Rental housing prices in Baku increase
Baku, Azerbaijan, Dec.29
By Maksim Tsurkov - Trend:
The rental market in November 2014 saw a decrease of activity, but due to the large area of apartments offered on the market, the average price increased from $830 to $970 per square meter compared to October of 2014.
The official exchange rate for December 26 is 0, 7844 AZN / USD.
The rent price per square meter reduced by 2.8 percent - from $11.8 to $11.47 per square meter, said the report of the consulting company MBA Group, published on its website.
"The rise in prices for rental housing during November 2014 amounted to 16.87 percent, and the prices rose by 23.9 percent, from $783 to $970, compared to November 2013," said the report.
In November of 2014, the share of expensive housing in the portfolio of demand (rental value of over $1,000 per month) increased by 62 percent, reaching 40 percent, while the share of cheap houses (less than $500 a month) was 48 percent.
"The market rental housing in November 2014, the bulk of demand was provided by citizens waiting for commissioning of houses under construction, and migrants who have arrived in Baku for work," said the report. "A small portion of demand accounted for tenants, which signed a contract for one or two months."
Edited by CN
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