Azerbaijan, Baku, 22 April / Trend corr U. Ismayilova/ In March 2008, the average price for one square metre at the Baku primary real estate market increased by 1.8% making up $1,076, the public organization Real Estate Market Participants reported on 21 April.
In March, the primary real estate market's portfolio was reduced and construction work in several construction sites was cut-back, which was caused by a decrease in demand for newly constructed buildings. But despite of reduction in demand, the average prices in the market rose due to supply of new Elite apartments in the market.
The demand for newly constructed buildings decreased after a 16-storey building constructed in a central Baku street collapsed resulting in death of 25 people, in August 2007.
The average square of apartments in the newly constructed buildings decreased by 0.2% in March and comprised 121.6 sq m, while in February it was 121.8 sq m.
Most of the newly constructed buildings were constructed the Yasamal, Nasimi and Khatai districts in Baku respectively.
According to the Labour Inspectorate attached to the Azerbaijani Labour & Social Protection Ministry, 216 construction companies were constructing 581 buildings in Baku at the end of March.
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