Prices in Baku primary housing market fell

Business Materials 19 March 2010 17:31 (UTC +04:00)

Azerbaijan, Baku, March 19 / Trend U.Ismayilova /  

In February, prices on the primary housing market in Baku decreased by 1.5 percent from $897 (January) to $883 per square meter, Participants of Property Market public organization said.

Price fall is observed in almost all new buildings of Baku, which is mainly connected with the sharp decline in demand and changes in the dynamics of this market segment in the negative direction, the organization reported.

The apartment area offered in the primary housing market also declined from 122.3 square meters in January to 121.6 square meters in February. Average units grew by 4.1 percent to 2, 5 and the average figure was 15.2 floors.

In this period, growth prices did not occurred in any district of Baku. The substantial price fall was observed in the primary market of housing in the Yasamal district of Baku-at 3.4 percent.

Most of the buildings were built in Yasamal, Khatai and Nasimi districts of Baku, which amounted to 65.5 percent of the total number of buildings under construction.

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