Baku, Azerbaijan, Aug.26
By Zulfiyya Kurbanova - Trend:
The average price per square meter in the 1-5 room apartments on the secondary housing market in Baku for the year increased by 22.6 percent and amounted to 1,627 AZN ($2,075). For comparison, the price per square meter on the secondary housing market in Baku in July 2013 amounted to 1,327 AZN ($1,692), stated the report of the MBA Group consulting company.
From the beginning of 2014 the price per one square meter on the secondary housing market increased by 10.7 percent. For comparison, in January of this year, the average price per square meter of housing in Baku amounted to 1470AZN ($1,874).
The highest price per square meter on the secondary housing market in July was recorded in Sabail district of the capital - $2,735 per square meter. Price in Nasimi district of Baku was $2,334 per meter, in Narimanov district - $2,156, in Yasamal - $2,087, in Binagadi district - $2,037, and in Nizami - $1,899.
According to the report, most of the portfolio sales on the secondary market of Baku in July amounted to cheap houses, which accounted for 54.47 percent. Luxury apartments amounted to 45.53 percent of total sales.
Reducing of the number of purchase and sale transactions on the secondary housing market by 0.42 percent resulted in an increase in exposure time of the real estate, which was 84 days for the period.
The number of proposals on the secondary market in Baku for the period amounted to 2,152, which is 7.35 percent more than the same period of last year.
According to the report, 23 percent of the houses offered for sale on the secondary market fell on Yasamal district of Baku, 22.3 percent - on Nasimi, 14.3 percent - on Narimanov, 10.3 percent - on Binagady, and 8.3 percent - on Khatai.
Most of the portfolio sales (35.9 percent) on the secondary housing market account for the three-room apartments, 32.6 percent - two-room, 19.4 percent - one-room, 10.4 per cent - four-room, 1.7 percent - five-room apartments.
Reducing of prices on the secondary housing market of Baku in July compared to the previous month of this year is due to the fact that prices have peaked, MBA Group experts say.
The official exchange rate for August 26 is 0.7844 AZN / USD.