Property Prices to Increase by 22% in Azerbaijan - Head of Real Estate Registration State Service
Azerbaijan, Baku, 8 May / Trend corr U. Ismayilova/ Prices in the Azerbaijani real estate market will rise by 22% by the end of the year, Arif Garashov, head of the Real Estate Registration State Service, said.
"Since the beginning of the year property prices have risen by 15%," Garashov said on 8 May.
According to Garashov, prices in Azerbaijan's real estate market are rising due to a high growth rate in the field. "Property prices are also affected by insufficient domestic production of construction materials," he said.
According to the public organization Participants of Real Estate Market, only 40% of construction materials sold in Azerbaijan are manufacture in the country. In March, one sq.m. in the primary real estate market cost $1,076, and $1,637 in the secondary real estate market.
The correspondent can be contacted at: [email protected]