Commercial facilities cheapens in Baku
Azerbaijan, Baku, Nov. 4 / Trend , A.Akhundov /
The average cost on property and rental housing for commercial purposes decreased by 0.3 percent and 0.2 percent on the non-residential facility market in Baku in September, NGO Property Market Participants reported.
The number of purchase and sale commercial property transactions decreased by 4.5 percent in September. Proposals decreased by 1.4 percent.
The average price of a non-residential facility amounted to $2.868 per square meter in Baku in September. According to the research, compared to the same period of 2010, the price decreased by 3 percent and by 0.6 percent compared to the previous quarter.
The share of non-residential buildings, proposed on the market below the average price ($2,868 per hundred sq/m) amounted to 53.1 percent of the market portfolio.
The price on the non-residential facilities did not increase in any districts of Baku. The most significant decline occurred in the Khazar district - by 1.4 percent.
The non-residential areas mainly composed of private buildings and apartments on the first and second floors of buildings in September.
"The decline in market prices and relative decrease of the dynamics in this segment, low volume of proposal led to increased exposure time by 2.4 percent," the report reads.