Baku's real property market continue falling in May
Azerbaijan, Baku, June 1 / Trend , U.Ismayilova/
The real estate market of Baku continues falling. An average price for house in Baku per square meter dropped by 5.7 percent and flats - by 5 percent, General Director of the consulting company MBA Group Nusret Ibrhimov said.
"Prices for house dropped by 25.8 percent in a year," Ibrahimov said.
He said in May, a price for a house in Baku was the highest and averagely amounted to $1,834 per square meter or $119,076 averagely per a flat.
Ibrahimov said average price for houses in Baku was $102,470 in May compared to $107,830 in April.
In May, prices on primary market for the repaired apartments fell by 5.3 percent, apartments without repair - 1.2 percent. The secondary housing market witnessed a 5.7 percent drop in prices. The rental market observed a price cut by 1.9 percent.
The apartments, offered to the market above the average price declined by 15.3 percent. Because of the passive selling such flats, part of apartments below the average cost declined by 11.6 percent
On June 1, the official exchange rate is 0.8035 manat to $1.
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