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Fewer new buildings in Baku due to global financial crisis

Business Materials 20 February 2009 16:34 (UTC +04:00)

Azerbaijan, Baku, Feb. 20 / Trend , U.Ismayilova /

In January 2009, the price on primary real estate property in Baku dropped 3.1 percent to $1,100 per square meter compared to December 2008, the Public Organization Participants of the Real Estate Property said. The organization said the decrease is due to the global financial crisis.

A total of 550 buildings were contracted in January, compared to 555 buildings in December 2008. Roughly 200 companies were engaged in construction.

The Yasamal district has the most buildings under construction followed by Nasimi and Khatai.

In January, the average size of one-room apartments was 56.2 square meters, two-room apartments - 90.3 square meters, three-room apartments - 137.7 square meters, four-room apartments - 191.4 square meters and 5-room apartments - 228.8 square meters.  

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