BAKU, Azerbaijan, Sept. 13
By Zeyni Jafarov - Trend:
The decision of the Ministry of Education on the resumption of the traditional format of education in educational institutions of Azerbaijan will have a slight impact on the cost of renting real estate in Baku compared to previous years, Nusret Ibrahimov, director of the MBA Group consulting company, an expert on property issues, told Trend.
At the moment it is hard to say how much this decision will affect the rental housing market in Azerbaijan, but activity is certainly observed in this area, the expert said.
"Before COVID-19 pandemic, prices in the rental housing market traditionally began to rise from the second half of August by almost 100 percent, but the market usually stabilizes in two months," Ibrahimov noted.
By the beginning of August 2021, the cost of renting a one-room apartment in Baku reached 379 manat ($222), a two-room apartment – 447 manat ($262), a three-room apartment – 540 manat ($317), a four-room apartment – 766 manat ($450), and a five-room apartment – 1152 manat ($677).
Since the opening of educational institutions is being delayed a little this year, there is either no price growth in the rental real estate market at the beginning of September, or it is insignificant (by 0.36 percent per month, or 3.4 percent per year).
At the moment, the rental price of a one-room apartment in Baku is on average 380 manat ($223), a two-room apartment is 449 manat ($264), a three-room apartment is 542 manat ($318), a four-room apartment is 769 manat ($452), and a five-room apartment is 1156 manat ($680).
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