Baku's primary housing market cheapens by almost 10 percent

Azerbaijan, Baku, Sept. 24 / Trend A.Akhundov /

Average price per square meter in August in the primary housing market remained at the July level - 866 manat, Participants of Property Market public organization said.

Prices in August fell by 0.5 percent compared to the second quarter, 3.5 percent compared to early 2010, and 9.4 percent compared to the same period of the last year.

Although the foundation of a number of state projects was laid in August, no residential building was in this list. However, one could observe an activity and memorable animation in the primary housing market, which is typical for the season. Activity was observed mainly in the Yasamal, Khatai and Narimanov districts.

"80 percent of apartments are re-offered to the primary housing market, so there is no reduction in the list of new buildings," the organization reported.

According to studies, now the main need is observed on the cost flats, that is apartments in Yasamal (Metbuat Prospect), where the cost per square meter is  700-800 manat,  Khatai (near the Khatai metro station ), where a square meter is 600 - 700 manat and Narimanov - 900-1,000 manat.

On the number of constructed residential buildings among Baku's districts the Yasamal district ranks the first (27.4 percent). Khatai (20.9 percent) and Nasimi (17.2 percent) rank the second and third.

In August construction of 441 residential buildings were continued, and number of construction companies remained at the same level - 153.

Customers gave priority to two-room apartments in new buildings in August. Five-room apartments have an advantage in the first zone of the city, and the one-room- mostly in the third zone.

"Typically, a demand mostly observed for apartments on the 5-12 floors in new buildings, which prevents the full sale of the building and its exit from the list of the sold buildings," the organization reported.

A summary table provides data for sale of primary residence in Baku:

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