House prices continue to rise on Baku’s secondary market
Baku, Azerbaijan, March 28
By Abbas Akhundov - Trend:
The average price per square metre of secondary housing increased by 6.3 percent from $1874 to $1992 dollars in Baku in February compared to January, MBA Group consulting company Director General Nusret Ibrahimov told Trend on March 27.
The sharp rise in prices can be connected to the decision to demolish1500-2000 residential buildings in a part of Baku known as Sovetskaya Street.
The population's assumption that prices will increase in the country this year could be the cause of a rise in price. One of the reasons provoking such expectations is the increase in fuel prices at the end of last year.
Within a month, most of the portfolio included cheap houses. This proceeds from the market situation or the nature of demand. In February, the share of expensive homes increased from 44.17 percent to 44.87 percent, while cheap ones decreased from 55.83 percent to 55.13 percent.
A large share in the portfolio (38.5 percent) fell to apartments worth $85,000-95,000. The average number of rooms sold in February was 2.56, whilst the average price of a room was $65,569 and the average price of an apartment stood at $166,688.
Translated by NH
Edited by SM