YEREVAN, March 12. /ARKA/. Armenia’s mortgage market in 2019 grew by 40% or 165 billion drams, a member of the Central Bank Board Martin Galstyan said during a televised interview on the Public Television on March 10.
According to him, the growth was driven largely by the programs of the Central Bank and the government, designed to encourage young families to buy home, which led to a certain activation of the market and rising prices.
He noted that the Central Bank has certain tools and is able, if necessary, to tighten the ratio of the level of credit and property.
“However, the issue has two sides – on the one hand, an increase in lending leads to economic activity, on the other hand, it’s costly for the government,” Galstyan said.
He emphasized that he did not believe that the construction sector should be the locomotive of the economy, and the emphasis should be on the diversification of industries, which makes it easier to withstand external shocks. ($1 – 483.03 drams). -0-
