BAKU, Azerbaijan, April 5. The prices in Baku's secondary housing market increased by 16.73 percent in February 2023 compared to the previous month, and by 3.63 percent against the same month of 2022, Director of Azerbaijan’s MBA Consulting Group company Nusrat Ibrahimov told Trend.
"In the reporting month, the cost per square meter in the secondary housing market amounted to 1,856 manat ($1,091)," Ibrahimov said.
The total number of offers in the capital's secondary housing market amounted to 1,762 in February this year, he added.
Previously, the cost per square meter in the secondary housing market amounted to 1,827 manat ($1,074) in January 2023.
Besides, 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.
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.