Azerbaijan, Baku, Sept.1 / Trend, A. Akhundov /
The summer season has been slow for Baku's car market, the Property Market Participants Public Organization stated in a recent report released this week. July was no exception.
The market slowdown has intensified over the past four months due to a growth in the number of proposals, which has negatively affected transactions and prices, the report said.
A sharp increase in proposals (11.5 percent) was observed in July as a large number of old cars hit the market. Meanwhile, bargaining dynamics dropped 2.7 percent due to decreased requests.
The average price of a car in July was $15,150, or 1.5 percent less than the month before. In addition, the car market's liquidity ratio in June reached its lowest point in the past three years.
In total, more than 7,450 cars were on sale on the market. Only 35.8 percent entered the market in July, while the remaining 64.2 percent had entered the market in previous months.
The share of Mercedes-Benz on the market in July increased by 8.8 percent, comprising 37.2 percent of the total market portfolio. Mercedes-Benz has led the market for the past three years.