News - Armenia government to buy building for €23M for Paris embassy

The Armenian government will purchase a service building for 23 million euros for its embassy in Paris. The government made this decision at its Cabinet meeting Thursday. It was decided to allocate Armenian drams equivalent to 23 million euros from the reserve fund of the government’s 2024 state budget to the Ministry of Foreign Affairs (MFA) of Armenia in order to purchase the aforesaid building. It is noted that the acceptance of this decision is conditioned by the need to acquire a building for the Armenian embassy in France. The respective project was developed by the MFA of Armenia. The proposed building is located in the 16th arrondissement of Paris, and it has historical value because since 1956 it belonged to the third president of France, Valery Giscard d'Estaing. "As a result of long negotiations of the RA [(Republic of Armenia)] Embassy in France, the seller agreed to sell it for 23 million euros, while according to the estimates of reputable appraisal organizations, the real value of the building considerably exceeds that amount," the Armenian government said. The entire process of buying this building, from the signing the agreement of intent to sell to the state registration of rights, will take about three to four months. Also, state payments in the amount of 7.5% of the value of the building will need to be made for the implementation of this transaction.