Real estate market activity to reach pre-crisis levels in Baku in 2013
Azerbaijan, Baku, September 9 / Trend A. Akhundov /
The real estate market in Baku will reach pre-crisis levels in 2013, MBA Consulting Group General Director Nusret Ibrahimov told Trend today.
"The property market is not expected to intensify in 2010 and 2011," he said.
Ibrahimov added that a slight increase in market activity may be observed this autumn.
He also noted that state support is needed to intensify the market.
"However, state support should not be direct," Ibrahimov said. "Direct Support is interference. State assistance must be indirect."
There are several ways of providing assistance, he stressed.
"For example, there is a category of people standing in line for housing with the authorities," Ibrahimov said. "The state can buy and provide apartments itself. Some state projects could be given to construction companies that are having problems finishing their projects."
Prices on the real estate market in July fell by 0.8 percent. Prices have dropped 7.7 percent from early this year.
Prices rose on the primary housing market in July by 0.1 percent from $799 per square meter in June to $800. The average price for an apartment in July was $90,408.
Prices fell on the secondary housing market in July by 0.5 percent, from $1,320 per square meter to $1,314. The average price for an apartment in July was $97,201.