Secondary dwelling market rises in price in Baku

Azerbaijan, Baku, July 6 / Trend U. Ismayilova /

Prices increased on the Azerbaijani real estate market from the second half of 2008. It is connected with renewal of mortgage loaning in Azerbaijan, MBA Group consulting company director general Nusret Ibrahimov said on July 6. 

Azerbaijani Mortgage Fund under the Central Bank resumed granting of mortgage loans from June 1 after suspension because of lack of funds in summer 2007.

"Growth of prices was observed in the amount of 0.7 percent, mainly, on secondary dwelling market. Average price increased from $1,361 to $1,371 per square meter," Ibrahimov said.

Average price for flat dropped 1.6 percent from $102,470 to $100,880 on the second dwelling market, he said. Prices for average expensive flats of secondary dwelling market increased 3.7 percent. The most expensive flats cheapened 1.6 percent. Average area of flats reduced 9 percent from 80.9 to 73.6 square meters on secondary dwelling market. 

There was great demand for 2-roomed flats (70 percent) on secondary dwelling market. They cheapened 3.6 percent (as object for mortgage). One-roomed flats rose in price for 1.1 percent, three-roomed flats - 1.8 percent. 

Prices for 4-roomed flats drooped 7.1 percent but for 5-roomed flats - 7.2 percent. 

Prices continue dropping on initial dwelling market as there is great demand for mortgage loans on secondary dwelling market, expert said. Prices dropped 0.4 percent from $958 to $954 per square meter for initial dwelling. Prices dropped 16.3 percent by similar period of 2008 but 15.4 percent by early 2009.

Prices for private houses dropped 2.6 percent on the market, Ibrahimov said. Prices dropped 3.7 percent on land market. Average price for hundreds part reduced from $18,630 to $17,980. Prices dropped 28.1 percent by similar period of 2008 but 27.8 percent by early 2009.

There were no significant changes on the market of construction materials, Ibrahimov said. Stability was observed on this market. Prices increased 0.1 percent by preventing next price-dropping.

Average price for flat dropped 0.4 percent from $727 to $724 on rent market. It is connected with non-season period for rent, expert said.    

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