Azerbaijan, Baku, Aug. 9 / Trend U.Ismayilova /
Prices on the real estate market in Azerbaijan fell by 0.8 percent in July, 7.7 percent since the beginning of the year and 7.2 percent compared to July 2009, MBA Group Consulting Company General Director Nusret Ibrahimov said.
"The situation in the real estate market is stable, the relative recovery of the market is expected in fall in connection with the beginning of the seasonal period," Ibrahimov said.
Ibrahimov said the growth in prices occurred in the primary housing market at 0.1 percent from $799 per square meter in June to $800 in July. Since the early 2010, price fell by 10.1 percent and by 16.1 percent compared to the same period last year. The average price of apartments in the primary housing market amounted to $90,408 in July.
Prices in the secondary housing market fell by 0.5 percent in July from $1,320 per square meter to $1,314. Prices for the beginning of year declined by 4.6 percent and by 4.9 percent for the year. The average price of apartments in the secondary market was $97,201 in July.
Prices on the commercial property market fell a half percent in July from $3,297 per square meter to $3,246. By the beginning of the year prices fell by 2.8 percent and by July of 2010 - 3.6 percent.
The land market is also slightly raised in the last month at 0.7 percent from $15,704 per one hundred square meters up to $15,720. By the beginning of the year prices fell by 9.5 percent and by the same period of 2009 - by 12.4 percent.
Housing prices dropped by 0.7 percent from $675 on average for an apartment to $670. The figure dropped by 10.9 percent since the beginning of the year and 8.7 compared to the same period of 2009.
Rent of non-residential facilities fell by 2.2 percent from $2,581 to $2,525 in July . The figure dropped by 13.9 percent since the beginning of the year and 11.4 compared to the same period of 2009.
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