The March 2025 issue of Forbes Russia presents a ranking of major real estate owners, featuring two Armenian names. The list includes 30 top businessmen, among whom Samvel Karapetyan and David Amaryan have Armenian origins.
Samvel Karapetyan – President of Tashir Group
Ranked second on the list is Samvel Karapetyan, the president of Tashir Group. In 2024, his rental income alone grew by 7.3% compared to 2023, reaching $685 million. This figure represents only the revenue generated from leasing commercial and other types of real estate, not his total earnings. Karapetyan has been actively investing in real estate not only in Russia and Armenia but also across other former Soviet republics.
David Amaryan – Founder & CEO of Balchug Capital
The second Armenian entrepreneur featured in Forbes is David Amaryan, the founder of Balchug Capital. His rental income saw a 10% increase in 2024, amounting to $55 million. Amaryan’s Balchug Capital owns several business centers, as well as Metropolis, one of Moscow’s largest shopping and entertainment complexes. His company actively invests in real estate, developing large-scale commercial and retail projects.
Vruyr Penesyan – CEO of Business Partners of Armenia
The Forbes issue also highlights a major project led by businessman Vruyr Penesyan. According to the publication, Penesyan plans to introduce $2 billion worth of Armenian real estate in Moscow. In April, he is set to organize an exhibition at the Ararat Park Hyatt Moscow, showcasing Armenia’s finest new developments.
Additionally, a private business meeting will be arranged for Russia’s leading investors, where large-scale investment projects from Armenia will be presented. Penesyan emphasizes that the initiative aims to attract investments to Armenia, enhance the country’s real estate visibility on international platforms, and foster new business connections.
These insights confirm that Armenian-origin entrepreneurs continue to make significant real estate investments, both internationally and in Armenia, strengthening their presence in the industry.
