Cold snap reduces activity in Baku land market
Azerbaijan, Baku, Feb. 18 / Trend A.Akhundov /
Activity in Baku's land market declined in January compared to the previous months, CEO of consulting company MBA Group Nusret Ibrahimov told Trend on Saturday.
"Decline in the volume of transactions is caused by cols snap and the completion of the construction season. Decline in demolition of old buildings and the expected second wave of the global financial crisis have prompted employers to wait," Mr Ibrahimov said.
He said activity significantly decreased in the third and fourth zones of the city in Jan.
"Sales were stable in the central and near central areas of the city"," Mr Ibrahimov said.
About 1214 plots were proposed in the market in January.
"65.5 per cent of them fell to the empty areas and the rest to 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 ensured by knocking down old, unserviceable houses, 21 per cent - 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 Jan, amounted to 17.8 hundred square meters" Mr Ibrahimov said.
The volume of sales on the land market increased by 2.32 per cent during a month, but the most significant increase was observed in the suburbs.
"The duration of an empty site increased in Januaty by 0.6 per cent to 335 days," Mr Ibrahimov concluded.