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Baku's secondary market drops

Business Materials 27 April 2011 13:28 (UTC +04:00)

Azerbaijan, Baku, April 27 / Trend A.Akhundov /

Average prices on the secondary housing market in Baku in March dropped by 0.2 percent to $1,004 per square meter compared to $1,007 in February, the NGO Property Market Participants said.

Processes occurring on the market negatively affected the pace of housing construction. An increase in prices was not observed in any Baku districts this month, the report said.

The proportion of secondary residences proposed for the market at a price lower than the average, amounted to 57.5 percent.

The average room rate on the secondary market in March was 2.61, with the average price of each room at $44,568 and house - $ 111,345.

The price index also fell by 0.4 points to 185. Proposals on the market increased by 0.3 percent. Roughly 6,097 flats were proposed on the market. The dynamics of the purchase and sale transactions grew by 0.5 percent.

The most attractive areas in the secondary housing market of Baku were Khatai and Yasamal.

The share of Yasamal, Nasimi, Narimanov and Khatai districts in the proposal portfolio was 79.4 percent. The formation of the portfolio is linked with the entry of new buildings on to the market.

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