Hovnanyan: Real Estate Does Not Sell

    • Country - Tuesday, 12 June 2012, 15:46

Businessman Vahagn Hovnanyan met reporters today and noted that it is a tough year for his business because decline in building continues.

He said that building is declining because no one is left in Armenia to buy. There is little money in the market and people are emigrating.

According to Hovhanyan, Armenians from Syria, Iran and Egypt who want to buy apartments here brought a little activity to the market.

Hovnanyan says Armenians are leaving because unemployment, and this situation is not something new. For this situation, he blames people too saying that the Armenian men are not hard-working. It is not necessary to sit and wait for the state to give them a job, it is necessary to create it. According to the businessman, the business climate in Armenia is not favorable.

Dwelling on the dollar exchange rate, he noted that the market is controlled somehow, so prices did not soar. He added that if the dollar goes up, soon we will witness huge inflation.

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