BAKU, Azerbaijan, April 15. Housing prices in Azerbaijan have increased by 32.4 percent compared to the end of 2020, the Central Bank of Azerbaijan (CBA) said in a statement to Trend.
The CBA noted that in 2020, due to the pandemic, the real estate market experienced relative price stability. However, in the years that followed, a silver lining has appeared on the horizon.
"In 2024, the pace of growth in housing prices surpassed the rate of increase in disposable income. The data from the State Statistics Committee shows that housing prices rose by 9.9 percent, while the growth rate of disposable income was 5.9 percent, compared to the end of the previous year.
In aggregate, from the year 2020 onwards, the residential property market has experienced an appreciation of 32 percent, concurrently with a 39 percent escalation in disposable income levels," the bank explained.
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