Baku, Azerbaijan, July 3
By Matanat Nasibova - Trend:
The average cost of housing on secondary market of Baku increased by 5.1 percent in May 2019, compared to the same period of last year; however, compared to April 2019, the cost has decreased by 1.8 percent, consulting group MBA Group told Trend.
Average cost of secondary housing amounted to $959 per square meter in May 2018, whereas in the reporting period of this year it has increased to $1,008 per square meter.
The cost of economy class apartments of the secondary market stood at $767 per square meter in May 2018, whereas in May 2019 it has slightly decreased and equaled to $712 per square meter.
Furthermore, the cost of comfort-class and business-class increased by 0.1 percent.
Total number of secondary housing supply in 2018 equaled to 2,410 units and 1,810 units in 2019. Thus, the decrease of the indicator amounted to 24.9 percent.
The number of primary housing supply amounted to 585 units in May 2018, while in the reporting month of this year it has increased to 801 units growing by 37 percent.
In terms of the structure of the offered secondary housing, the majority of the apartments this year (35.9 percent) are three-rooms apartments, followed by two-rooms apartments (30.2 percent) and one-room apartments (13 percent).
The percentage of apartments with four and more rooms equaled to 20.8 percent of the supply.
The largest number of secondary apartments for sale accounts for Yasamal settlement (23.9 percent). Some 16.7 percent accounts for Khatai settlement, 14.57 percent for Nasimi settlement and over 17.2 percent for Narimanov and Binegedi settlements.
Five to six percent of the total number accounts for secondary housing supply in other settlements of Baku city.