After a few weeks of work in Yerevan, I am happy to return to rural Armenia. The greater Yerevan area is getting harder and harder to enjoy and the expense of staying there is becoming unreasonable. Sadly, in my time in the capital, I went visiting old friends in my favorite part of the center which is Tigran Mets past St. Gregory. It is part of Yerevan that still has some neighborhood charm with Tashir being the only major blight on the area. However, that is about to change.

My dear friends are beside themselves as what happened in the area of which is now North Avenue is due to repeat itself with the recently passed law allowing the government to use eminent domain for development purposes. The area from Tashir to the Erebuni area border on Tigran Mets will soon be seized by the government and auctioned off. The area’s best known residents are the owners of the large meat market that starts opposite the Gyum Shuka. Plans are even calling for the ripping down of the triangular shaped apartment building that starts on the south corner across from Tashir which would displace hundreds of families. Will these families receive $200,000 so they can buy a similar apartment in the center? I doubt it.

Rumors are thick but it is suspected the Sarkissiyan family is behind this push as it is the last area of the center of Yerevan that is populated by local Yerevansti. Of course, knowing the current leadership’s business interest it is also a power grab as some of the most successful small meat merchants reside in this area. As we know, most of the current oligarchs have major interest in the food chain as it provides great cash flow. Again, we see the use of the government to condense power for a few and remove the ability for small business owners to make a reasonable living.

My friends have condemned the current building spree that seems to be fueled by investment from outside Armenia. I am constantly asked, “Who is buying these apartments in the center?” Most people who read this blog are Diaspora or like myself care greatly for the country. Many people from this love wish to live in Armenia some of the year so they buy a modern apartment in the city center but it seems most remain ignorant of the social injustices that occurred to build that apartment. At the same time, as Onnik talks about today, there doubts about the structural integrity of those buildings.

The locals are angry and they are frustrated because at every turn they are loosing the opportunity to compete. Many feel they are being pushed out of the center and even the areas of Komitas, Barikamutsun and Monument, people are realizing they can no longer afford property but foreign peoples can easily buy the property for what by developed nation standards is a bargain. My friends, if you are investing in Armenia, be sure you are investing in a way that makes you part of the community. What makes Armenia strong is its sense of community. Having the whole center of Yerevan full of rich people will quickly end the culture which people have come to be a part of.

We cannot say the market will take care of itself due to the lack of freedom and the use of law to force people out. If you are investing or have invested, look at your motives. Would you be better giving that money in rent then continue to encourage the oligarchs to rip apart what was five years ago one of the nicest city centers I have ever seen.