Price Rise in Land Market of Southern Region of Azerbaijan

Business Materials 24 July 2008 16:54 (UTC +04:00)

Azerbaijan, Baku, 24 July/ Trend , U. Ismayilova/ There is price rise by 70% in the land market of Lankaran region of Azerbaijan, the local realtor company Elnur said.

The sharp increase in the prices is attributed to the drop in land plots put on sale and rise in the demand for land for the erection of new buildings, trade centers, etc., the company said.

At present, 10x10 land in the center of Lankaran costs $40,000 to $50,000, and in suburbs - $10,000 to $15,000.

In spite of the significant price rise in the land market of the region, the prices of apartments have dropped by 10% to 15% since the beginning of the year.

One-bedroom apartment in the center of the city costs $40,000 to $50,000, two-bedroom - $50,000 to $70,000, four-bedroom and five-bedroom varies from $75,000 to $85,000.

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