2008 most passive year for Azerbaijani real estate market over last five years

Business Materials 4 February 2009 17:22 (UTC +04:00)

Azerbaijan, Baku, Feb. 4/ Trend U. Ismaylova/

Renewal of hypothec crediting can save and resume stirring up of Azerbaijani real estate market in 2009 in terms of the world financial crisis, Expert, General Director of MBA Group Consulting Company Nusret Ibragimov said on Feb. 4.

"During the state program of hypothec crediting Azerbaijani real estate market increased twice," Ibragimov said.

The real estate market became the first sphere of economy which suffered impact of financial crisis, he said.

In 2008 average number of purchase-sale operations exceeded 2,000 compared to over 4,000 in 2007.

Stirring up of real estate market reduced by 30 percent in January 2009 compared to the same period of 2008. It increased by 13 percent in December 2008.    

2008 became the most passive year within the last five years on Azerbaijani real estate market on all market multipliers, Ibragimov said.

Ibragimov forecasting situation on the real estate market in 2009, said, this year was remarked by its passivity and stability of prices. Regional market will be developed faster than capital one.

"I think, real estate market will be stirred up in 2012-2013," Ibragimov said.

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