Baku's non-residential facilities market cheapens
Azerbaijan, Baku, Sept. 29 / Trend A.Akhundov /
Non-residential facilities market in Baku decreased by 0.2 percent, rent of commercial buildings - by 0.1 percent in August, the public organization "Participants of property market" said.
Number of proposals on the market decreased by 1.2 percent in August.
The average price of a square meter of non-residential facility area decreased from 2,944 to $2,938.
According to the held studies, lower prices compared to the first quarter amounted to 0.7 percent, as compared with August of last year - 1.9 percent.
Prices for non-residential areas in the first, third and fourth zones of the city fell by 0.1, 0.3 and 0.2 percent respectively and amounted to $4,897, $2,130 and $800. Over the past month increase in the average price on the market was observed in the second zone at 0.1 percent up to $3,479. Increase in the average price on the market was observed in the Garadagh and Binagadi districts at 0.3 and 0.4 percent, respectively, but the most significant decrease was observed in the Nasimi district - at 0.3 percent.
The share of commercial buildings, proposed on the market below the average price ($2,938 per square meter) amounted to 53.9 percent of the market portfolio.
Despite the stabilization of market prices, low demand affected the increase in exposure time, which increases the level of risk for this type of property.
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