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News | 10.03.06 | 16:00

Mortgage relief: Armenia hopes German-backed program will boost home ownership

By Suren Deheryan
ArmeniaNow reporter
Home mortgage loans are relatively new in Armenia, but high interest rates and short-term repayment make it difficult for many middle-class families to qualify.

Yeranuhi Hovhannisyan, a dentist, took out a mortgage of $29,000 when she bought a three-room apartment in Yerevan’s Arabkir district five months ago. The apartment cost $42,000.

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