Season Inactivity Starts in Azerbaijani Real Estate Market – Expert
Azerbaijan, Baku, 23 May / Trend corr. U.Ismayilova / The Azerbaijani real estate market will transfer on summer period which will lead to reduction of the activity in the market. The activity in the market has decreased by 27% in early May, Nusrat Ibrahimov, Director General of the consulting company MBA group, stated.
"The real estate market transferred to summer season earlier than ever. Previously, the decrease totaled 20% to April, but currently the index comprises 45%," Ibrahimov said.
The activity of real estate market will cut to 35% during the summer months.
About 4,000 real estates were sold in April. The market is expected to be more active from the second half of September.
Expert said that the rate of inflation also affected the cut of activity in real estate market. From January to April, the inflation rate comprised 17.85. Population does not invest their money to any sphere including real estate because of safety.
The Azerbaijani real estate market had been experienced boom from 1995 to August 2007, when a 16-storeyed building collapsed in one of the central streets of Baku on 28 August 2007. The market activity has decreased by 34% soon after the collapse.
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