300,000 Buildings Lack Property Deeds

Yes, you read that correctly.

A survey by a Non Governmental Organization concerned with citizens’ rights says as many as 300,000 buildings and structures in Armenia lack property deeds.

"The homes of the greater part of people who have appealed to us are not yet included in development zones, but people are concerned as they see many residents of the Kentron community (in the center of Yerevan) became homeless," says attorney Samvel Mkrtchyan, chairman of the NGO.

Mkrtchyan says there’s no guarantee of getting appropriate compensation for homes in development districts, but a property deed assures getting more than not having one.

This is why you shouldn't buy anything real estate in Armenia - at least not until all of these important issues are resolved.

Source: ArmeniaNow