Baku, Azerbaijan, Aug.28
By Zulfiyya Kurbanova - Trend:
Average price per square meter in the primary housing market in Baku for the year increased by 25 percent and amounted to 973 AZN ($1,241). For comparison, the price per square meter in the primary housing market in Baku in July 2013 amounted to 781 AZN ($996), according to a report by the MBA Group consulting company.
Since the beginning of 2014 the price of one square meter of housing in the primary market of Baku increased by 5 percent. In January of this year, the average price per square meter of housing in Baku was 926 AZN ($1,181).
The number of proposals in the primary housing market in Baku for the period amounted to 568, which is 35.5 percent more than the same period of last year (419 proposals).
The report states that 51.8 percent of the total portfolio of proposals accounts for economy class housing with the average price per square meter of $950, 45.1 percent for the primary business-class housing (an average of $1,500 per square meter), 3.2 percent for VIP-class (an average of $2,600 per square meter).
Luxury apartments are mainly located in Yasamal, Sabail and Nasimi districts of the capital.
38 percent of the housing offered for sale in the primary market accounts for Yasamal district of Baku, 14 percent - Nasimi, 12 percent - Khatai, 10 percent - Narimanov, and 9 percent for Nizami and Binagadi districts.
The official exchange rate for August 27 is 0.7844 AZN / USD.