Armenia has once again claimed the top spot in the 2023 index of housing condition successes, as recognized by The Economist magazine. This notable achievement marks the country’s second appearance in this ranking. According to reports, Armenia’s real estate market value has risen by an impressive 40 percent. However, despite this growth, experts suggest that the nation still faces economic challenges and is relatively “poorer than in the beginning of the 2010s.”

The assessment conducted by The Economist evaluated Armenia across five key indicators: affordability, quality, government support, work environment, and the real estate market. The top five countries also featured in this index are North Korea, the United States, Israel, and Luxembourg. Leading the pack is Britain, followed by Sweden, Slovakia, Austria, Iceland, and Finland.

In 2010, Armenia sought assistance from the European Union to address its economic crisis. Over the course of five years, the country received three assistance packages, resulting in a 25 percent reduction in government debt. Impressively, in August 2018, Armenia successfully concluded its third external macroeconomic assistance program, liberating itself from the tight control of creditors. Prior to this significant milestone, both Moscow and Petersburg were included in the international debt index.