Azerbaijan, Baku, November 4 / Trend, A. Akhundov /
The average price for Baku's used living areas decreased in September by 1.4 percent to $966 per square meter against $980 per square meter in August, public organization Property Market Participants told Trend on Friday.
"The real estates market situation negatively affected the paces of construction of living houses so opportunities of rehabilitation and sale of newly built apartments have been decreased. In turn, this led to a decrease of prices for newly built apartments," organization's experts said.
In September, the supply of used living areas increased by 1.2 percent against August. The number of the offered living apartments exceeded 7,200.
The combined share of the Yasamal, Nasimi, Narimanov and Khatai districts in the portfolio of market offers was 78.7 percent. The portfolio has long been formed at the expense of these four districts as newly built houses in these respective districts enter the market.
Prices for used living apartments have not increased in any of Baku's districts during the month. The biggest decrease of prices - 2.7 percent - was observed in the Surakhany district.
The share of used living areas offered for sale at a price lower than the average one was 52.7 percent. In September, average room indicator of the offered used apartments was 2.78 whereas the price for every room and every apartment averaged $43,453 and $111,232, respectively.
The prices index decreased by 2.5 to 177.2 following the results of the month.
The pace of conclusion of purchase/sale transactions on used living areas decreased by 0.9 percent primarily due to inactivity on the market in summertime.