YEREVAN, November 20. /ARKA/. Armenia’s mortgage market has already hit the bottom of the crisis and is expected to start rallying in the second quarter of the next year, Armen Khachyan, director general of Washington-Capital Universal Credit Organization, said in an interview with ARKA News Agency.
“The mortgage market sustained immense losses because of the global crisis, but things start getting right – real estate prices has stopped going down,” he said.
Khachyan thinks the first quarter of 2010 will be relatively sluggish because of season factors, but later the market will make a rally being fueled by revival of house construction.
He also stressed the importance of the bailout measures taken by the government saying they have spurred mortgage and lending markets.
Washington-Capital Universal Credit Organization was established in 2005.
The company’s activity is mainly focused on mortgage lending – 90% of its credit portfolio is filled by mortgage loans.
In 2007, the organization was involved in KfW German bank’s sustainable development program. -0–
