Azerbaijan, Baku, 6 May / Trend corr U. Ismayilova/ The supply of property in the real estate market of Azerbaijan outweighs the demand by 2.2 times, Nusrat Ibrahimov, Director General of MBA Group consulting company, said.
"The number of construction companies has dramatically increased in Azerbaijan which has resulted in the failure for the properties to be sold in a timely manner to promote efficient business," Ibrahimov said to Trend .
According to Ibrahimov, construction companies should cooperate more intensively with realtors in order to improve their efficiency and accelerate the sale of property.
"Construction companies must construct property but realtors in turn must sell," Ibrahimov said. There are only about 15 professional realtors in Baku.
There are over 200 construction companies operating in Azerbaijan. The average price of a sq. meter of property in the primary market dropped by 5% to $1,076 in March compared to February. However, in the secondary market the average price for a sq. meter of property rose by 9.1% to $1,638.
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