Non-residential properties cheapen 1.5 percent in Baku

Business Materials 7 July 2009 11:25 (UTC +04:00)

Azerbaijan, Baku, July 7 / Trend , U.Ismayilova/ 

In June, the commercial property market of Baku experienced a 1.5-percent price cut, the Estate Market Participants public association said on July 7.

An average price for a square meter of non-residential properties was $3,019 compared to $3,065 in May, the organization said.

Price dropped by 5.2 percent compared to previous quarter and 15.2 percent compared to the same period of 2008. Properties offered for lower price than an average price comprised 62.3 percent of the market' portfolio.

In June, offers on the commercial property market increased by 2.6 percent.

Growth in offers is connected with increase in new properties on the market, experts believes.

An exposition term of non-residential properties increased by two percent that led to rise of risks on the market.

In June, price cut was three zones of Baku, except the first. Price rise was observed in the Garadagh District - a 1.2-percent growth and Azizbayov District - a 1.1 percent growth. 

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