Baku's land market cheapens
Azerbaijan, Baku, May 21 / Trend U. Ismayilova /
Average price for land in Baku in April reduced by 1.2 percent up to $14,265 compared to $14,436 in March, "Participants of property market" public organization said.
Price-cutting was observed in all areas of Baku, the report said.
The most significant price-cutting by 1,6 percent was in the Sabail district of Baku. In connection with the summer season the prices of land in Khazar (former Azizbayov) district of Baku increased by 0.2 percent.
Relatively active area in April was Binagadi, most passive - Nizami, the organization said.
The most expensive land in April was proposed in Nasimi district of Baku at $250,000 per one hundred square meters, the cheapest - in the Absheron area costs $350 per hundred square meters.
In total, land market of Baku proposed 800.1 acres of land, of which 77.6 percent were vacant.
Exposition of land was increased by 0.8 percent up to 255 days in April. The main reasons were a disproportionate change in the structure of demand and supply, as well as the negative impact of financial crisis on the land market. This trend became even more acute.