Baku's primary housing declines
Azerbaijan, Baku, Aug. 20 / Trend A.Akhundov /
The prices in the primary housing market of Baku fell by 0.2 percent to 837 manat in July compared June, the NGO Participants of Property Market reported.
The decline in prices was at 1.3 percent compared to early 2011, and 3.3 percent compared to the same period of 2010," the report reads.
The primary housing market recorded a seasonal revival and activity in July. This activity is particularly felt in the Yasamal, Khatai and Narimanov districts of Baku.
The price decline was mainly observed in cost-effective buildings in the Yasamal and Khatai districts.
As a rule, a low liquidity of apartments located above the 13th floor, prevents completion of the complete sale of buildings. As a result, just two buildings were withdrawn from the sale in July.
The number of ready buildings in Baku was 432 and construction companies - 155.
Most new buildings are now being built in the Yasamal district, followed by the Khatai and Nasimi districts.
The official exchange rate is 0.7863 manat to $1 on Aug. 20.