Residents of Kashatagh Given Housing Purchase Certificates, But Banks Say They Won't Process Transactions

Internally displaced persons from Artsakh, who have lost their homes, are facing a stark reality. Certificates for purchasing homes are being issued to those displaced from Kashatagh, but banks are refusing to provide funds or finalize transactions, leaving them in a difficult situation.

Today, on November 24, during a protest in front of the government, one of the Kashatagh residents told reporters that the problems faced by displaced citizens from Artsakh have increased since the distribution of housing purchase certificates began. “There are about 4,000 beneficiaries who should utilize these certificates, and about 3,000 of them have already received their certificates. Probably around 90 percent of them have approached banks, but no transactions have been completed. During this period, only 1-2 beneficiaries have managed to finalize a transaction. One did it through a newlywed program, meaning they took out an additional mortgage to be able to buy a house, and the second managed to acquire a home under more favorable conditions. The rest are facing issues specific to Kashatagh that remain unresolved, while the banking system has its own rules,” he stated.

He urged the government to work with the Central Bank to abolish these rules so that every beneficiary could complete their transactions at banks without being caught in the entire banking chain. “This involves the down payment, property valuation, payment of cadastre fees, and having a clean credit history. All these hinder individuals from utilizing their certificates. Moreover, the certificate is only valid for one year, and three months have already passed,” he added.

The certificate specifies an amount of up to 10 million drams for general areas, 8 million drams for Yerevan, up to 14 million drams for border villages, and up to 12 million drams for Artsakh.

When asked how feasible it is to buy a home in a border area for 14 million drams, the Kashatagh resident responded, “It is realistic in border areas, but will the bank assess any house in the border region at 14 million or 12 million drams? The banks clearly do not value homes at these amounts. Ninety percent of the banks say, ‘We won’t process transactions.’ The beneficiaries have been told to come back in January.”