Drop in Price for Commercial Real Property in Baku

Business Materials 23 August 2008 14:09 (UTC +04:00)

Azerbaijan, Baku, 23 August / Trend corr. U.Ismayilova / In July the average prices for commercial premises in Baku dropped by 1.2% and rent increased by 1.8%, public organization Participants of Real Estate Market reported.

The average cost for 1sq.m of commercial property comprised $3,561 in July. The prices dropped by 28.6% compared to early 2008 and increased by 35.2% compared to 2007.

In July, the prices for commercial premises drop in Baku's districts of Garadag, Narimanov, Binagadi, Khatai, Yasamal and Surakhani.

The number of proposed commercial property premises increased by 7.2% to June due to season indexes.

The number of sale and purchase operations cuts by 1.1% and exposition increased by 1.6% in July.

The proposed uninhabited premises made up 57.8%.

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