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Baku land market jumps by 1.2 percent

Business Materials 26 January 2011 10:16

Azerbaijan, Baku, Jan. 25 / Trend U.Ismayilova /

The average price for 100 square meters of land increased by 1.2 percent from $14,243 to $14,413 in Azerbaijan in December, NGO Property Market Participants said. 

The main reason for the rising prices is the limited number of free sites in the city center, as well as the excess supply over actual demand. The demand for land increased due to the growth of the construction pace in the first zone of the city.

An increase in prices by 1.1 and 0.1 percent was observed in the first and second zones of the city and a decline of 0.2 and 0.3 percent in the third and fourth zone of the city, respectively.

The summary table shows the change in prices in the zones of the city:

Zones

Prices in $/ hundred square meters

Changes in average prices in %

I

172,095

1.1

II

96,984

0.1

III

18,900

-0.2

IV

3,512

-0.3

In December, the price increase was observed mainly in the Sabail district of Baku - by 0.7 percent, Nasimi - 0.4 percent and Garadagh - 0.6 percent. A relative reduction or price stability was observed in other areas of the city. The most active districts in the land market were Binagadi and Khatai. The most passive was Nasimi.

The most expensive land was offered in Nasimi for $230,000 per 100 square meters, and the cheapest in Absheron for $350 per 100 square meters.

About 785.4 hectares of land was proposed on the land market in Baku in December. About 78 percent fell to empty lots and the rest to new and old residential areas.

The term of land exposition decreased by 1.1 percent.

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