Average Prices in First Real Estate Market of Baku during February Divulged
Azerbaijan, Baku, 11 March / corr. Trend U. Ismayilova/ The average price of one sq. meter of living space in the first real estate market of Baku went up by 2.8% in February up to $1,057, Participants of the Estate Market Public Union of Azerbaijan said on 11 March.
"There was a drop in portfolios of the first market and insignificant construction works which is attributed to the drop in demand for newly-erected buildings."
The demand for newly-erected buildings fell after a 16-storey building collapsed in August in Baku leaving 25 people dead.
The average storeys of newly-erected buildings in Baku in February totaled 15, the average space of the apartments - 121.8 sq. meters and the average number of rooms - two.
According to the Labour Inspection of the Ministry of Labour and Social Protection of Azerbaijan over 800 buildings are being constructed in Baku at the moment.
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