Baku's land market continues to cheapen
Azerbaijan, Baku, June 29 / Trend, A.Akhundov /
The average price for 100 square meters of land decreased by 0.4 percent in May from $14,096 to $14,035in Azerbaijan, NGO Property Market Participants said.
The main reason for the price decrease on Baku's land market is the sharp decline in demand, the report said
Price decline were observed in all zones of the city. Along with this, in May, the rise in prices was observed in Garadagh and Khazar districts - by 0.1 percent.
The most considerable decline was recorded in the Sabunchi district - by 0.4 percent. The most active districts in the land market were Binagadi and Khatai. The most passive was Nasimi district.
The most expensive land was offered in Nasimi near Europe Hotel for $210,000 per 100 square meters, and the cheapest in the Pirekeshkul settlement in Absheron for $350 per 100 square meters.
About 776.1hectares of land was proposed on the land market in Baku in May. About 78.6 percent fell to empty areas and the rest to new and old residential areas.
The term of land exposition increased by 1.1 percent compared to the previous month.