Prices for land plots, retail facilities decline in Baku
BAKU, Azerbaijan, Apr. 14
By Elchin Mehdiyev - Trend:
As a result of the coronavirus pandemic, prices for land plots and retail facilities decreased in Azerbaijan’s capital, Baku, Director General of the MBA Group consulting company, real estate expert Nusrat Ibrahimov told Trend.
In February 2020, prices on the land market decreased by 0.9 percent.
Ibrahimov added that the decline in prices in the commercial property market amounted to 5.54 percent. In general, a decrease in prices by 2.6 percent was observed in the real estate market in February 2020.
According to the expert, due to the coronavirus pandemic, activity on the property market nearly stopped.
He said that the rental prices for apartments and trade facilities decreased in Azerbaijan’s capital Baku in March 2020.
The expert stressed that the activity in the real estate market has practically stopped due to the coronavirus pandemic.
“The prices in the rental housing market decreased by 6.2 percent in March,” Ibrahimov added. "Futhermore, the prices decreased by 3.66 percent in the rental market of trade facilities."
The expert stressed that in general, the real estate market volume decreased by 2.6 percent over the past month.
In February 2020, the cost of housing in Baku’s secondary market increased by 2.16 percent compared to January 2020, the Azerbaijani MBA Group consulting company said.
As for the value of land, a slight increase was observed. A decrease in prices was observed for country houses.
In the rental sector, an increase of 1.2 percent was observed in February 2020 compared to January 2020, and on an annualized basis - up to 2.1 percent.