Hovhannes Mutafyan: uncertainty prevents people from buying real estate

PanARMENIAN.Net - The situation will improve if the population realizes that the crisis is coming to an end, Hovhannes Mutafyan, chief architect of Elite Group building company, told PanARMENIAN.Net



"With construction of the Northern Avenue, people got inspired by the possibility of attracting new investments and creation of job opportunities," he said, adding that the loans granted by the EBRD will be spent for accomplishment of a number of projects.



"Many projects were frozen because of the crisis," he said. "As to the Northern Avenue, it was justified from economic viewpoint but failed as a dwelling project."



Mr. Murafyan also informed that Elite Group is building a hotels in Dilijan, Sevan and Aghveran.



"Construction is a business. If you build you should sell. But people who have money refrain from buying real estate because they are not sure what will happen in future. Anyway, I am an optimist and I hope that the situation will improve," he concluded.