Cushman & Wakefield | Veritas’ Yerevan MarketBeat 2025 provides an overview of Armenia’s macroeconomic performance alongside key trends shaping Yerevan’s residential and retail real estate sectors, supported by updated tourism indicators.

Macroeconomic Overview

In 2025, Armenia’s nominal GDP reached $26.37 billion, with real GDP growth of 6.2% year-on-year. Inflation remained contained at 3.3%, while the average gross monthly wage increased to $801.

Household expenditure remained sustainable at approximately 64% of income, supporting stable consumption fundamentals.

Residential Market | Yerevan

In 2024, total residential transactions increased by 14%, reaching 68,914 units. In 2025, the market began transitioning toward a more balanced, demand-driven phase following the phased removal of mortgage-related tax incentives.

The shift signals a normalization of activity after incentive-led expansion.

Retail Sector

Yerevan’s modern shopping centre stock totals 190,294 m² GLA, with occupancy levels exceeding 95%.

Limited new supply continues to support rental performance, with average asking rents in central locations reaching $22.7 per m².

Tourism

International arrivals increased by approximately 3% in 2025, with leisure travel accounting for 58.3% of visits.

Zvartnots International Airport continues to strengthen its position as Armenia’s primary aviation hub, supporting inbound flows and retail activity.

Conclusion

Yerevan MarketBeat 2025 reflects a market characterized by macroeconomic resilience, stabilizing residential activity, disciplined retail supply, and sustained tourism growth.

To access the full report,  click on the download link below.