Prices slightly up on secondary residential market in Baku
Azerbaijan, Baku, Oct. 30 / Trend U.Ismayilova /
The average price per square meter fell by 0.2 percent to $1,282 at the Baku secondary housing market in September, which is almost equal to the index of February 2007, the Property Market Participants public organization said.
The most significant price rise was observed in the Surakhani district of Baku by 9.2 percent and in the Sabunchu district by one percent. The prices fall in other areas and the largest price drop was in the Garadagh region by 11.8 percent.
Share of apartments offered at prices lower their average price constituted 55.5 percent. In September, the average room rate of apartments was 2.44 percent (with an increase of 6.1 percent), the average price of the room - $47,361 (with a decrease of two percent), flats - $115,561 (with an increase of 4 percent).
In September, sale and purchase operations on the secondary market increased by 0.7 percent.
The proposals increased 8.3 percent, but the average prices in the market remained the same compared to August. Share of the newly-built buildings on the market increased by 27 percent and hit 59 percent.
With resumption of the mortgage lending, liquidity of secondary property increased in Baku, but the level of risk still remains high. Increase in the number of transactions on the secondary housing market has also reduced the exposure period by six days to 102 days.
Coefficient of profitability on the secondary housing market in Baku fell by 1.8 percent.
Large part of the portfolio of the second market was made up by the buildings in Baku's districts of Yasamal, Nasimi, Narimanov and Khatai, which comprises 78.1 percent of the secondary housing market. The share of three-room apartments on the market amounted to 39.3 percent and two-room - 36.9 percent.
In August, proposals on the secondary housing market of Baku declined by 15 percent and the market was proposed 6,600 flats.
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