ML Mining implementս three major urban development projects together with the state

ML Mining implements three major urban development projects together with the state, aimed at providing housing for civil servants. This was stated by Vardan Marutyan, first deputy general director of ML Mining, in an interview with the author of the EconoMIX program Suren Parsyan.

"One of these projects has already been completed. We are talking about the Charagait Complex (Ray) on Adonts Street. The complex includes 619 apartments," he noted.

Marutyan added that two more major projects were initiated in 2023 and 2024:

1. Adaptation of the third block of the Nor Yerevan (New Yerevan) complex to the program of providing housing for civil servants;
2. Avan Towers on Acharyan Street. Each project includes 1,000 apartments.

"This is a classic example of cooperation between the state and the private sector. Such state projects are very important for buyers so that they can decide which program to trust, which project is more reliable from the point of view of state control," he emphasized.

The representative of ML Mining said that now for developers in general, difficult times have come, their prospects very much depend on the behavior of financial institutions.

“It is important how the financial sector will fill the gap after the income tax refund on mortgages in Yerevan is limited.

In 2025, commercial banks will no longer be able to sell the product at the current interest rates, even in the same volumes. Therefore, banks, in cooperation with developers, must develop new products. Perhaps, developers themselves should think up new mechanisms.

From an architectural point of view, there will also be new trends, as the buyer today wants not so much high-rise buildings as low-rise projects. In addition, construction will move to the regions, which will lead to the renewal of the housing stock and the unloading of Yerevan, but at the same time the same infrastructure problems for the developer that exist in the capital will also be there," Marutyan said.

According to him, from the point of view of attracting international investors to the construction sector of Yerevan, projects for the construction of apart-hotels may be of interest.

“With all this in mind, the peace treaty will be of great importance, as it will determine the attitude of foreign investors towards the country as a whole,” he concluded.

Watch the interview in Armenian below.