The lake is situated in the central part of Armenia, in the Gegharkunik Province, at the altitude of 1,900 m (6,200 ft) above sea level. The total surface area of its basin is about 5,000 km2 (1,900 sq mi), which makes up 1⁄6 of Armenia's territory. The lake itself is 1,242 km2, and the volume is 32.8 billion m3. It is fed by 28 rivers and streams. Only 10% of the incoming water is drained by the Hrazdan river, while the remaining 90% evaporates.
Sevan provides some 90% of the fish and 80% of the crayfish catch of Armenia. It has significant economic, cultural, and recreational value. Its only island (now a peninsula) is home to a medieval monastery.
Armenia has no access to the sea, but Armenia has its blue pearl, which is a treasure Armenians will never trade for anything. That pearl is Lake Sevan. This lake is the pride of the Armenian people and it’s where almost all Armenians head to, to spend their memorable summer vacations. Lake Sevan is considered the "jewel" of Armenia and is "recognized as a national treasure" in the country. The most famous cultural monument is the Sevanavank monastery located on the peninsula, which was until the mid-20th century an island. Another prominent monastery at the western shore is Hayravank, and further south, in the village of Noratus, is a field of khachkars, a cemetery with about 900 khachkars of different styles. The lake is an important breeding ground for the Armenian gull (Larus armenicus) with about 4,000–5,000 pairs.
Lake Sevan is the largest lake in Armenia and the Caucasus region. Along with Lake Van and Lake Urmia, Sevan is considered one of the three great "seas" of historic Armenia.