Average price for land slightly increases in Azerbaijan in Sept.

Azerbaijan, Baku, Nov. 2 / Trend A. Akhundov /

The average price for one hundred square meters of land increased from $14,132 to $14,243 in Azerbaijan in September, Property Market Participants public organization said. 

"The impact on the indices was also slight because the increase was insignificant," a statement said.

"The increase in prices was observed mainly in the first and second zones of the city. Land prices dropped in the first and fourth zones," a statement said.

The price for one hundred square meters of land reduced by 0.4 percent and hit $170,232 in the first zone, by 0,5 percent up to $3,522 in the fourth zone. The price was $96,842 increasing by 0.6 percent in the second zone, $18,932 increasing by 0,9 percent in the third zone.

The experts said that too high prices for land in the city center led to lower prices and a decline in demand in the first zone of the city.

Lower prices gradually began to have the relative nature in September in the fourth zone as opposed to the previous months.

Although the excess of price above the real value did not seriously affect the profitability of land, the exposure period increased and liquidity reduced.

Moreover, the interest in this type of property declined due to the fact that the land still can not be the subject of a pledge.

The most significant decline in prices in September was observed in Binagadi district - by 0.9 percent. The largest price increase occurred in the Khatai district of Baku - by 0,5 percent. The most active districts in the land market were Binagadi and Khatai. The most passive was Nasimi district.

The most expensive land in September was offered to the market in Nasimi district of Baku for $230,000 per hundred square meters, the cheapest - in the Absheron region for $ 350 per hundred square meters.

About 792.8 hectares of land was proposed to the land market in Baku in September.

The term of land exposition increased up to 262 days.

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