Yerevan
Construction

The construction sector has experienced a significant growth during the 1st decade of the 21st century. Starting from 2000, Yerevan has witnessed a massive construction boom, funded mostly by Armenian millionaires from Russia and the United States, with an extensive and controversial redevelopment process in which many 18th and 19th-century buildings have been demolished and replaced with new buildings. This growth was coupled with a significant increase in real estate prices.

Many major construction projects has been conducted in Yerevan, such as the Northern Avenue and the rehabilitation of Old Yerevan on Aram Street. The Northern Avenue is completed and was opened in 2007, while the Old Yerevan project is still under development. In the past few years, the city centre has also witnessed major road reconstruction, as well as the renovation of the Republic square, funded by the American-Armenian billionaire Kirk Kerkorian. On the other hand, the Argentina-based Armenian businessman Eduardo Eurnekian took over the airport, while the cascade development project was funded by the US based Armenian millionaire Gerard L. Cafesjian.

However, the sector has significantly dropped by the end of the 1st decade of the 21st century, as a result of the global real estate crisis in 2007–09. In 2013, Yerevan dominated over 58% of the annual total construction sector of Armenia.

In February 2017, the urban development committee of the government revealed its plans for the upcoming major construction projects in the city. With a total cost of US$300 million, a new business district will rise at the centre of the city, to replace the current Firdowsi shopping area. The committee has also announced the construction of Noy (Noah) ethnographic residential district at the western vicinity of Kentron District, with an approximate cost of US$100 million.
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