BAKU, Azerbaijan, December 27. Prices for commercial facilities in Baku increased by 14.12 percent in November 2023 year-on-year, director of MBA Group consulting company Nusrat Ibrahimov said, Trend reports.
At the same time, the monthly price fall for commercial property in Baku was 5.04 percent.
"The average cost of one square meter of the area of commercial facilities amounted to 3,855 manat ($2,267) in November 2023, and the volume of offers was 807 (growth of 25.71 percent for the year and 3.07 percent for the month)," he stated.
In terms of the cost of land plots in Baku, there has been year-on-year growth in this section of the market.
"The average price of one hectare of land amounted to 29,510 manat ($17,358) in November 2023. This indicator grew by 22.03 percent year-on-year and fell by 0.5 percent for the month. The volume of offers amounted to 776 (1.9 percent decrease for a month and increase of 4.72 percent for a year)," Ibrahimov added.
The average cost of one square meter of the area of commercial facilities amounted to 3,037 manat ($1,786) on January 1, 2023, and the total volume of offers was 648.