Baku, Azerbaijan, Feb. 3
Trend - A. Akhundov
The cost of land has decreased by 4. 22 percent in January compared to the same period last year. in January 2013, one acres of land cost $18, 000 dollars, but now it is possible to buy it for 17,240 dollars.
Director General of "MBA Group" consulting company Nusret Ibrahimov, believes that in 2014 the cost of land will not significantly change and should remain the same, he told Trend on Jan.31.
In the first half of 2013, the cost of land increased and reached an average of $20, 000 dollars per acre in June, subsequently the prices declined.
Land prices decreased in the second half of the year through December due to weather related lack of construction, and a decrease in demand in the market. The cost of land diminishes in cold months, as a result the number of signed contracts and costs decrease.
Uncharacteristically, the cost of land rose in the Narimanov, Nasimi and Surakhani districts of the capital in the past few months. However, the cost of land has decreased mostly in remote districts of the city, according to Ibrahimov.
The most expensive land is in the Narimanov district at $178, 000 dollars per acre. The cheapest land is located in the Masazir settlement of the Absheron district and costs $383 dollars per acre.
Translated by Rana Aghayeva
Edited by Cynthia Nuckolls