Azerbaijan's real estate market to recover in 2013: expert

Business Materials 2 December 2009 14:34 (UTC +04:00)

Azerbaijan, Baku, Dec. 2 / Trend U.Ismayilova /

The Azerbaijani real estate market is likely to recover in, Director General of the consulting company "MBA Group" Nusret Ibrahimov said.

"In general, forecasts for late 2009 and early 2010 did not create the conditions for the optimistic forecasts", Ibragimov said.

According to him, the situation on the domestic market is linked with economic and political developments in the world, as well as in neighboring countries, with Azerbaijan.

Ibragimov also said in early 2010 the price of primary housing market in the country is expected to drop at 10-15 percent due to lack of funds and problem with the sale of real estate and other problems.

The expert believes the average price in the market in the first half of 2010 will fall by 12-13 percent in such a situation.

The market's activity in the coming year will remain at current levels., he added.  

"In November activity in the country's real estate market fell by 15 percent to October compared to the same period of 2008 - 6-8 percent," Ibragimov said.

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