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Average price of one hundred square metres in Baku falls by 4 percent

Business Materials 3 September 2012 18:29 (UTC +04:00)

Azerbaijan, Baku, Sept. 3 / Trend A.Hasanov /

The activity on the land market of Baku decreased in July compared to March-May, the consulting company MBA Group said on Monday.

"Activity in the central districts of Baku decreased, while in the fourth zone increased," the report said.

Some 951 land plots were proposed to the market in July.

"Some 68.4 percent of them accounts for the free areas and the rest - for non-residential and old residential areas," a statement said.

Some 6.2 percent of land on which new buildings were laid, was secured through the demolition of old, unserviceable houses, 3.2 percent - land area of former industrial and household objects, and the rest - at the expense of new land acquiring.

"The average area of land in the portfolio of proposals amounted to 31.7 hundred sq.m. in July, and the exposure period increased by 1.2 percent - up to 336 days," the statement said.

The average cost of one hundred sq. m. land in Baku fell by 3.8 percent and amounted to $19,028 in July, 2012, and the price index for land decreased by 3.85 percent to $5,110.

The most expensive land in July was offered to the market in Nasimi district of Baku for $187,500 per one hundred square meters, the cheapest - in Garadagh and Khazar districts for $250 per one hundred square meters.

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