Azerbaijani State Property Register Service Forecast Property Price Rises in Baku in 2008

Business Materials 11 February 2008 13:31 (UTC +04:00)

Azerbaijan, Baku, 22 February / Trend corr. U.Ismailova / Property prices will increase by 10 to 15% in Baku in 2008 in connection to a rise in the price of utilities and a dynamic rise in the price of construction materials, Arif Garashov, the head of State Property Register Service of Azerbaijan, stated on 11 February.

"Prices will increase depending on the residence of the property," Garashov said.

In 2007, property prices increased by 25%.

According to Nusrat Ibrahimov, expert and executive director of the public organization Participants of the Property Market, property prices in Azerbaijan in 2007 increased by 23.2% compared to 2006.

"The property price increase will make up 16 to 18% in Azerbaijan in 2008," Ibrahimov stated.

In August 2007, a 16-storey building collapsed in one of Baku's central streets and 25 people died as a result. Inactivity in the market was observed which led to a decrease in prices by 37% for some time after the collapse.