Azerbaijan, Baku, 1 April /corr. Trend U.Ismaylova / By the end of the year, the prices in the real estate market will increase by 12-20%, the Head of State Real Estate Register Service, Arif Garashov, said on 1 April.
"The price increase is caused by the rise in the cost of construction," Garashov said. This increase depends on the price increase of construction materials, of which a large portion, including cement and armature, is imported.
With regards to the activity of the market, Garashov said that although the market was stable over the recent period, it is impossible to consider the situation as stagnant.
Many housing buildings are being constructed in almost every part of Baku. Considering that there are not such a large number of people in Azerbaijan, all apartments cannot be sold immediately. "In addition, it needs to take into consideration that those who urgently need apartment already acquired it and it is one of the reasons for stability in the market," Garashov said.
The public organization Participants of Real Estate Market stated that the average prices of apartments in Baku had exceeded $130,000 in February.
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