Azerbaijan, Baku / Trend corr U. Ismayilova / Volume of sales in Baku primary real estate market increased 10% by mid November after a 16-storey building being constructed in Baku collapsed in August, Caspian Property Services evaluating company said on 16 November.
A 16-storey building being constructed by Mutaffakir company in a central Baku street collapsed on 28 August, resulting in 25 deaths. The experts exploring the scene of the incident said the collapse was caused by violation of technical safety regulations, as well as improper construction technique and low-quality construction materials.
According to Caspian Property Services, the collapse shocked the people and they stopped buying flats in newly-erected buildings.
In November, prices for 1 sq m in newly-erected buildings in the downtown of Baku varied between $1,500 and $3,000; between the centre and the suburbs - $650 and $1,200; in suburbs - $500 and $650.
According to the Real Estate Market Participants public organization, before the collapse in August the average price in Baku had been $1,027 per sq m.