Single map for analysis of real estate market of Baku proposed

Business Materials 26 December 2011 18:25 (UTC +04:00)

Azerbaijan, Baku, Dec.26 / Trend R. Mammadov /

It is necessary to create a single map to divide the city into areas to simplify the analysis of the real estate market of Baku. This proposal was put forward on Friday during the presentation of the report on the analysis of the real estate market in Baku over the past 11 years by MBA Group Consulting Company CEO Nusret Ibrahimov.

Today there is no clear division into areas, which negatively affects the analysis of the real estate market in Baku, Ibrahimov said. And the best option would be Baku's division into four main areas.

He divided the territory of Baku into the following areas:

The first area is the historic city center, where at present house prices range from $1,500 to $5,000 per square meter.

The second area is the business center of the city. It is characterized by the highest density of business centers and various ministries. Prices in this area range from $1,200 to $1,500 per square meter.

The third zone is characterized by the density of populated areas, so prices are lower and vary from $1000 to $1200.

The fourth zone includes Baku settlements. Prices here are on average do not exceed $1000 per square meter.

According to Ibrahimov, the highest real estate prices during 2011 were recorded in Sabail district of Baku, but there is a tendency toward its reduction as against 2010. Sabail district is followed by Nasimi, Narimanov and Yasamal districts. Most affordable district to the city residents is Garadag district.