CEO of the association of mortgage market members of Armenia (AMMMA) Gevorg Bosnoyan said that intensification is observed in Armenia’s mortgage market in the post-crisis period.

After introduction of a new product with decreased initial payment, AMMMA expects the mortgage loan portfolio to double by 2014, Bosnoyan said in Yerevan during presentation of the new mortgage product in Yerevan on March 2.

According to him, currently the mortgage loan portfolio makes around AMD 97bln, while it is expect to reach AMD 180bln by 2014.

Bosnoyan said that around 4000 mortgage deals were concluded in Armenia in 2010 that is 15% higher compared to 2009. As for the average interest rates for mortgage loans, he noted that currently they make 12-13% per year. According to Bosnoyan, no considerable change will be recorded in these rates within the next two years, during which AMMA will work on reduction of the initial payment for mortgage loans and prolongation of their terms.