BAKU, Azerbaijan, June 15. Prices for commercial properties in Baku decreased by 3.2 percent in May 2022 compared to the previous month, Trend reports with reference to Azerbaijan’s MBA Group consulting company.
At the same time, according to the company, prices for the commercial facilities in the capital grew by 3.99 percent on annual basis.
The cost of one square meter of the commercial facilities amounted to 3,179 manat ($1,870) in May this year (versus 3,284 manat or $1,930 - in April 2022, and 3,057 manat or $1,800 - in May 2021), the company said.
Meanwhile, the total volume of offers on the commercial property market increased by 6.45 percent compared to the previous month and by 90.94 percent year-on-year.
The decline in the cost of land plots in Baku was also recorded in the market.
The average price of 100 square meters of land was nearly 19,540 manat ($11,490) in May 2022.
This figure fell by 12.1 percent on annual basis, and rose by 3.65 percent over the month, the company noted.
The total volume of offers on the land plot market increased by 3.57 percent in May 2022 compared to the previous month, and decreased by 18.21 percent year-on-year, to 638, added to the company.