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Baku land market stabilized

Business Materials 24 December 2010 17:37 (UTC +04:00)

Azerbaijan, Baku, Dec. 24 / Trend U.Ismayilova /

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

"The impact on the indexes was also low," the statement reads.

The price for one hundred square meters of land rose by 0.4 percent to $172.48 in the first zone and decreased by 0.5 percent to $3.504 in the fourth zone. Prices have remained stable in the second and third zones of the city - $96,842 and $18,969 per one hundred square meters, respectively.

The experts said that too high prices for land in the city center led to the stabilization of prices and restructuring proposals in the first zone. Despite the decline in the demolition of buildings, value of land is much higher than actual in the first zone of the market.

The increase in prices was observed in Nasimi district - by 0.3 percent. The price decrease occurred in the Khazar and Sabunchu 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 799.7 hectares of land was proposed to the land market in Baku in November. Of them 80.2 percent fell to empty areas and the rest new and old residential areas.

The term of land exposition increased  by 0.5 percent.

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