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Question: 11.07.2001

I am not a citizen of Armenia.
I wonder if I could buy any property in Armenia. Would you explain what types of property are allowed for purchase by foreigners in Armenia?


Answer:

All foreigners (non citizens of the Republic of Armenia) are allowed to purchase any kind of real estate in Armenia, such as residential and commercial (including houses, mansions, apartments, offices, shops, warehouse, industrial property etc., in essence any kind of buildings, except the land, industrial as well as agricultural. Even if a foreigner comes into ownership of land in Armenia as a result of inheritance or a gift, he must liquidate (by sale or other transfer) this property within one year.


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Question: 03.07.2001

Is the Notary-verified Contract of Property Purchase the only necessary paper for approving owner's rights in Armenia, or do I need some other documents too?


Answer:

Within one month (since the date the transaction takes place) you must make the registration of initial "Contract of Property Purchase " in the regional Cadastre office. Only after registering the "Contract" in the regional Cadastre office your rights for purchased property become valid.


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Question: 11.06.2001

How does your company charge for purchased or rented property? Do you accept credit cards or wire transfer and foreign currency? Or do I have to pay by cash only and in Armenian drams?


Answer:

You can make your payment in foreign currency or Armenian drams through any bank using wire transfer and any credit card, as long as the bank accepts it.


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Your questions answer:
Real Estate attorney
of "Akcern Inc."
Vahagn Sahakyan
Realtor

Leading specialist
of "Akcern Inc."
Appraiser
Sargis Khachikyan
license # 00647

Chief appraisal officer
of "Akcern Inc."

 
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  © 2001