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Average price for land remains stable in Baku

Business Materials 2 December 2010 10:49 (UTC +04:00)

Azerbaijan, Baku, Dec. 2 / Trend U.Ismayilova /

The average price for one hundred square meters of land remained unchanged- $14,243 in Azerbaijan in October, Property Market Participants public organization said. 

The price for one hundred square meters of land reduced by 0.2 percent to $170,180 in the first zone and increased by .2 percent up to $189.69 in the third zone. Prices have remained stable in the second and fourth zones of the city - $96,842 and $3,522 per one hundred square meters, respectively.

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.

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.

Processes occurring in recent months in this market also influenced the relative risk reduction.

The most significant decline in prices in October was observed in Binagadi and Gardag districts - by 0.3 percent. The price decrease also occurred in the Nasimi and Sabayel district of Baku - by 0.4 percent. The most active districts in the land market were Binagadi and Khatai. The most passive was Nasimi district.

The most expensive land 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 798.6 hectares of land was proposed to the land market in Baku in October.

The term of land exposition increased  by 0.8 percent.

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