Average prices of one hundred sq.m of land down in Baku
Azerbaijan, Baku, Sept. 25 / Trend A.Akhundov /
The average price of one hundred square meters of land in August fell from $14,136 to $14,132 compared to July, NGO Participants of the Property Market said.
"The price decrease has not affected the indexes due to the fact that the reduction was of minor nature," the organization said.
The increase in prices was observed in second. Land prices continue to decline in the first, third and fourth zones because of the excess of market price above the real price.
The price of one hundred square meters of land fell by 0.2 percent to $171,000 in the first zone, by 0.2 percent to $18,756 - in the third and by 0.1 percent to $3,540 -in the fourth. The price increased by 0.3 percent up to $96,259 in the second zone.
Based on the experts' estimates, too high prices for land in the city center led to a decline in demand in the first zone of and lower prices.
Unlike the previous months, in August, in the fourth zone, the reduction of prices gradually began to accept the relative character.
The excess price over the real value did not seriously affect the profitability of land, but had influence on increasing of the exposure period and reduction of liquidity.
Meanwhile, interest in this type of property is reduced due to the fact that the land still can not be the subject of pledge.
The most significant decline in prices in August was observed in Yasamal district - 0.7 percent. The relative increase in prices occurred in Garadagh district of Baku - 0.5 percent. The most active were Binagadi and Khatai districts on the land market last month. The most passive, as in previous months, was Nasimi district.
The most expensive plot in August was offered to the market in Nasimi district of Baku for $250,000 per one hundred square meters, the cheapest - in the Absheron area for $ 350 per hundred square meters.
During the report period, about 797.4 acres of land was proposed on the land market in Baku, of which 77.8 percent were vacant lots, the remainder - non-residential areas and older residential areas.
The term of land exposure on the market remained at the July index.
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