Baku's land market cheapens

Business Materials 3 October 2011 16:53 (UTC +04:00)

Azerbaijan, Baku, Oct. 3 / Trend , A.Akhundov /

The average price for 100 square meters of land decreased by 0.4 percent in August from $13,892 to $ 13,836 in 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.

The increase in prices was observed in no district of Baku. A slight decline in prices was recorded in the Khazar and Sabunchu districts (0.1 and 0.2 percent, respectively).
The Binagadi and Khatai districts were active on the land market. The Nasimi district was the most passive district.

The most expensive land was offered in Nasimi for $250,000 per 100 square meters, and the cheapest in the Absheron district (Pirekeshkul settlement) for $350 per 100 square meters.
About 777.5 hectares of land was proposed on the land market in Baku in Augusst. About 78.6 percent fell to empty areas and the rest to new and old residential areas.
The term of land exposition increased by 0.7 percent compared to the previous month.

During the month, the number of purchase and sale deals declined compared with July.