Dwelling cheapens by third due to financial crisis in south of Azerbaijan
Azerbaijan, Lankaran, Feb. 3/ Trend P. Aliyeva/
Prices for real estate objects dropped by 30-35 percent in Lankaran, south region of Azerbaijan compared to 2008, Mirza Aliyev, director of Elnur OJSC regional broker company, said on Feb. 3.
"No purchase-sale operation was conducted during the last month on the market despite of price-cutting," Aliyev said.
Cost of one-roomed flat amounts to $20,000-25,000, two-roomed - from 23,000 to 35,000 manat in micro districts, he said. Prices for dwelling dropped to $40,000-45,000 compared to $60,000-70,000 in 2008 in the city center.
Such reduction of purchasing capacity is connected with impact of financial crisis, Aliyev said. Banks began to demand money from debtors as a result but owners were obliged to sell them at unreal price.
Earlier Azerbaijanis living in Russia bought most part of real estate objects in Lankaran compared to no offer within the last five-six months.
Prices reduced on the land market in Lankaran as well. One hundred part of land cost from $1,000 to $1,500 depending on location in 2008. Presently, its price reduced to $600 - $1,000.
"I think, price-cutting will continue the nearest time because of the situation," Aliyev said.
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