Supply on Baku primary housing market to continue declining

Business Materials 27 January 2012 19:40 (UTC +04:00)

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

The portfolio of supply will reduce in the market of primary housing in Baku for the next two years, "MBA Group" consulting company director general Nusret Ibrahimov told Trend today.

"There was a decrease in the portfolio in 2011, as the construction of very small number of buildings was launched," he said. "Today, an average of 17-18 percent of primary housing was not sold. The figure was 30 percent a few years ago. The supply declines."

He said that the portfolio of supply will decrease on the primary housing market in 2012. The same trend will continue in 2013.

"The portfolio of supply is likely to begin stabilizing in 2014," he said. "This will occur through the construction of new buildings."

He said that about 180 multi-family buildings and 1,425 flats were proposed on the primary housing market by late 2011.