Dwelling Market in Baku Cuts by 30%: Expert

Business Materials 2 December 2008 12:35 (UTC +04:00)

Azerbaijan, Baku, 2 December / Trend , corr. U.Ismaylova / The activity on the dwelling market dropped by 30% in Baku in November compared to October, Nusrat Ibrahimov, the director general of the MBA Group consulting company, said.

"This is the lowest index of activity over the last five years," Ibrahimov said.

According to Ibrahimov, such a situation is observed on the market due to the influence of the global financial crisis, resulted in many Azerbaijani banks suspended the issue of crediting in August.

In November, prices dropped by 2% in the secondary dwelling market, but no changes were observed in the first market compared to October.

"The activity on markets is expected to revive to the autumn of 2009," Ibrahimov said.

Many realtor companies in Baku stopped their activity due to the complete absence of buyer demand, and there was no such stagnation, which reigns today on the real estate market of the country, until now, Faig Ibrahimov, the expert of the MBA Group consulting company, said.

According to the expert, the situation is connected with the fact that buyers expect an additional drop in the prices on the dwelling, but salesmen - do not reduce price more than by five percent. If earlier one-room flat could be sold in 35-40 days, then today the period of exposure grew five

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