Baku, Azerbaijan, Aug.22
By Zulfiyya Kurbanova - Trend:
Commercial real estate market prices in Baku will grow by 6 percent by the end of the year, and the market price for residential housing will increase by 15-16 percent, CEO of consulting company "MBA Group" Nusret Ibragimov told Trend.
However, in July, the prices of the commercial real estate market declined by 2.06 percent, and the residential housing market prices declined by 3.03 percent, noted Ibragimov.
"Compared to last year, prices initially increased, and therefore many buyers left the market. Therefore the activity of the market greatly decreased, which in its turn led to a decline in housing prices," he said, adding that the price reduction was also recorded in the primary and secondary markets - by 5.7 and 1.43 percent respectively.
The expert also noted that increase in property prices by 3-4 percent is expected this fall in Baku.