Property prices fell by 4 percent in Azerbaijani in early 2010
Azerbaijan, Baku, September 9 / Trend A. Akhundov /
Property prices in Azerbaijan fell by 3.8 percent in early 2010, the director general of MBA Group, Nusret Ibrahimov, said, but the fall slowed in August when prices fell by just 0.01 percent.
Ibrahimov said that the primary housing market is the leading sector in the real estate market of Baku, based on sales volume.
"A minimum of 2,100-2,200 and a maximum of 4,000 sales for a month are made in Baku. Half of these are in primary housing," he said.
He added that non-residential property accounts for the largest market share in the balance of supply and demand.
The expert said that in August the primary housing market recorded a fall in prices of 1.2 percent from $800 per square meter in July to $790 per square meter, while prices fell by 5.6 percent in early 2010.
Prices on the secondary housing market rose in August by 0.6 percent - from $1,314 per square meter up to $1,322 per square meter, while prices fell by 2.7 percent in early 2010.
Prices in the commercial property market in August fell by 1.7 percent from $3,246 per square meter up to $3,190 per square meter, while prices fell by 4.5 percent in early 2010.
Land prices in Baku in August rose by 2.3 percent from $15,720 per 100 square meters up to $16,080 per 100 square meters, while prices fell by 7.4 percent by early 2010.
House rents increased by three percent from $670 on average for an apartment up to $690, while the same index fell by 5.3 percent in early 2010.
Rent per square meter in nonresidential property fell by 2.4 percent from $21 to $20.5 per month. Prices have fallen by 10.6 percent since early 2010.