BAKU, Azerbaijan, March 13. The prices for commercial facilities in Baku decreased by 7.66 percent in January 2023 on annual basis, CEO of Azerbaijan’s MBA (Marketing, Business, and Analysis) Consulting Group company Nusrat Ibrahimov told Trend.
According to Ibrahimov, in monthly terms the above prices grew by 14.73 percent.
The average cost of one square meter of commercial facilities in Baku in January this year amounted to 3,484 manat ($2,049) compared to 3,751 manat ($2,206) in the same month in 2022 and 3,037 manat ($1,786) in December last year, he explained.
As for the cost of land plots in Baku, an annual increase was recorded in this segment of the market, the CEO noted.
"In January 2023, the average price of 100 square meters of land plot was 18,880 manat ($11,105). On annual basis, this figure increased by 22.64 percent, and a decrease of 15.7 percent was recorded over the month," he added.
Total offers for commercial property market in Baku increased by 0.78 percent in December 2022 compared to the previous month and by 18.9 percent year over year, thus reaching 648.
Moreover, total land market offers dropped by 5.94 percent against the previous month, and increased by 28.36 percent year over year, up to 697.
MBA Consulting company was established in March 2008 and provides consulting and marketing services in various fields of economics.