: a maintained entrance, a working lift, a landscaped courtyard.
• Autonomous heating, a noticeable factor given running costs (utility bills).
• Parking, critical in the centre.
• A good recent renovation, although the premium for it is usually less than the cost of the renovation itself.

What lowers the price

• The first and top floors without compensating advantages.
• Windows facing a noisy street.
• No lift in a building of more than four floors.
• A walk-through layout or a room without natural light.
• Legal complications: shares, minor owners, an inheritance still being registered, unapproved alterations.
• Arrears in property tax or utility bills.

Asking price versus transaction price

There is almost always a gap between them. Sellers build in a margin for negotiation, and the real transaction price is usually lower than the starting one.

The consequence for buyers: relying only on listings means overestimating the market. The consequence for sellers: an inflated starting price lengthens the time on the market, and a listing that hangs for a long time reduces buyers' trust in itself.

How to negotiate: negotiating the price of an apartment.

When an independent valuation is needed

Mandatory for a mortgage: the bank requires a report from an accredited valuer, and that amount determines the size of the loan.

Advisable in inheritance disputes and divisions of property, when selling a non-standard property and when you doubt the asking price.

A valuation report costs money, but in a deal worth tens of thousands of dollars it is a sensible expense.

A practical algorithm

• Collect 5-10 comparable properties in the same district.
• Convert them to price per square metre.
• Discard the extreme values: they are usually explained by non-market factors.
• Adjust for condition, floor, view and legal cleanliness.
• Check against actual transactions if that information is available.
• Remember: the final price is determined not by a calculation but by a specific buyer's willingness to pay.

The data is current as of August 2026.

We value apartments free of charge using the comparable sales method and show real market figures, not inflated expectations. Browse comparable listings: apartments for sale in Kentron, in Malatia-Sebastia and new builds in Arabkir, or send a request through apartment search.

Frequently asked questions

What is the average price per square metre of an apartment in Yerevan?
In 2025 the average price was about AMD 538,600 per square metre, up about 4.7% over the year. This figure is only for understanding the order of magnitude: the centre can cost twice as much as the outskirts, so you cannot value a specific apartment by it.

Why can't you value an apartment by listing prices?
Because there is almost always a gap between the asking price and the transaction price: sellers build in a margin for negotiation. A buyer who relies only on listings overestimates the market, and a seller with an inflated price sells more slowly and loses buyers' trust.

What lowers the price of an apartment in Yerevan?
The first and top floors without compensating advantages, windows facing a noisy street, no lift in a building above four floors and a walk-through layout. Legal complications, unapproved alterations and arrears in tax or utility bills also play a role.

When is an independent valuation needed?
It is mandatory for a mortgage: the bank requires a report from an accredited valuer, and that amount determines the loan size. It is also advisable in inheritance disputes or divisions of property, when selling a non-standard property and when you doubt the asking price.