Azerbaijan's land market cheapens

Business Materials 26 May 2011 17:32 (UTC +04:00)

Azerbaijan, Baku, May 26 / Trend A.Akhundov /

The average price for 100 square meters of land decreased by 0.9 percent in April from $14,227 to $14,096 in Azerbaijan, NGO Property Market Participants said.

Price index on the land market declined from 240.1 to 237.9 points.

The main reason for the price decrease on Baku's land market is the sharp decline in demand, the report said .

The highest price growth was observed in the Garadagh district at 0.5 percent and most significant decrease - in the Khatai district at 1.3 percent. The most active districts in the land market were Binagadi and Khatai. The most passive was Na rimanov.

The most expensive land was offered in Nasimi for $250,000 per 100 square meters, and the cheapest in Absheron for $350 per 100 square meters.

About 781.3 hectares of land was proposed on the land market in Baku in April. About 78.2 percent fell to empty lots and the rest to new and old residential areas.

The term of land exposition increased by 0.8 percent compared to March 2011.