Baku's secondary market cheapens by 1.5 percent

Business Materials 31 January 2011 18:42 (UTC +04:00)

Azerbaijan, Baku, Jan. 31 / Trend U. Ismayiova /

Average prices on the secondary housing market of Baku in December 2010 dropped by 1.5 percent up to $1,041 per square meter compared to $1,057 in November, the public organization Property Market Participants said.

The increase in price was not observed in any of Baku districts during a month, the report said.

The share of secondary housing proposed for the market at a price lower than the average, amounted to 56.4 percent. The average room rate on the secondary market in December amounted to 2.55, the average price of each room - $43,451, flat - $115,231.

The price index also reduced by 3 points up to 191.7. The proposals on the market were increased by 0.4 percent. Roughly 7,000 flats were proposed on the market. The dynamics of the transactions on purchase and sale of the second housing was declined by 0.8 percent.