Anticipation of second crisis wave triggers no changes at local mortgage market
25.11.2011,
18:40
The executive director of Armenia’s National Mortgage Company, Mher Yedigaryan, said Thursday that anticipation of a second crisis wave has not triggered any serious changes at the local mortgage market.
YEREVAN, November 25. /ARKA/. The executive director of Armenia’s National Mortgage Company, Mher Yedigaryan, said Thursday that anticipation of a second crisis wave has not triggered any serious changes at the local mortgage market. He said the threat of another crisis will not affect housing prices in Armenia.
According to him, a second wave of crisis may occur if Europe collapses but this is not a realistic scenario because neither EU governments nor its Central Bank will allow it to happen.
According to the Central Bank of Armenia, Armenian banks had extended 103.3 billion drams in mortgage loans as of September 30, 2011. The figure represented a 3.7% growth from the previous second quarter. Crediting organizations’ loans grew by 5.2% in the third quarter to over 12 billion drams.
The universal National Mortgage Company was founded in 2009. According to ARKA’s data, at the end of September its assets stood at 14.7 billion drams, liabilities at 6.1 billion drams, the total capital was worth 8.5 billion drams. In the first nine months the company earned 251.5 million drams in net profits. ($1 – 383.36 drams). -0-
According to him, a second wave of crisis may occur if Europe collapses but this is not a realistic scenario because neither EU governments nor its Central Bank will allow it to happen.
According to the Central Bank of Armenia, Armenian banks had extended 103.3 billion drams in mortgage loans as of September 30, 2011. The figure represented a 3.7% growth from the previous second quarter. Crediting organizations’ loans grew by 5.2% in the third quarter to over 12 billion drams.
The universal National Mortgage Company was founded in 2009. According to ARKA’s data, at the end of September its assets stood at 14.7 billion drams, liabilities at 6.1 billion drams, the total capital was worth 8.5 billion drams. In the first nine months the company earned 251.5 million drams in net profits. ($1 – 383.36 drams). -0-
