Price for Real Estate Trebled in Ganja

Business Materials 13 May 2008 16:48 (UTC +04:00)

Azerbaijan, Ganja, 13 May / Trend corr. U.Ismayilova, V.Mammadov / The price for real estate has marked up by 30% for the recent two months in Ganja City of Azerbaijan, specialists on real estate sale in Ganja stated to Trend on 13 May.

"The prices of apartments have increased, particularly, in centre of the city, but still weak activity has been observed in the market so far," realtors said.

According to the local realtors, a significant demand is observed for one room apartments in the outskirts because of low prices - from AZN 32,000 to AZN 38,000. Prices for one room apartment in Baku in April touched AZN 66,200.

The Prices for two room apartments in the centre of Ganja increased from AZN 38,000 and AZN 50,000 to AZN 45,000 and AZN 60,000. In April, the price for two room apartment in Baku totaled AZN 111,300. 

Cost of one square meter in newly constructed buildings in Ganja average from AZN 800 to AZN 1,200. "Price stability was observed in newly constructed building as the construction work in most buildings has not been completed yet," realtors said. The cost of one square metre has climbed from $1,000 to $1,300.

The private apartments in Ganja Less experienced less price increase-15%. Realtors explain such stability with low demand for private apartment. Very few private apartments in Ganja cost AZN 6,000 to AZN 75,000, or maximum AZN 120,000.

The cost of private apartments in Baku increased by 1% and average $236,177 as compared to March.

The correspondent can be contacted at: [email protected]