Baku land market cheapens

Business Materials 24 June 2009 17:05 (UTC +04:00)

Azerbaijan, Baku, June 24 / Trend , U.Ismayilova/

In May, prices on Baku land market fell 3.2 percent up to $20,070 for a hundred part of land, Participants of Property Market public organization said.   

Concluding purchase deals was observed in the central part of the city and price cut - in the third and fourth zones of the city.

The Sabunchu District experienced the most active price cut - by 3.8 percent and the Garadahg District - the lowest - by 0.1 percent.

The Binagadi and Narimanov districts were the most active ones and Nasimi- the most passive one in May.

About 813.2 hectares of land was supplied to the market in May. About 77 percent accounted for empty lands and the remaining part for non-residential and old residential facilities.

Exposition term of land properties on the market increased by 2.2 percent and was 226 days in May compared to April. This situation occurred due to change in demand and proposals, as well as influence of the global economic crisis last months.

The most expensive land was offered in the Narimanov district at $320,000 per hundred parts and cheapest land was offered in Sabunchu at $350 per hundred parts.

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