BAKU, Azerbaijan, January 29. Prices for renting private and country houses decreased in December 2022 in Baku, CEO of Azerbaijan’s MBA (Marketing, Business, and Analysis) Consulting Group company Nusrat Ibrahimov told Trend.
"The average cost of renting houses in Baku amounted to 985 manat ($579), decreasing by 19 percent over a month (1,216 manat or $715.2), and by 34.07 percent (1,494 manat or $880) over the year," Ibrahimov said.
The average price per square meter of private and country houses increased by 21.61 percent in December 2022 compared to the previous month and by 22.07 percent year-on-year, to 6.36 manat ($3.7).
According to him, the total volume of offers on the rental market of houses in the capital decreased by 17.9 percent in December 2022 compared to the previous month, and by 3.47 percent year-on-year, to 445 offers.
Regarding the rent of commercial facilities, Ibrahimov noted that the average price for renting facilities has increased over the year.
"The average cost of renting one square meter of a commercial facility in Baku increased by 3.09 percent in December 2022 compared to the previous month, and decreased by 8.65 percent year-on-year, to 16.7 manat ($9.8)," Ibrahimov said.
According to him, the average cost of renting commercial facilities in Baku amounted to 4,551 manat ($2,680) increasing by 12.4 percent over a month (4,049 manat or $2,380), and by 19.29 percent (3,815 manat or $2,240) over a year.
He noted that the total volume of offers on the commercial rental market amounted to 707.
MBA Consulting company was established in March 2008 and provides consulting and marketing services in various fields of economics. The company’s specialists act as trainers at courses organized on marketing, business formation, legal services, realtor activities (purchase and sale of the property), and valuation as well.