Housing rental prices in Baku rose by almost 10 percent since early 2014
Baku, Azerbaijan, March 27
By Abbas Akhundov - Trend:
The prices for houses for rent in Baku increased by 9.6 percent since early 2014, Director General of the MBA Group consulting company, Nusret Ibrahimov told Trend on March 27.
The average price for renting one apartment in Baku amounted to $814 increasing by 4.82 percent over the month, according to Ibrahimov.
Ibrahimov believes that the growth rate of prices for house rents were significantly lower than the growth rate of prices for the sale of apartments (five percent versus 26 percent).
"Therefore, the dynamics of the price rise in renting will tend to catch up with the rates in the sales market," Ibrahimov said.
Currently, stagnation is being observed in the housing rental market, as the first three months of the year are the off-season for this market, according to the director general of MBA Group consulting company.
Moreover, Ibrahimov said that work on demolition of residential facilities in Baku's Sovetskaya Street is not a factor that can affect prices for house rental for the time being.
Translated by L.Z.
Edited by S.M.