Current real estate law is relatively liberal. Foreigners (those without Armenian citizenship) may buy any part of a building (apartment, office) outright, and can lease land for up to 99 years. Foreigners of Armenian descent, can apply for a 10-year visa which allows the outright purchase of land. Locally registered businesses, which can be wholly owned by foreigners, can also purchase land outright.
The center of Yerevan, which is an extremely centralized, is the most expensive real estate in the country, followed by outlying parts of Yerevan, outlying towns near Yerevan (such as Ejmiatsin and Ashtarak), and then other cities and towns, such as Gyumri, Vanadzor and Dilijan. Land is dirt cheap in many parts of the country, and for those willing to settle in Karabakh, potentially free.