Baku's real estate market livens

Business Materials 2 September 2011 12:37

Azerbaijan, Baku, Sept. 2 / Trend A.Akhundov /

Baku's real estate market activity increased in August as it had in previous years, compared to the previous month's activity, the consulting and appraisal company MBA LTD reported.

"This growth is linked with the completion of the summer season and return of buyers to the market. The growth of activity was reflected in the number of transactions and marked with the increase in prices," the company's research analysis indicates.

During the month, the share of low-cost homes in the sales portfolio increased from 56.1 to 56.8 percent. The number of homes being sold at average and higher prices fell from 43.9 to 43.2 percent.

Accordingly, a large portion of sales portfolios fell to low-cost homes in August, which is linked with most buyers' use of mortgage lending.

During the month, the number of proposals increased in the secondary housing market by 3.7 percent, amounting to 3,495. Transactions increased by 1.9 percent to 421 transactions.

"The exposure term decreased in August by 1.4 percent and totaled 140 days. This speaks of the beginning months of the season for the real estate market and the revitalization of the market," the company reported.

Research showed that the share of old apartments continued to decline in proposal portfolios, with increases in new building shares in August.