Prices in Baku’s Secondary Real Estate Market to Increase 10% by End of 2007 – Expert

Business Materials 6 October 2007 14:27 (UTC +04:00)

Azerbaijan, Baku / Trend corr U. Ismayilova / By the end of 2007 prices in Baku's secondary real estate market, as well as land market, will increase by 10%, the Executive Director of 'Participants of Real Estate Market' public organization, Nusrat Ibrahimov, said on 6 October.

According to him, demand in Baku's secondary real estate and land markets rose due to the trust of the population.

Since the beginning of the year the prices in Baku's real estate market has risen by 35-40%.

According to Ibrahimov, changes are not expected in prices in the primary market. "Collapse of a constructed building in Baku in August frozen the primary market," he said.

A 16-storey building being constructed in Baku collapsed on 28 August. As a result, 25 people died.