Residential complex for young scientists to be built in Yerevan

PanARMENIAN.Net - Armenian Deputy Minister of Sport and Youth Affairs Arsen Karamyan said that construction of a residential complex with 300 apartments for young scientists, writers and men of art, who have succeeded in different fields at the international level, will be launched on August 1, 2010.

The complex will be constructed near the Institute of Cardiology, at the territory adjacent to Mnjoyan Institute, Mr. Karamyan told a press conference in Yerevan.

The cost of one square meter of residential space will total around AMD 180,000 that is 2.1 times lower of the average market price. The initial payment will make 20% of the total price, while the interest rate will total 8.5% per year, with 25-year term. “The monthly payments will be around AMD 63,000 that is an affordable sum,” Karamyan said.

However, he noted that the average salary of scientists varies from AMD 40,000-50,000.

Mortgage loans will be provided to young scientists, who have worked in the scientific field for several years and have certain outlooks. “Age threshold has not been established yet, but, most likely, it will be around 35-37 years,” the Deputy Minister said.

Coordinator of the Council of Young Scientists Atom Mkhitaryan said that 100 people have already expressed their wish to participate in the program. The residential complex will be put in commission in two years and three months.