Development of Real Estate Market of Baku City Dropped: Expert
Azerbaijan, Baku / Trend corr. U.Ismaylova / The incident of the collapsed building which occurred during construction work in Baku City has negatively affected the development of real estate, Nusrat Ibrahimov, the Director of the Public Organization of Participants of real estate, said on 17 September.
A building which was under construction by the Mutaffakir company collapsed on 28 August at about 6:00 p.m. As a result, 24 people died and five were injured.
Previously Ibrahimov noted that real estate prices would increase in September in Baku City due to seasonal reports. But at present the rise in prices by the end of 2007 will be minimal. The price of real estate remains the same as it was at the beginning of the summer, Ibrahimov said.
In August the average price for a newly-constructed apartment in Baku was $1,261 per sq. m.