They even cited figures that were several times higher than those of the Azerbaijani side, who conducted daily monitoring of the Lachin corridor and had complete and reliable information on how many cars entered and left through it. And we had a clear idea that the number of people who came to Karabakh did not equal the number of people who stayed there. Many returned only to sell their homes as soon as possible. The information on supply increasingly exceeding demand in the housing market in the area of temporary responsibility of the Russian peacekeepers, which we obtained through the Armenian real estate websites, was another indication of that.
Despite the assurances of the leadership of the leftover armed gangs, Yerevan and the command of the peacekeepers, we saw in August that the local Armenians were hastily selling their property together with furniture in order to leave the legal space of Azerbaijan as soon as possible. Two months have passed since then, but the mood and pessimism of Armenians in the area of temporary responsibility of the peacekeepers continues to deteriorate—the situation on the local real estate market, where supply continues to be many times higher than demand, being a telltale sign.
Our monitoring of Armenian real estate websites (list.am, full.am, as well as dedicated Facebook pages) shows that as of the third quarter of this year, most properties are listed for sale in Khankendi (114), Khojavend (64) and Agdere (12), as well as in the village of Askeran (8). Noteworthy is the cost per square meter, varying within $600-650 in Khankendi, $600-800 in Khojavend, $300-350 in Agdere, $100-150 in Askeran.
According to the numerous listings, a two-room renovated apartment 50 m from the center in Khankendi can be purchased for $25,000, a three-room apartment (on Mesrop Mashtots Avenue) for $38,000. But a four-room newly-built house in Khojavend is listed at $70,000.
Don’t be fooled by these prices—no one is going to pay them. This is why it is conspicuous that the real estate listings have been there for a very long time. For example, said house in Khojavend was put up for sale on July 31. The listing was updated on October 9. The $25,000 two-room apartment in Khankendi has been listed since January this year (updated on October 6). That is, there are practically no people willing to buy housing in the area of temporary responsibility of the Russian peacekeepers. There are no fools here foolish enough—no one wants to buy real estate in a place that, as Armenians think, has vague prospects for the future.
In a place where, among other things, it is even impossible to run a small business, as evidenced by the fact that only 10 properties are currently leased In Khankendi, and none at all in Khojavend, Agdere and Askeran. Instead, 50 commercial properties are being hastily sold in Khankendi ($500 per sq.m.), 49 in Khojavend ($600-800), 4 in in Agdere ($300), 2 in Askeran ($100).
The Armenians from the countryside are keeping up with the “urban” Armenians. They too want to get out of there as soon as possible, as indicated by the large number of land plots put up for sale: 55 in Khankendi, 84 in Khojavend, 6 in Agdere, and 7 in Askeran.
It is therefore safe to say that the interest in the property offered for sale in the Armenian-populated part of Karabakh is at an extremely low, near-zero level. For comparison, real estate prices in Khankendi used to be close to those in Ganja. Now, analysis shows that the liquidity in Khankendi is low, as owners are willing to sell their property with the furniture at much lower prices than those in their ads. It seems that many would agree to sell two, or three times cheaper than originally advertised. As long as it is sold. As long as they get to leave this land that begins to burn under their feet. The land that never became their home.
Then again, they have an alternative to selling housing for a song and roaming around Armenia, Russia and other foreign countries, where they will never truly belong. This alternative is accepting Azerbaijan’s proposal to return under its jurisdiction and living in peace and prosperity.
Translated from Caliber.Az