Realtors Suspend Activities due to Absence of Demand at Real Estate Market in West Azerbaijan

Business Materials 18 November 2008 16:56 (UTC +04:00)

Azerbaijan, Baku, 18 November / corr Trend B.Mammadova / "Activities of several real estate purchase and sale centers is stopped," Jeyhun Aliyev, chairman of Ganja branch of ООО V.E.S. Consulting.

Reduction of operations on purchase and sale of property to zero caused suspension of activities of realtor companies. 

"There are several reasons for suspension of operations, first of all, it is global economic crisis. The people, who know it, expect drop in prices of real estate," Aliyev said.

Suspension of lending by banks became another reason for it.

"If people, wishing to purchase property, borrowed money earlier, they had problems after suspension of mortgage lending," Aliyev said.

Similar situation was formed in the capital too. Many realtor companies suspended their activities in Baku too due to full absence of customer demand, Trend told earlier.

Realtors believe that property prices will drop by three-five percent again over subsequent couple of weeks. Sellers are ready to reduce prices upon appearance of real buyer. Although, building

companies do not want to reduce the prices for new buildings, sellers of flats make concessions in new buildings at secondary market.

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