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In page Yerevan:

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Since 2000, central Yerevan has been transformed into a vast construction site, with cranes erected all over the Kentron district. Officially, the scores of multi-storied buildings are part of large-scale urban planning projects. Roughly $1.8 billion was spent on such construction in 2006, according to the national statistical service.[citation needed] Prices for downtown apartments have increased by about ten times during the first decade of the 21st century.[citation needed] Many new streets and avenues were opened, such as the Argishti street, Italy street, Saralanj Avenue, Monte Melkonian Avenue, and Northern Avenue.