Which Flat Can You Buy in Baku for $100,000?
Azerbaijan, Baku, 12 June / Trend corr U. Ismayilova/ With a $100,000 in your pocket, you will be able to buy only a one-room flat in Baku. For about $111,000 you will be able to buy a one-room flat in Baku with an average square of 58sq m. In a newly constructed building, an overhauled one-room flat of the same square costs $90,000 and non-repaired - $64,000.
People prefer flats in newly constructed multi-storey blocks of flats, because flats in the secondary real estate market cost more. For instance, a one-room flat in an architectural building in Baku with average square of 58sq m costs 1/3 times more than the same flat in a newly constructed building - $154,000.
Although many architectural buildings in Baku were constructed at the end of last century's of 40s, demand for them is still high. In the secondary real estate market, a square metre of a flat constructed as a 'Italian project' in Baku costs average $1,655, 'Kiev project' - $1,526, 'Leningrad project' - $1,677, 'Minsk project' - $1,605, 'Moscow project'- $1,565, 'German project' - $1,632, 'Stalin project' - $2,092, 'French project' - $1,649, 'Khrushchev project' - $1,952.
Despite activeness in the Baku's, primary real estate market dropped by 1/3 after the August 2007, when a 16-storey building being constructed in Baku collapse killing 25 people. In the first months of 2008, people again began buying flats in newly constructed buildings. A proof for that is permanently ascending prices for the flats. Demand for the flats in newly constructed buildings comes from relatively low prices for them as compared to those in the secondary market, as well as availability of central ventilation system, heating system, fast internet access and satellite television.
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