BAKU, Azerbaijan, March 10. The average cost per square meter of apartments in Baku's primary housing market in January 2023 increased by 3.22 percent compared to the previous month, and 27.53 percent year over the year, CEO of Azerbaijan’s MBA (Marketing Business Analysis) Group Consulting company Nusrat Ibrahimov told Trend.
"The cost per square meter in the primary housing market in Baku in January this year amounted to 1,769 manat or $1,040 (compared to 1,714 manat or $1,008 - in December 2022, and 1,282 manat or $754.1 - in the same month of 2021)," he said.
Meanwhile, the total volume of offers on the primary housing market of Baku in December 2022 was 836.
On an annual basis, the average price of apartments in the primary market increased by 33.29 percent and amounted to 235,961 manat ($138,800).
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 most expensive properties are typically located in the capital city of Baku, which has seen significant development in recent years.
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.