Prices fall on secondary residential market in Baku
Azerbaijan, Baku, June 6 / Trend U. Ismaylova/
The average price per square meter dropped 2.5 percent to $1,220 on the Baku secondary real estate market in April, compare to $1,250 in March, the Property Market Participants public organization said.
In April, the average prices for apartments hit $123,130 (-1.1 percent in March) and the average price of one room apartment was $51,330 (-2.6 percent).
Newly-built buildings accounted for significant part of the secondary housing market or 60.6 percent. Leningrad design projects accounted for 12 percent, experimental - 7.1 percent, Stalin design - 7.1 percent, Khrushchev design - 3 percent, Kiev project - 2.9 percent, German - 1.2 percent, French - 1.4 percent, Minsk - 1.4 percent, Italian - 0.3 percent and architectural - 2.8 percent.
Large part of the portfolio of the second market - 27.4 percent was made up by the buildings in Baku's districts of Yasamal, Nasimi (17.6 percent), Narimanov (17.2 percent), and Khatai (16.2 percent), which comprises 78.4 percent of the secondary housing market.
Sale and purchase operations on the secondary market decreased 2.8 percent. The proposals reduced increased 1 percent. About 4,920 facilities were offered. Exposition term of estates increased four days and totaled 118 days. Coefficient of profitability of facilities dropped 20.8 percent in April.
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