Income Tax Refunds on Mortgages Won't Be Available in Yerevan Starting 2027

Starting January 1, 2027, income tax refunds will not be available for mortgage loans registered in Yerevan and surrounding regions, including Aragatsotn, Ararat, Armavir, and Kotayk, with the exception of properties in border communities as outlined by the Government.

The proposal from the Ministry of Finance was approved at today's Government meeting. It is worth noting that the proposal was discussed in a previous session but was withdrawn at the Prime Minister's request for further clarification.

According to the approved proposal, starting January 1, 2029, income tax refunds will also not apply to properties located in other regions, again with exceptions for border communities specified by the Government.

Finance Minister Vahe Hovhannisyan emphasized that there are exceptions for cases where construction permits were obtained before January 1, 2022. For those permits issued after that date, the regulations related to obtaining mortgage loans will apply,” he highlighted.

The Prime Minister also recalled the bill passed by the National Assembly, which states that 5 percent of the price of newly acquired apartments after January 1, 2025, will be received by construction organizations only after handing over the apartment to the buyer. From February 1, 2025, construction organizations will only be able to utilize 50 percent of the funds in citizens' escrow accounts, while the remaining amount will be used based on actual construction costs,” stated Pashinyan.