Editing Yerevan (section)

===Construction===
[[File:Pavstos Buzand street 2015, Yerevan (1).jpg|thumb|left|A 19th-century building in downtown Yerevan, remodeled with modern additions]]
[[File:Cafesjian Center for the Arts (CCA 1).jpg|thumb|left|[[Yerevan Cascade|Cascade]] complex]]
The construction sector has experienced a significant growth during the 1st decade of the 21st century.<ref>{{cite web|url=http://www.caucaz.com/home/breve_contenu.php?id=451|title=Haroutiun Khatchatrian, " Un ambitieux agenda économique pour l'Arménie: Le nouveau gouvernement pourra-t-il relever le défi ? " sur ''Caucaz.com'', le 18 juillet 2007|access-date=26 May 2008|language=fr|archive-date=3 March 2016|archive-url=https://web.archive.org/web/20160303231155/http://www.caucaz.com/home/breve_contenu.php?id=451|url-status=live}}</ref> Starting from 2000, Yerevan has witnessed a massive construction boom, funded mostly by Armenian millionaires from Russia and the United States, with an extensive and controversial redevelopment process in which many 18th and 19th-century buildings have been demolished and replaced with new buildings. This growth was coupled with a significant increase in real estate prices.<ref>{{cite web|url=http://www.armenews.com/article.php3?id_article=37217|title=Stéphane/armenews, " Les prix de l'immobilier à Erevan en hausse en 2007 " sur ''Armenews'', le 1er janvier 2008|access-date=26 May 2008|language=fr|archive-date=12 December 2008|archive-url=https://web.archive.org/web/20081212024012/http://www.armenews.com/article.php3?id_article=37217|url-status=dead}}</ref>
[[File:Pavstos Byuzand street.jpg|thumb|Historical districts being demolished and replaced with modern buildings]]
Many major construction projects has been conducted in Yerevan, such as the [[Northern Avenue (Yerevan)|Northern Avenue]] and the rehabilitation of ''Old Yerevan'' on [[Aram Street]]. The Northern Avenue is completed and was opened in 2007, while the ''Old Yerevan'' project is still under development. In the past few years, the city centre has also witnessed major road reconstruction, as well as the renovation of the Republic square, funded by the American-Armenian billionaire [[Kirk Kerkorian]]. On the other hand, the Argentina-based Armenian businessman [[Eduardo Eurnekian]] took over the airport, while the cascade development project was funded by the US based Armenian millionaire [[Gerard L. Cafesjian]].

However, the sector has significantly dropped by the end of the 1st decade of the 21st century, as a result of the [[Real estate bubble|global real estate crisis]] in 2007–09. In 2013, Yerevan dominated over 58% of the annual total construction sector of Armenia.{{citation needed|date=June 2023}}

In February 2017, the urban development committee of the government revealed its plans for the upcoming major construction projects in the city. With a total cost of US$300&nbsp;million, a new business district will rise at the centre of the city, to replace the current Firdowsi shopping area.<ref>{{Cite web|url=https://www.panarmenian.net/arm/details/211580/|title=Երևանի 33-րդ թաղամասը. Նոր հրապարակ' Ֆիրդուսի շուկայի փոխարեն|website=PanARMENIAN.Net|access-date=3 January 2021|archive-date=27 January 2021|archive-url=https://web.archive.org/web/20210127094903/https://www.panarmenian.net/arm/details/211580/|url-status=live}}</ref> The committee has also announced the construction of ''Noy'' (Noah) ethnographic residential district at the western vicinity of Kentron District, with an approximate cost of US$100&nbsp;million.<ref>{{Cite web|url=https://mediamax.am/am/news/yerevan/22169/|title="Նոյ" թաղամասը կարժենա $ 100 մլն|website=mediamax.am|access-date=3 January 2021|archive-date=28 September 2018|archive-url=https://web.archive.org/web/20180928123002/https://mediamax.am/am/news/yerevan/22169/|url-status=live}}</ref>