A new tax relief measure has been introduced for multi-apartment buildings in Yerevan that did not receive a completion certificate from 2023 to 2025, inclusive. According to this decision, assessed and unpaid real estate taxes for these properties may be reduced. At the same time, the City Council also decided to exempt the developers of these buildings from fines that were calculated but remain unpaid during the same period, in accordance with current legal procedures.
This decision was adopted given the growing challenges in the construction sector, which have created serious problems for the implementation of investment projects, increased the risk of bankruptcies and project failures, and, more importantly, put at risk the timely delivery of promised apartments to thousands of families. 
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Completing construction projects within the established deadlines aligns with both public and governmental interests, as well as with the protection of the rights and interests of residents around construction zones. Current legislation establishes specific procedures and legal mechanisms designed to ensure that developers carry out their obligations within the deadlines. However, in practice, due to various subjective and objective factors, completion certificates are often not issued on time, which often results in negative financial consequences for developers, including additional fees and fines.
Taking into account the emerging problems, the City Council has introduced new tax privileges, applying a zero rate to the local duty in 2025. This tax relief will be granted provided that the applicant, or, in case of legal entities, the head of the executive body, has no overdue financial obligations to the Yerevan community, and that at least half of the members of the relevant commission have signed the completed construction project. 
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The next regular session of the Yerevan Council of Elders will be held on October 23.