BAKU, Azerbaijan, March 9. The prices in Baku's secondary housing market increased by 3.63 percent in January 2023 compared to the previous month, and by 16.73 percent against the same period of 2022, Director of the MBA Consulting Group company Nusrat Ibrahimov told Trend.
"In the reporting month, the cost per square meter in the secondary housing market amounted to 1,827 manat ($1,074), while in 2022 totaled 1,521 manat ($894.7), and in December 2022 stood at 1,763 manat ($1,037)," Ibrahimov said.
Meanwhile, the total number of offers in the capital's secondary housing market increased in December 2022, reaching 1,821 offers, and the average price of apartments on the secondary market grew by 10.77 percent to 155,535 manat ($91,493) year over year.
The process of buying and selling property in Azerbaijan is regulated by the government, with specific laws and regulations in place to protect buyers and sellers. The sale of a property in Azerbaijan typically involves the signing of a purchase agreement, which outlines the terms of the sale, including the purchase price, payment schedule, and any contingencies or conditions.
The secondary housing market in Azerbaijan offers a wide range of properties, from modest apartments to luxurious villas. Prices for properties in the secondary market vary depending on factors such as location, condition, size, and amenities.
The most expensive properties are typically located in the capital city of Baku, which has seen significant development in recent years.