Secondary housing market cheapens by 0.6 percent in Sept.
Azerbaijan, Baku, Oct. 28 / Trend A.Akhundov /
Prices in the secondary housing market of Baku fell by 0.9 percent in September, Property Market Participants public organization said.
The number of new buildings on the housing market continues to grow in Baku, and in September this figure was 60.4 percent.
Despite the 0.4-percent increase in proposals on the market, the average price fell by 0.6 percent. Under the influence of mortgage lending in this segment of the market the liquidity remained stable, but the risk is still high. According to studies, on the secondary market price index declined by 0.6 percent. Price index on the secondary market decreased up to 202,4 points.
As a result of increase in proposals by 0.5 percent, the number of apartments proposed to the market was 6,810 in September. Share of Yasamal, Nasimi, Narimanov and Khatai districts in the portfolio of this segment was 80.1 percent.
In September, no price increase was observed in Baku, and the most significant decline in prices was observed in Narimanov district of Baku - at 0.9 percent. Average price per square meter of secondary housing was $1,093 reducing by $7, and the share of apartments proposed to the market below the average price amounted to 57.4 percent in the total portfolio of the market.
The average figure for an apartment amounted to 2.56, and the average price of one room was $43,196, the average price for an apartment - $115,765.
During last month number of three, four and five-room apartments decreased. The most significant decline in proposals was observed in four-room apartments - at 1.3 percent. Proposals on two-room apartments increased by 0.2 percent.