Azerbaijan, Baku, March 6 / Trend U.Ismayilova /
Baku observes a serious decline in interest in purchase of house the city center, MBA Group CEO Nusret Ibrahimov said.
"If housing prices in the outskirts of Baku fell by 10-12 percent, the figures in the center amounts to 20-25 percent," Ibrahimov said.
He said the decline in interest in the city center is linked with the problems with transport, infrastructure and high population density.
"If before the representatives of the most solvent part of the population preferred expensive apartments in the city center, even they began to move to the outskirts of the city," he said.
The population in the Baku metropolitan area is close to 2.9 million today, which is considered too high a rate, Deputy Chairman of the Azerbaijani State Architecture and City Planning Committee Dovletkhan Dovletkhanov said earlier. To reduce the population density in the center of Baku, the state committee, without waiting for approval of a plan for regional development, began to develop a project on the relocation of the city center to the outskirts two years ago. Work on the project will be completed by May.
"All these projects will be presented to the public for review and additional suggestions" Dovletkhanov said, adding that the postponement will affect only the buildings that obsolete from economic and technological points of view.