January Average Prices in Baku Re-sale Real Estate Market Publicized

Business Materials 13 February 2008 15:03 (UTC +04:00)

Azerbaijan, Baku, 13 February / Trend / In January 2008, the average price of a square metre of property in the re-sale property market in Baku increased 3.2% from January 2007 and totalled $1,577, the public organization 'Participants of Property Market' reported.

In January the number of flats put up for sale for less then $1,577 per sq m made up 7.8% and the number of flats with more expensive prices comprised 13.4%.

A considerable increase in prices (9.6%) occurred in the 2nd and 3rd sectors of the city, and prices dropped in the 1st (2.5%) and 4th (4.1%) sectors.

Prices mainly decreased for experimental buildings (8.4%) and newly-erected buildings (7.2%). The number of newly-erected buildings in the re-sale market made up 22.2%, and Leningrad style project buildings - 23.3%.

The average price of a flat in Baku amounted to $106,283, the average area of an apartment - 77 sq m, and the average number of rooms in an apartment - 2.58.