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Economy of Yerevan

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guage:EN;mso-bidi-language: TA" lang="EN">The construction sector has experienced strong growth since 2000. During the 1st decade of the 21st century, Yerevan has witnessed a massive construction boom, funded mostly by Armenian millionaires from Russia, with an extensive and controversial redevelopment process in which Czarist and Soviet-period buildings have been demolished and replaced with new buildings. This urban renewal plan has been met with opposition and criticism from some residents. Coupled with the construction sector's growth has been the increase in real estate prices. Downtown houses deemed too small are more and more demolished and replaced by high-rise buildings.

Two major construction projects are scheduled in Yerevan: the Northern Avenue and the Main Avenue projects. The Northern Avenue is almost completed and was put in service in 2007, while the Main Avenue is still under development. In the past few years, the city centre has also witnessed major road reconstruction, and the renovation of the Republic square, funded by the American-Armenian billionaire, Kirk Kerkorian. Another diasporan Armenian from Argentina; Eduardo Eurnekian took over the airport, while the cascade development project was funded by the US based Armenian millionaire Gerard L. Cafesjian.

On 29 January 2010, another major project "Yerevan Cit" was

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