Lithuanian Real Estate Market Glutted
Azerbaijan, Baku, 23 October / Trend corr. U.Ismayilova/ "The average price for housing in Azerbaijan is one third higher than in Lithuania, for the Lithuanian realty market is glutted," Lithuanian Ambassador to Azerbaijan Kestutis Kudzmanas said on 23 October.
The Baku realty market rose in prices 0.7% in September to $1,100 per sq m. The most dramatic price increase during the month covered the most expensive apartments of elite class - 1.1%.
According to the
ambassador, a construction boom that is currently taking place in Azerbaijan, ended in Lithuania a few years ago and now prices are gradually dropping in the realty
market due to its glut.
Lithuania's economy is growing mainly through exports.
Trade turnover between Azerbaijan and Lithuania exceeded $11mln in January-August 2008, according to the State Statistical Committee of Azerbaijan.
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