Azerbaijan, Baku, July 5 / Trend U.Ismayilova /
The Baku housing market is not profitable for commercial businesses, Parliamentary Economic Policy Committee member Ali Masimli said in an interview with the Emlak Bazari magazine this week.
"The housing market is seeing a sharp reduction in commercial transactions," he added.
Masimli said the market was once full of real estate speculators who bought homes and resold them shortly after for increased prices. However, buyers today are facing difficulties selling their homes for the purchase price.
Masimli also said there is too great a difference between real estate prices and the average wage in Baku. Thus, a sharp increase in prices is currently impossible.
"Real incomes do not dictate growth," he said.