Average price of apartment on Baku’s secondary housing market exceeds $113,000
Azerbaijan, Baku, Nov. 5 / Trend , A.Akhundov /
Average price on the secondary housing market in Baku in October dropped to $1,340 per square meter from $1,345 in September, MBA Group CEO Nusret Ibrahimov told Trend on Saturday.
"This is directly linked with a decrease in the market demand," he said.
He said the average price of expensive apartments dropped compared to the same period in 2010 due to an increase in the share of expensive apartments in the portfolio of proposals.
"The apartments worth $68,000-$75,000 constitute the largest market share - 26.9 percent.
The average room rate is 2.52. The average price of each room is $44,928, average price of apartments - $113, 219 and nominal price of apartments - $89 285," Mr. Ibrahimov said.
He said the price increase was mainly observed on the apartments of the 'Kiev', 'Minsk' and 'French' projects.
"This is largely linked with the fact that they are subject to a mortgage. The prices for the 'architectural apartments', apartments of the 'Akhundovski' and 'Italian' projects also reduced," he said.
The share of cheap apartments in the portfolio of sales decreased from 58.1 to 57.7 percent, average and expensive rose from 41.9 to 42.3 percent.
"This is linked with that most buyers use the advantage of mortgage loans," Mr. Ibrahimov said.