Prices in housing market of Baku to increase by 5-6 percent in 2012

Business Materials 27 January 2012 19:04 (UTC +04:00)

Azerbaijan, Baku, Jan.27 /Trend A.Akhundov/

Trend outlined in the second half of 2011 in the housing market will continue in 2012, CEO of consulting company "MBA Group" Nusret Ibrahimov told Trend.

"Price stabilization and partial growth is inevitable in the coming months despite the expected relative decline in prices in the first quarter of 2012" Ibrahimov said.

However, rising and falling prices will not be prolonged, and the market will experience the dynamics of price changes related to seasonal factors in 2012, Ibrahimov said
"Generally five to six percent increase in prices is expected in 2012," Ibrahimov said.

Ibrahimov said, the decline is expected in the prices of old-style apartments, and new buildings will become more expensive.

"This is connected with the increase in family's income as it wants to live in more spacious conditions. The old buildings can only be subject to mortgage", he said.

He said that the price on rental housing will be directly connected with the inflation in the country and will increase by 6-7 percent.