Serious Discontent Among Developers: What Does the New Law Imply?

The newspaper "Zhoghovurd" reports that yesterday, during a session of the Armenian government, a decision was made to gradually discontinue the income tax return for apartments purchased with a mortgage in Yerevan. This decision draft has sparked significant discontent among construction companies.

In a conversation with the president of the Armenian Association of Builders, Gurgen Grigoryan, the newspaper raised concerns about this issue. "We, as builders, are deeply worried because if the initiative to discontinue the income tax return is implemented, then construction will, frankly, be doomed to degradation. Why? Because this program is the driving locomotive that has encouraged people to purchase homes," highlighted Gurgen Grigoryan.

The interviewee firmly believes that if this program is enacted, meaning the income tax return is eliminated, developers will not build houses due to marketability issues. "All builders are facing serious concerns about how to proceed correctly since they are all currently thinking about whether to continue construction or not, as demand will naturally decrease. New projects will not be initiated; existing ones will be completed, and that’s it," added the president of the Armenian Association of Builders.

Thus, one of the few positive initiatives of the previous government is being canceled by Nikol Pashinyan, paralyzing an entire sector. For more details, refer to today’s issue of the newspaper.