How to work out an apartment's market price
The price in a listing is what the seller would like. How to tell what an apartment is really worth: official benchmarks for Yerevan's districts, the comparison method, and when to call in an appraiser.
Contents
Asking price and sale price
In a listing, the seller writes what they would like to get. The real price emerges in negotiation and can differ noticeably. So to value an apartment, look not at one listing but at many similar ones, and check them against official statistics for the district.
Official benchmarks by district
Armenia's Statistical Committee publishes average market prices per square metre of apartments in multi-unit buildings for each of Yerevan's administrative districts. Below are the figures for February 2026, published in April 2026, with the year-on-year change.
| District | Price per m², ֏ | Year on year |
|---|---|---|
| Kentron | 898,000 | −0.2% |
| Arabkir | 632,200 | +0.9% |
| Davtashen | 493,700 | +2.4% |
| Nork-Marash | 482,700 | +18.4% |
| Kanaker-Zeytun | 469,800 | +4.1% |
| Ajapnyak | 438,500 | +6.1% |
| Nor Nork | 431,000 | +5.9% |
| Erebuni | 419,900 | −1.7% |
| Avan | 418,900 | −5.5% |
| Shengavit | 415,700 | +5.1% |
| Malatia-Sebastia | 413,200 | +7.3% |
| Nubarashen | 245,000 | +2.9% |
The Cadastre Committee does its own calculations. According to its data for the second quarter of 2026, cited by JAMnews, the average price in Nork-Marash reached 553,000 ֏ per m² (+24% year on year), prices in Shengavit rose by about 19% and in Ajapnyak by 16%. Figures from different agencies differ because of methodology and period, so treat them as a benchmark, not the price of a particular apartment.
The comparison method: do the maths yourself
- Find 5–10 similar listings: same district, building type, similar size, floor and condition.
- Work out the price per square metre for each and discard the clearly inflated and suspiciously cheap ones.
- Take the middle range and adjust for the ways your apartment differs.
- Compare the result with the official benchmarks for the district.
- Allow room for negotiation: the sale price is often below the asking price.
What affects the price most
- The district and the specific block: school, metro, park, traffic noise.
- Building type and age: tuff, panel, monolithic, new build.
- Floor: the ground and top floors are usually cheaper than the middle ones, and without a lift the upper floors lose value too.
- Condition and renovation, the view, a balcony.
- Paperwork: a registered layout change and a clean Cadastre extract add confidence.
- Parking, a storage room, heating.
When you need an appraiser
For a mortgage, the bank usually requires a report from a professional appraiser. You can also commission a valuation yourself — for example, if the parties can't agree on the price. In Armenia, real estate appraisers are qualified by the Cadastre Committee: it holds qualification exams and publishes a list of appraisers and appraisal firms on its website.
The cadastral value shown in the extract is a separate figure. It need not match the price at which the apartment will actually sell.
Key points
- The asking price is the seller's expectation, not the sale price.
- Average district prices from the Statistical Committee and the Cadastre are dated benchmarks, not a verdict.
- Work out the price per square metre from 5–10 similar apartments and adjust.
- For mortgages and disputes there are qualified appraisers; the Cadastre Committee publishes their list.
