Armenia (AM)
Affordable Caucasus base with a fast-growing tech scene, rich culture, straightforward residency options, low flat income tax, strong diaspora links and increasingly international Yerevan.
Buying Property in Armenia
The full buying process, transaction costs, mortgage, and legal requirements.
Foreign nationals can buy apartments, houses, and commercial property in Armenia with virtually no restrictions — no residence permit is required and foreigners hold the same ownership rights as Armenian citizens. The main restriction is agricultural land: foreigners cannot own agricultural land directly but may lease it for up to 99 years or purchase it through an Armenian-registered legal entity. Urban residential and commercial property is fully open to foreign buyers. All property transactions must be notarised and registered with the State Cadastre Committee; ownership legally vests only upon registration. Armenia has no capital gains tax for individuals on property sales.
Rent vs. Buy
Yerevan prices rose sharply in 2022–2023 driven by significant inflows of Russian and international buyers; the market has partially stabilised but central Yerevan property remains expensive relative to local incomes. Buying can make sense for diaspora families, long-stay expats, and investors comfortable with local legal due diligence. Renting first — particularly for one full rental season — is advisable to assess heating quality (district heating vs. individual boilers varies significantly by building), building management standards, noise, and commute. Property transactions are relatively low-cost compared to Western Europe (total closing costs around 3–5% of purchase price).
Buying Process — Step by Step
Obtain an Armenian Tax Identification Number (TIN)
1–2 daysA TIN is mandatory before a foreign buyer can complete notarisation or registration. Apply at the State Revenue Committee (Revenue Service of Armenia). The process is fast, free of state fee, and typically completed within one working day. Bring your original passport and a notarised Armenian-language translation.
Property search and due diligence
1–4 weeksInspect properties through estate agents or direct listings. Order an official Cadastre extract (from the State Cadastre Committee or via ecadastre.am) confirming ownership, encumbrances, mortgages, liens, land-use designation, and area. Verify that the seller has full authority to sell (check marital consent, co-ownership, power of attorney validity), that building permits were obtained, and that there are no utility debts or court disputes on the property.
Negotiate price and draft sale agreement
1–2 weeksAgree the purchase price and draft a notarised sale and purchase agreement (SPA). Clarify currency (AMD or foreign currency), payment route (bank transfer required for amounts exceeding AMD 500,000), handover date, included fixtures, and penalty terms for breach. Legal support from an Armenian lawyer is strongly recommended for foreign buyers at this stage.
Notarise the sale agreement
1–3 days once documents are readyThe SPA must be notarised before an Armenian notary. Both buyer and seller (or their authorised representatives under notarised power of attorney) must be present. The notary verifies identities, TINs, the validity of the seller's title, and required consents (e.g. spousal consent). Budget AMD 15,000–20,000 for the notarial fee on the SPA. A power of attorney, if needed, costs approximately AMD 30,000.
Pay purchase price
Concurrent with or immediately before notarisationTransfer the purchase funds through traceable bank channels. Armenian law requires non-cash payment (bank transfer) for transactions exceeding AMD 500,000. Large foreign currency transfers will trigger bank compliance checks; prepare source-of-funds documentation. Exchange rates from foreign currency to AMD at Armenian banks are generally competitive.
Submit for State Cadastre registration
Standard processing: 4 working days; expedited: 2 hours–3 daysFile the notarised SPA and supporting documents with the State Cadastre Committee (e-Cadastre) within 30 working days of notarisation. Submission can be made in person, by post, or online via ecadastre.am. Standard registration (property up to 200 sq.m): AMD 20,000 state duty + AMD 25,000 cadastral service fee = approximately AMD 45,000 total; for property over 200 sq.m: AMD 40,000 state duty + cadastral service fee. Expedited options are available at higher cost (2-hour express service: AMD 150,000).
Receive updated cadastral extract confirming new ownership
1 week after registrationOnce registration is complete, obtain an updated cadastral extract confirming you as the registered owner. Only then is the transfer of ownership legally effective. Transfer utilities, building management contacts, and set up annual property tax payments.
