Azerbaijan, Baku, Nov. 4 /Trend A.Akhundov/
Activity observed in the real estate market of Azerbaijan in the first quarter, declined slightly in the third quarter. This was stated in the recently published monetary policy report of the Central Bank of Azerbaijan for January-September 2012.
In total, within the 9 month of 2012, prices in a secondary housing market increased by 5.5 percent, in the primary market - by 0.9 percent.
"Increase of prices in the secondary market is due to lower supply in the market. However, the price per square meter in the secondary housing market is still by 9.5 percent lower than in December 2008 in the primary - by 22.8 percent," the report says.
Rental of residential buildings increased by 9.6 percent, while rental of commercial buildings fell by 4.3 percent during the reporting period.
"Continuing of the process of mortgage lending activity had an impact on the real estate market, especially in the secondary housing market," the report said.
In January-September 2012, the volume of mortgage loans granted by banks totaled 45.6 million manat, the volume of loans refinanced by the Azerbaijan Mortgage Fund, reached 69.5 million manat.
The official exchange rate on November 4 is 0,7849 AZN / USD.