Baku land rises insignificantly in price

Business Materials 2 January 2012 16:47 (UTC +04:00)

Azerbaijan, Baku, Jan. 2 / Trend A.Ahundov/

In November the average price for land in Baku increased by 0.6 percent from $13,462 to $13,548 per one hundred square meters, the public organization Property Market Participants told Trend on Monday.

As reported, Baku land prices increased primarily due to a rise of prices in the city's first and second zones, i.e. in central districts and districts adjoining center.

The most significant rise of prices was in Garadagh district (by 1.1 percent), and the most dramatic decline was in Khatai district (by 0.8 percent).

Yasamal and Khatai districts were the most active on the land market. Nasimi district was the most inactive.

The information reads that in November, the most expensive land plot was offered for sale in Nasimi district at a price of $350,000 per one hundred square meters (near Tea factory), and the cheapest one was offered for sale in Absheron district - in settlement Pirekeshkul - at a price of $350 per one hundred square meters.

In November, Baku's land market offered for sale 763,700 land hectares, of which 79.3 percent were empty plots and the rest were uninhabited and old inhabited plots.

The term of land exposition on the market rose by 0.4 percent against the previous month.