Housing prices in Azerbaijan increase by over 6% in 2013
Baku, Azerbaijan, Feb. 19
By Abbas Akhundov - Trend:
The prices in Azerbaijan's housing market rose by 6.5 percent throughout 2013, according to a report on monetary policy of the Central Bank of Azerbaijan (CBA) for 2013.
The report, citing data from Azerbaijani State Statistics Committee, states that the prices in secondary and primary markets increased over this period by 6.5 and 3.8 percent respectively.
The greatest increase was observed in the prices of single-type apartments in the secondary market (7.7 percent), and in the prices of well designed apartments in the primary market (9.5 percent).
The rental price of houserooms decreased by 1.5 percent, while the rental price of commercial properties increased by 0.8 percent, according to data from MBA LTD consulting company.
"Continuation of mortgage lending during the reporting period was one of the factors influencing the activity in the real estate market, especially in the secondary market. In 2013 Azerbaijani banks issued mortgage loans totalling 113 million manats," according to the report.
The official exchange rate for February 19 is 0.7844 AZN/USD.
Translated by E.A.