Prices on secondary housing in Baku drop

Economy Materials 19 August 2020 18:01 (UTC +04:00)
Prices on secondary housing in Baku drop

BAKU, Azerbaijan, Aug.19

By Elchin Mehdiyev - Trend:

Housing prices in the secondary market of Azerbaijan’s Baku city were down during July 2020, Director of MBA Group consulting company Nusret Ibrahimov told Trend.

According to Ibrahimov, a decline of 2.2 percent was recorded in the secondary housing market.

The prices for expensive apartments remained unchanged, while the housing offered for the average price rose by 1.1 percent, and the prices of the apartments offered for relatively low price fell by 2.1 percent.

"In the primary housing market, the overall decline was 2.7 percent. Prices of expensive apartments fell by 0.9 percent, average prices by 4.4 percent and relatively cheap prices by 8.1 percent," stated CEO of MBA Group.

Ibrahimov noted that the decline in housing prices is seasonal in nature.

In June 2020, cost of housing in the secondary market of Baku city recorded a slight increase by 0.3 percent, compared to May 2020.