Azerbaijan, Baku, Feb. 1 / Trend U.Ismayilova /
In December 2010, prices for commercial buildings in Baku decreased by 0.8 percent, rent of commercial buildings - by 0.23 percent, the NGO "Participants of Property Market" said.
In December, the number of transactions in purchase and sale of commercial properties dropped by 3.2 percent. Proposals for this period increased by 3.7 percent. Despite the increase in market prices, low demand affected the increase in exposure time, which increases the level of risk for this type of property.
The average price of a non-residential facility amounted to $2,901 in Baku in December compared to$2,925 per square meter in November. Compared to the same period of 2009 the prices decreased by 3.1 percent and the previous quarter - by 2.4 percent.
The share of commercial buildings, proposed on the market below the average price ($2,901 per hundred sq/m) amounted to 52.1 percent of the market portfolio.
The rise in prices was observed in Garadagh and Nizami districts of Baku by 1.8 percent and 0.4 percent, respectively. The most significant decline was in Yasamal district by 1.1 percent.
Summary table indicates a change in the prices of commercial properties in the zones of the city:
|
Zones |
Average prices in December in $ |
Price change in% |
|
I |
4,862 |
-0.2 |
|
II |
3,471 |
-0.3 |
|
III |
2,140 |
-0.6 |
|
IV |
780 |
-1.4 |