Real Estate Prices in Azerbaijani Region to Rise by 30% - Expert

Business Materials 21 November 2007 17:39 (UTC +04:00)

Azerbaijan, Baku / Trend corr U. Ismayilova / Prices in the real estate market of the Azerbaijani city of Ganja, taking into account inflation, will rise another 30% next year, Nusrat Ibrahimov, the Executive Director of the public organization Real Estate Market Participants said on 20 November.

This year prices have already risen by 28% compared to 2006.

"Three years ago a square metre in a flat in Ganja cost average $250-$300, but now it is $700," Ibrahinov said.

According to Ibrahimov, this year real estate prices in Ganja increased on average by 5% a month. In 2006, 10x10 metres of land cost AZN 14,000, but now it is AZN 20,000.

Eighteen blocks of flats are being constructed in Ganja, and their total area makes up 1.4mln sq m.

Each year real estate prices increase in Azerbaijan by an average of 32-35%, Ibrahimov said.