Experts forecast changes on Azerbaijani housing market due to Eurovision

Business Materials 18 May 2011 16:42 (UTC +04:00)

Azerbaijan, Baku, May 18 / Trend A.Akhundov /

MBA Group CEO Nusret Ibrahimov said the Eurovision-2012 song contest in Baku will lead to a short-term jump in rental costs.

"Visitors from foreign countries will mainly stay in hotels. Persons from neighboring countries will rent apartments and private homes," Ibrahimov told Trend.

The price of renting houses will be high, but then everything will return to normal, he said.

The price increased by 2 percent to $676 for an apartment in Baku in April. The figure fell by 2 percent compared to the same period last year and increased by 0.1 percent since early 2011.

Azerbaijani duo Eldar and Nigar which represented the country with the song "Running Scared" returned to Baku this night.

The 56th Eurovision song contest's motto was "Feel Your Heart Beat!" As a result of sms-voting and the decision of jury winner is Azerbaijani duo Eldar Gasimov and Nigar Jamal (Ell / Nikki) with the song "Running Scared" (221 points). Italy / Raphael Gualazzi - "Madness Of Love" (189 points) ranked second, while the third was Sweden / Eric Saade - "Popular" (185 points).