Commercial real estate price in Azerbaijan drops by 2.2 per cent
Azerbaijan, Baku, Sept. 4 / Trend A. Hasanov /
The number of transactions in the Azerbaijani non-residential facility market fell by 4 per cent in July 2012 compared to last month and decreased by 24.4 per cent during the same period of last year, MBA Group consulting company said on Monday.
"The average price of non-residential premises in July fell by 2.2 percent, but the rental price fell by 11.3 percent," the report says.
According to the research, the average price of one square meter of a non-residential premise decreased from $3,344 to $3,269 in Baku during the reporting period. The rental price per square meter also decreased from $21.46 to $19.03.
"The decrease in the cost of rent for commercial property in July 2012 reduced the yield of owners of the premises by 9.2 percent," a statement said.
Main part of the commercial facilities fell to the shops in the portfolio of commercial real estate.
"The decrease in the dynamics in the market of non-residential premises increased the exposition term by 1.6 per cent and amounted to 189 days," experts of the organization said.
The official exchange rate is 0.7862 AZN/USD on Sept. 3.