Azerbaijani real estate market to revive
Azerbaijan, Baku, Jan. 5 / Trend U.Ismayilova, V. Mammadov/
Ganja real estate market observes reviving, V.E.S. Konsaltans company's Ganja branch head Jeyhun Aliyev said today
"Real estate market's activity increased by 8-10 percent in late 2009 compared to late 2008," Aliyev said
Realtors could sell two or three apartments per month in late 2009 due to the mortgage loan, compared to the number of transaction on purchase and sale of apartments was at zero level in late 2008, Aliyev said
According to the expert, cost of three-room apartment is $50,000-60,000, on uptown is $36,000-46,000. Private residences are assessed with farmland, costing between $30,000 -150,000 thousand.
"Apartments in residential buildings were sold by the mortgage, whilst the sale of private houses practically suspended," he added
According to Aliyev, cost of private houses decreased from $500,000 to $150,000, but still there was not a buyer in this segment.
The average cost of newly built houses decreased from $600 to $500 per square meter. Land properties are assessed from three to $15,000, depending on the location.
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