Baku housing rental market intensifies

Business Materials 31 October 2011 16:54 (UTC +04:00)

Azerbaijan, Baku, Oct. 31 / Trend A. Akhundov /

The rental market has intensified in Baku in autumn 2011 compared to previous years, MBA Group official Nusret Ibrahimov told Trend on Monday.

He said the prices have increased by 6.8 percent from $647 to $691 over the past two months by early October. The number of market transactions have increased from 183 to 277.

"The average monthly cost of renting one apartment is $670 or $12.4 per square meter in October last year," he said. "The figure hits $711 for an apartment or $9.7 per square meter in early 2011. The figure dropped up to $691 or $12.9 per square meter in early October 2011."

The average monthly cost of renting an apartment hit $1,027 in the first zone in October.

"The average area of rented apartments also increases in parallel to the growth of prices," he said.

The average rental price per square meter on the market amounted to 10.3 square meters for last year, or almost twice less than the monthly average rent of commercial buildings ($18.9 per month).