Transaction Costs
| Cost Item | Amount | Notes |
|---|---|---|
| State duty — Cadastre registration (up to 200 sq.m) | AMD 20,000 | Payable to the State Cadastre Committee on registration of transfer. |
| State duty — Cadastre registration (over 200 sq.m) | AMD 40,000 | Applies to larger apartments, houses, and commercial units. |
| Cadastral service fee (standard 4-day processing) | AMD 25,000 | Expedited options: 3 days AMD 50,000; 2 days AMD 75,000; 2-hour express AMD 150,000. |
| Notary fee for sale agreement | AMD 15,000–20,000 | Notarial certification of the sale and purchase agreement. Confirm final fee with your chosen notary. |
| Notarised passport translation | AMD 5,000–15,000 | Required for the notary and Cadastre. A certified translator may also be needed at signing. |
| Legal due diligence (Armenian lawyer) | USD 300–1,000+ (equivalent in AMD) | Strongly recommended for foreign buyers. Covers title check, cadastre extract review, contract drafting, and registration support. |
| Estate agent commission | Typically 2–5% of purchase price, negotiated | Market practice varies; clarify whether buyer, seller, or both pay before engaging an agent. |
| Total transaction cost estimate | Approximately 3–5% of purchase price | Armenia has relatively low transaction costs by international standards. No property transfer tax applies to individuals on purchase. |
The Notary — Mandatory for All Purchases
Armenia operates a civil law legal system in which a notary plays a central role in property transactions. Notarisation of the sale and purchase agreement is mandatory — an unnotalised agreement cannot be submitted to the Cadastre for registration. The notary verifies the identities and TINs of both parties, confirms the seller's title from the Cadastre extract, checks for required consents (spousal, co-owner), and formally certifies the agreement. The notarised contract is then filed with the State Cadastre Committee. Note that notarisation alone does not transfer ownership — registration at the Cadastre is the act that legally vests title in the buyer.
Mortgage
Armenian banks offer mortgage loans and several have specific programmes for diaspora members and non-resident foreign buyers. Mortgage rates in AMD range from approximately 6.8% to 13% per year (2025); USD and EUR loan products are available at some banks but carry currency risk. Maximum loan terms are typically 30 years (360 months). Banks assess income, collateral, and credit history; non-residents with foreign income are considered at banks with diaspora programmes.
Typically 20–40% for foreign buyers. Some banks (e.g. Ameriabank diaspora programme) may accept lower down payments for qualifying diaspora borrowers with foreign income.
Non-residents are accepted by several Armenian banks. Ameriabank offers a diaspora mortgage programme in AMD, USD, or EUR where foreign income is recognised without requiring Armenian residency or local registered income. Acba Bank accepts USD and EUR mortgage applications with collateral property. Converse Bank and VTB Bank Armenia accept non-resident applications with a guarantor. All banks require notarised translations of foreign documents, proof of income, and TIN registration.
Land Registry
Property ownership in Armenia is registered with the State Cadastre Committee (also known as the Committee of Cadastre of the Real Estate). Transactions can be submitted and tracked online at ecadastre.am, or in person at Cadastre service offices. The Cadastre issues official extracts confirming ownership, encumbrances, land-use designation, and area. Always obtain a fresh Cadastre extract immediately before signing to confirm no last-minute encumbrances have been registered. First-time state registration of a property (i.e. a newly built or previously unregistered property) is free of charge.
Taxes
Property tax (real estate tax): levied annually by the State Revenue Committee based on the official cadastral value. Residential property: 0.1% on the amount exceeding AMD 3 million up to AMD 10 million; 0.2% on AMD 10–20 million; 0.4% on AMD 20–40 million; 1% above AMD 40 million. Commercial property: 0.3% of cadastral value. From 2026, 100% of full rates apply (75% applied in 2025). Annual deadline: December 1. Capital gains: individuals pay no capital gains tax on property sales in Armenia. VAT: individual-to-individual property sales are exempt from VAT; VAT at 20% may apply if a VAT-registered entity is selling.
New Build vs. Existing Property
New builds in Yerevan (especially in newer districts such as Arabkir, Davtashen, and Malatia-Sebastia) offer modern insulation, individual heating, and parking, but carry developer, completion-delay, and permit risk. Request all planning permits and check the developer's track record. Existing Soviet-era apartment blocks require careful checks on heating type (district heating vs. autonomous), hot water supply, lift condition, roof and external wall state, seismic compliance, and the building management company's responsiveness. Renovation-ready properties can offer value but budget for full re-wiring, plumbing, and insulation.
Selling Property
Individual sellers pay no capital gains tax on property sales in Armenia. Foreign sellers should plan for currency repatriation (bank compliance, documentation of source of funds), power-of-attorney logistics if not present in person, and Armenian TIN confirmation. Notarisation and Cadastre registration are required for the sale just as for the purchase. Estate agent fees (2–5%) and notary/registration costs apply.
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