Azerbaijan, Baku, 13 October / Trend , corr. U.Ismayilova / In November, the discount rate on Azerbaijan's real property market increased from 5% to 10%, Elnur Azadov, the marketing manager of the Caspian Property Services company, said.
The prices per one square metre of housing in the centre of Baku makes up from AZN 2,000 to AZN 5,000, in the middle part of the city -from AZN 1,000 to AZN 2,000, and in the third and fourth part of the city is from AZN 1,000. The similar situation was observed in October and September.
Azadov said that despite of the demand equaled zero on market in November, buyers became appearing from the second half of the month.
"Today's situation on the market is a price balance, returning to the price rate, which was observed on the market several years ago and had been increasing permanently," Azadov said.
A number of realtor companies in Baku shut down because of a total absence of demand for housing," Faiq Ibrahimov, expert at MBA Consulting Company said.
This situation is mainly attributable to consumer's expecting extra fall in housing prices, but sellers cut prices not more than 5%. If earlier one-bedroom flat could be sold for 35 to 40 days, this term has increased by five times now, expert noted. Realtors say the housing prices will fall by additional 3%-5% in a couple of weeks.
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