Real estate market expected to rise in Azerbaijan up to 2013
Azerbaijan, Baku, April 6 /Trend A.Hasanov/
A positive active trend has been observed in Baku's real estate market. Rising prices in the real estate market is as a result of increased activity and market recovery, CEO of consulting company MBA LTD, Nusrat Ibragimov told Trend on Friday.
"The activity in the housing market has grown by 25 per cent in 2011 and over the more recent period in 2012 compared to 2009 and 2010." Ibragimov said.
However the market is still experiencing redundancy proposals. Despite this, the amount of property that would satisfy potential buyers is gradually decreasing, Ibragimov added.
"There is an on-going process of more market participants. Credit institutions are trying to build policy in accordance with the requirements of the market. However, construction and insurance companies still face difficulties in meeting the momentum of the market," Ibragimov said.
He noted that it will be possible to witness a small increase in the property market in 2013 with regard to the expectations of the completion of the global crisis before the end of 2012.
"The impact of the global financial crisis on the real estate market in Azerbaijan began to be felt in mid-2007, but today's figures confirm the end of the world's instability period of 2010-2012. Accordingly, in 2013 we will be able to confirm this through a small,l but growing real estate market in the country" Ibragimov said.