Central Bank: Housing prices in Azerbaijan increase by 4.6 percent

Business Materials 12 August 2013 19:01 (UTC +04:00)

Azerbaijan, Baku, Aug. 12 / Trend A.Akhundov /

Prices in the housing market of Azerbaijan grew by 4.6 percent in the first half of 2013, according to a report of the Central Bank of Azerbaijan on monetary policy in January-June released on Monday.

In general, prices on the secondary housing market rose by 4.6 percent in January-June 2013, while on the primary market - by 1.6 percent.

"The highest price increase was observed on the secondary housing market for the same tipe apartments (5.6 percent), while the primary market saw increase of prices for well-designed apartments (2.9 percent)," the report said.

During the reporting period, payment for the rent of residential properties increased by 10.3 percent, while for commercial properties- by 1.6 percent.

"Continuation of the process of mortgage lending activity had an impact on the real estate market, especially on the secondary housing market," according to the report.

In January-June 2013, the volume of mortgage loans granted by banks totaled 61.2 million manat.

The official exchange rate on August 12 is 0.7844 AZN / USD.