Azerbaijan, Baku, July 12 / Trend A. Hasanov /
Prices on the real estate market in Azerbaijan in the second quarter of this year declined by 0.5 per cent compared to the first quarter, the State Statistics Committee said today.
Secondary housing for the reporting period has fallen in price by 0.5 per cent. In particular, prices on low quality housing declined by 0.7 per cent, housing of the same type by 0.3 per cent, well designed housing by 0.9 per cent and luxury housing - by 0.8 per cent.
Housing prices rose by 1.5 per cent in the primary housing market. This means housing of the same type has risen in price by 0.1 per cent, and well designed by 3.6 per cent.
The MBA Group consulting company director general Nusret Ibrahimov told Trend earlier that the number of purchase-sale transactions of housing decreases by mid-year for seasonal reasons. This affects the prices on real estate, but prices are expected to pick up by six to eight per cent by late 2012, he said.
The activity in the housing market increased by 25 per cent in 2011 and over the past period in 2012 compared to 2009 and 2010 although the superfluity of supply is still preserved on the market. Despite this, the volume of property that would satisfy potential buyers gradually reduces.
Ibrahimov said it will be possible to witness a small increase in the property market in 2013 in connection with the expectations of the end of the global crisis by late 2012.