Prices in Baku Secondary Real Estate Market Drop in March

Business Materials 21 April 2008 19:50 (UTC +04:00)

Azerbaijan, Baku, 21 April / Trend corr. U. Ismayilova/ In March, prices in the Baku secondary real estate market dropped by 4.8% to $1,637 per sq m, the public organization Participants of Real Estate Market reported on 21 April.

The number of the agreements concluded in the market also dropped in March.

The drop in prices was caused by an increasing rise in supply and a drop in demand.

In March, some 5,000 apartments were put up for sale in the Baku real estate market. The apartments in the Nasimi district (20%), Yasamal district (20%), and Narimanov district (18.8%) comprised the majority in the Baku secondary real estate market.

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