The declared independence of Armenia from the Soviet Union in 1991 led to the collapse of the entire economy, leaving thousands of unfinished buildings in the country; from started to almost completed constructions. From1988 till 1992, more then 400, 000 refugees arrived in Armenia among them some 300, 000 ethnic Armenians, who had left Azerbaijan, following the escalation of the interethnic conflict over the dispute territory of Ngorno-Karabakh. The influx of the ethnic Armenian refugees coincided with a massive earthquake in northern Armenia in December 1988, claiming the lives of 25, 000 people and rendering 500, 000 homeless.