Baku land market has slowed down
Azerbaijan, Baku, Dec 14 /Trend A.Akhundov/
Activity in Baku's land market declined in November compared to the previous months, CEO of consulting company MBA Group Nusret Ibrahimov told Trend.
"The reduction of transaction volume is associated with a cooling down period and the end of the construction season. The decline in the demolition of old buildings and a second wave of a global financial crisis makes entrepreneurs sit on the fence," Mr Ibragimov said.
He added that activity fell significantly in the third and fourth zones of the city in November.
"Sales were stable in the central and near central areas of the city" he said. About 1135 plots were proposed in the market in November.
"61 per cent of them fell on the empty areas and the rest on non-residential and older residential areas," Mr Ibrahimov said.
He noted that three per cent of the land on which new buildings were laid was achieved by knocking down old, unserviceable houses, 21 per cent were on the lands of former industrial and domestic buildings and the rest through the acquisition of new land.
"The average area of the building in a portfolio of proposals made in November, amounted to 20.7 hundred square metres" Mr Ibrahimov said.
The volume of sales on the land market increase by 3.4 per cent in a month, but the most significant increase was observed in the fourth zone of the city.
"The duration of an empty site increased in November by 1.2 per cent to 334 days," Mr Ibragimov concluded.