BAKU, Azerbaijan, January 25. Prices for commercial facilities in Baku decreased by 10.09 percent in December 2022 compared to the previous month and by 15.29 percent compared to the same period of 2021, Director of the MBA Consulting Group Nusrat Ibrahimov told Trend.
"The average cost per square meter of commercial facilities amounted to 3,037 manat ($1,783) in December 2022 (against 3,585 manat, $2,105 in December 2021, and 3,126 manat, $1,836 in November 2022)," the company noted.
Meanwhile, total offers on the commercial property market increased by 0.78 percent compared to the previous month and by 18.9 percent year over year, thus reaching 648.
The growth in the land plot prices in Baku was also recorded in the market.
"The average price of one acre of land totaled 22,397 manat ($13,155) in the reporting month. This figure grew by 21.42 percent on an annual basis and decreased by 7.38 percent over the month," said Ibrahimov.
Moreover, total land market offers dropped by 5.94 percent against the previous month, and by 28.36 percent year over year, down to 741.