Azerbaijani land market cheapens
Azerbaijan, Baku, Sept. 14 / Trend U.Ismayilova/
In August, prices on Baku land market fell by 7 percent to $17,474 per hundred part of area compared to $18,791 in July, Participants of Property Market public organization said.
"The drop in prices is connected with the fact that the land in Azerbaijan are not accepted on bail in obtaining a mortgage loan, and it reduced interest in this market," the experts of the organization said.
Roughly 820.8 hectare of land was offered on the market in August, 76.1 percent of this amount hit empty plots and the rest- uninhabited and old plots.
Term of land plots exposition increased by 1.3 percent to 237 days last month. This situation occurred due to significant excess of supply over demand, the impact of the global financial crisis and seasonal rates only deepened this process, the experts added.
The significant drop in prices was observed in Sabunchu district of Baku by 11.4 percent and the increase was observed only in Sabail district by 3.8 percent.
The Binagadi and Narimanov districts were the most active ones and Nasimi- the most passive one in August.
The most expensive land was offered in the Nasimanov district at $250,000 per hundred parts and cheapest land was offered in Surakhani at $250 per hundred parts.