Commercial facilities cheapen in Baku

Business Materials 1 September 2011 22:43

Azerbaijan, Baku, Sept. 1 /Trend, А.Аkhundov/

The average cost of the property and the cost of rental housing used for commercial purposes decreased by 0.1 percent and 0.2 percent respectively on the market of non-residential facilities in Baku in July.

The number of purchase and sale commercial property transactions decreased by 1.1 percent in July.

The average price of a non-residential facility amounted to $2.880 per square meter in Baku in July. According to the research, compared to the same period of 2010, the price decreased by 2.0 percent, but increased by 0.8 percent compared to the previous quarter.

The share of non-residential buildings, proposed on the market below the average price ($2,880 per hundred sq/m) amounted to 51.2 percent of the market portfolio.

The price on the non-residential facilities did not increase in any districts of Baku in July. The most significant decline occurred in Surakhani district - by 0.5 percent.

The non-residential areas mainly composed of private buildings and apartments on the first and second floors of buildings in July 2011.

Number of proposed non-residential areas in the market increased by 1.7 percent.