Vahe Davtyan, Chief Executive Officer, New City Projects

From the beginning, our vision at New City Projects has been to create more than residential buildings. We aim to develop environments where architecture, functionality, quality, and long-term value come together.

Armenia’s real estate market has evolved significantly in recent years. Buyers today are more informed and more demanding; they are looking beyond square meters and considering the overall quality of life, the reputation of the developer, infrastructure, design, and the future value of the property. This has encouraged us to continuously raise our own standards.

Several factors have been central to our growth: disciplined project selection, attention to construction quality, strong market understanding, and the ability to adapt quickly to changing customer expectations. We have also invested significantly in how we communicate with our clients, introduce technology into the customer journey, and build trust around the New City Projects brand.

Most importantly, we take a long-term view. A development may be completed in several years, but its impact on the city and on the lives of its residents lasts for decades. That perspective influences every major decision we make.

Every project begins with understanding the location and the people who are likely to live there. We do not believe in applying the same development model to every site.

Location is naturally one of the first considerations, but we evaluate it beyond its current value. We look at accessibility, surrounding infrastructure, future development potential, the characteristics of the neighborhood, and how the area may evolve over the coming years.

The architectural concept is then developed around both the location and the future resident. Depending on the project, priorities may include green areas, privacy, family-oriented spaces, wellness and sports facilities, parking, commercial infrastructure, or hospitality services.

We place particular emphasis on the complete customer experience. Apartment layouts, common areas, landscaping, engineering systems, materials, and amenities must work together rather than exist as separate elements. This philosophy is reflected across our portfolio in very different ways. Novem Residence is a low-density premium residential concept centered on privacy and a more exclusive living environment; Lotus Living places greater emphasis on landscaped green space, family-oriented amenities, and community life; while Pallada Tsaghkadzor combines residential ownership with hospitality, wellness, and leisure infrastructure in a destination setting. Today, our portfolio spans seven projects in total, with these three best representing the range of experiences we aim to offer.

Our objective is not to maximize construction on a particular plot of land. It is to find the right balance between commercial efficiency and creating a project that remains desirable and valuable in the long term.

Competition in Armenia’s real estate sector has become significantly stronger, which I view as a positive development. It pushes developers to improve architectural quality, customer service, transparency, marketing, and the overall product they bring to the market.

At the same time, competition today is no longer limited to price or location. Buyers compare the entire proposition — the developer’s track record, architecture, construction quality, amenities, payment solutions, after-sales communication, and ultimately the level of trust associated with the company.

At New City Projects, we try to differentiate ourselves through a combination of product quality and a strong understanding of the customer. We develop projects for different lifestyles and market segments rather than following a single formula.

Another important differentiator is our willingness to innovate. We actively explore digital solutions, virtual project experiences, data-driven marketing, and new approaches to presenting and selling real estate.

But ultimately, differentiation must be proven through execution. A strong brand can attract attention, but only consistently delivered projects and satisfied customers can build a sustainable reputation.

International expansion is one of our important strategic priorities.

Armenia has a large and globally connected diaspora, and we see significant potential among Armenians living in markets such as the United States, Europe, the Middle East, and other regions. At the same time, we believe Armenia can increasingly attract buyers and investors who do not necessarily have Armenian roots but recognize the country’s development potential.

For international clients, trust and accessibility are critical. They need transparent information, clear legal and purchasing processes, strong digital communication, and the ability to evaluate a property remotely. This is why we are investing in digital customer journeys, virtual property presentation, international communications, and stronger partnerships abroad.

We are also interested in strategic partnerships that can bring international expertise, brands, technologies, hospitality concepts, and investment into our projects.

Our objective is therefore broader than simply selling Armenian real estate internationally. We want New City Projects to become a credible platform connecting international capital, expertise, and buyers with high-quality development opportunities in Armenia.

Armenia’s real estate market is already established, yet it continues to develop actively, which gives buyers a clear entry point and the potential for long-term appreciation. For international buyers especially, purchasing property here can be a way to preserve capital while also creating the opportunity to generate returns through resale or rental income.

Real estate is fundamentally a trust-based business. Clients often make one of the most important financial decisions of their lives when purchasing a property, while investors and business partners commit capital and reputation to projects that may take years to complete.

For that reason, we believe relationships have to be built on transparency, consistency, and delivery.

With our clients, we aim to maintain communication throughout the entire journey — from the first interaction and property selection through construction and handover. We are continuously working to make information more accessible and the purchasing process more convenient.

With investors and strategic partners, our approach is similar. We focus on building relationships where both sides understand the long-term objectives rather than approaching cooperation as a single transaction.

One principle is particularly important to me: reputation is cumulative. Every completed project, every partnership, and every client experience contributes to the credibility of the company.

Our goal is therefore not simply to close a sale or sign an agreement. It is to create relationships that can continue across multiple projects and many years.

The next stage of New City Projects will be defined by scale, diversification, and stronger integration of technology and international expertise.

We are continuing to expand our development portfolio in Yerevan and other strategically important locations in Armenia, while working on projects that address different segments of the market — from high-quality residential communities to premium and investment-oriented developments.

One area of particular interest is creating projects where residential real estate is complemented by hospitality, wellness, leisure, commercial infrastructure, and professional management. We believe the market will increasingly move toward integrated developments rather than stand-alone residential buildings. Projects such as Lotus Living, Novem Residence, and Pallada Tsaghkadzor illustrate this direction: from community-focused urban living and private premium residences to hospitality-led, investment-oriented destination development.

Technology will also become much more important. We see opportunities to use digital platforms, data, AI, virtual environments, and automation across marketing, sales, customer service, and project management.

At the same time, international partnerships will remain a major priority. Bringing global expertise and standards into Armenia can create significant value both for our company and for the market as a whole.

Our ambition is clear: as New City Projects grows, we want to contribute to the evolution of the Armenian real estate sector itself and demonstrate that developments created in Armenia can compete according to international standards.