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Inactivity at Secondary Housing Market in Baku Rise

Business Materials 19 November 2008 13:10 (UTC +04:00)

Azerbaijan, Baku, 19 November / Trend , corr. U.Ismayilova / "In October 2008, the average price for one square metre in the Baku secondary real estate market dropped by 2.7% making up $1,582," the public organization Real Estate Market Participants reported. In October, 1 square metre in the secondary real estate market dropped to the rate that was observed in the beginning of the year.

The increase of prices observed in three districts of Baku-Nasimi, Surakhani and Garadag, but the prices went down in other districts.

The housing that was sold less than the average price at the secondary housing market made up 64% of the total portfolio. The average room index in October was at 2.39 (-3.6%).

In October, the cost of one-roomed apartment at the secondary market of Baku totaled $ 56,700 (+2.8%), the average cost of apartment- $135,500 (-0.9%). 

In October, changes took place in the apartments demand. The share of three-roomed apartments made up 36.8% and two-roomed - 35.8% in the portfolio.

Most of the portfolio constituted newly constructed buildings in the Yasamal (23%) and Narimanov (20.2%) districts in Baku.

The number of sale and purchase deals declined by 20.7% at the secondary market.

According to the results of monitoring, inactivity at the secondary market for the recent three months touched the highest rate due to which the term of exposition of housing increased to 81 days.

The correspondent can be contacted at: [email protected]

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