Construction companies in Armenia will soon be required to provide buyers with a signed contract ensuring that newly built apartments have met all necessary standards. Starting from January 1, 2025, this new regulation mandates that construction companies must give buyers the opportunity to inspect the property and document its condition before receiving the final 5 percent of the apartment’s price.

The announcement was made by Prime Minister Nikol Pashinyan during a government session held on November 23. The purpose of this regulation is to ensure transparency and accountability in the construction industry, protecting the rights of apartment buyers.

In addition to this new requirement, Pashinyan also highlighted another upcoming regulation. Starting from January 1, 2025, construction companies will only be able to access 50 percent of the funds deposited in the escrow accounts of citizens, without any additional conditions. The remaining 50 percent can be utilized based on the documented expenses of the construction company.

Prior to the implementation of this new rule, there will be a transitional period beginning on July 1, 2024. During this time, construction companies will be allowed to utilize 70 percent of the funds allocated by citizens without any conditions.

These regulations aim to enhance oversight in the construction industry and protect buyers from potential fraudulent practices. By ensuring that construction companies meet necessary standards and allowing buyers to inspect the apartments before making the final payment, the Armenian government strives to promote transparency and professionalism in the housing market.

Source: NEWS.am