Experts forecast stabile situation on Baku's real estate market
Azerbaijan, Baku, July 8 / Trend U. Ismayilova /
Prices for the real estate market in Baku in May reduced by 1.1 percent up to $811 per square meter, which is 15.3 percent less than in May last year.
"Prices slightly reduce on the market recently. Despite this, market prices are close to reality. Construction companies begin to accept real prices", MBA Group consulting company experts said.
The share of the first zone of Baku in the portfolio structure of primary residence was 10.5 percent, the second zone - 42,4 percent, the third zone - 30,5 percent, the fourth zone - 22,8 percent.
The portfolio of the primary housing market in May, was formed at the expense of residential apartments (62.2 percent), Villas (3,7 percent), private homes (13.8 percent), commercial buildings (20.3 percent).
The relative increase in activity on the primary market leads to a gradual stabilization of prices. Continued growth in mortgage lending has increased the confidence of construction companies, which adjust prices, experts said.
Construction companies are also trying to change the prices, given the temporary crisis.
The situation on the market makes it possible to say that the crisis on the market continues and will still continue until the end of 2010, experts said.