Baku rented housing market goes quiet
Azerbaijan, Baku, Dec 5 /Trend A.Akhundov/
There was relative calm in the rented housing market in the autumn this year against previous years, CEO of consulting company MBA Group Nusret Ibrahimov told Trend.
He said that prices had increased by 1.7 per cent from $761 to $774 over the past two months by early October. The number of market transactions has declined from 277 to 271.
"The average monthly cost of renting an apartment is $670 or $12.4 per square metre in October 2010," he said. "The figure hit $711 for an apartment or $9.7 per square metre in early 2011. The figure dropped to $674 or $13.8 per square metre by the end of October 2011."
The average monthly cost of renting an apartment in the first zone amounted to $989 dollars in October, the second zone $625, third zone $354 and the fourth zone $221.
In 2011, the average cost per square metre on the market was $13.8, nearly half the monthly average rent of commercial buildings ($20.5 per month).
The average cost of renting four-room apartments in October amounted to $1438, three-roomed $773, two-roomed $648 and one-room $ 410.
"Foreign businessmen working in Azerbaijan have already purchased their own apartments, leaving the rent market. The demand for cheap and medium-sized apartments in the rental market continues to remain high," M