Property prices slightly reduced in Azerbaijan in October
Azerbaijan, Baku, Nov. 11 / Trend A. Akhundov /
The property prices in Azerbaijan increased by 0.9 percent in October. The prices have dropped by 6 percent since early 2010 and 6.6 percent per year, the director general of MBA Group, Nusret Ibrahimov, said.
The expert said that in October the primary housing market recorded a fall in prices of 0.8 percent from $783 per square meter in September to $777 per square meter. The prices fell by 7.2 percent by early 2010 compared to 12.7 percent last year.
The prices on the secondary housing market rose in October by 1.6 percent - from $1,285 per square meter up to $1,305 per square meter. The prices dropped by 4.9 percent by early 2010 compared to 5.4 percent last year.
The prices in the commercial property market in October fell by 1.6 percent from $3,210 per square meter up to $3,261 per square meter. The prices dropped by 3.8 percent by early 2010 compared to 6.7 percent last year.
The land prices in Baku in October rose by 2.4 percent from $16,310 per 100 square meters up to $16,700 per 100 square meters. The prices dropped by 3.9 percent by early 2010 compared to 6.1 percent last year.
The prices for construction materials were increased by 1.2 percent in October. The prices have increased by 6.2 percent since early 2010 compared to 8 percent last year.
The house rents increased by 2.9 percent from $691 on average for an apartment up to $670. The prices dropped by 10.9 percent by early 2010 compared to 14.4 percent last year.
The rent per square meter in non-residential property rose in price by 1.2 percent from $2,486 to $2,517 per month. Prices have dropped by 13.5 percent since early 2010 and 5.8 percent per year.
