...

Prices decrease in Baku’s real estate market in June

Business Materials 14 July 2017 20:16

Baku, Azerbaijan, July 14

By Anvar Mammadov – Trend:

The prices decreased by 0.59 percent in Baku’s real estate market in June 2017, Nusret Ibrahimov, director general of the MBA Group consulting company, real estate expert, told Trend July 14.

He added that the prices on land plots, commercial facilities and rental housing increased, while the prices on secondary and primary housing, rental commercial facilities decreased for the month.

"The price per square meter of secondary housing decreased from 1,737 manat to 1,614 manat (by 7.24 percent), square meter of primary housing - from 1,452 manat to 1,432 manat (1.41 percent), rental commercial facilities - from 13.77 manat to 13.57 manat per square meter in June,” he said.

Ibrahimov added that the price on 100 square meters of land reached 20,118 manat, which is by 0.7 percent more compared to May (20,105 manat).

“The price per square meter of commercial facilities increased by 4.89 percent (from 2,926 manat to 3,069 manat) and rental housing - by 0.96 percent from 8.83 manat to 8.92 manat per square meter,” he said.

Ibrahimov added that the prices have increased by 0.56 percent in the market since early 2017, although the indices in some segments of the market declined.

"Thus, prices in the primary and secondary housing market decreased by 5.12 percent and 9.45 percent, land prices - by 4.52 percent, commercial facilities - by 19.91 percent, rental housing and commercial facilities – by 14.76 percent and 19.91 percent, respectively," said Ibrahimov.

The expert said that the prices slightly decreased in the real estate market (by 7.4 percent) in June 2017 compared to June 2016.

Ibrahimov said that the prices on the primary and secondary housing market and land market increased, while the prices in other market segments decreased for the year.

"The prices in the primary housing market increased by 23.27 percent, secondary housing - by 1.91 percent, land market - by 8.83 percent for the year,” he said. “The prices in the commercial facilities market decreased by 17.4 percent in June 2017 compared to June 2016. The prices on rental housing and commercial facilities decreased by 8.58 percent and 4.67 percent, respectively.”

Earlier, Ibrahimov said that the prices in the real estate market can increase by ten percent in 2017. The gradual adaptation of the population to the current situation and the restoration of the activity of the Azerbaijan Mortgage Fund (AMF) can contribute to it.

The prices in dollar equivalent decreased by 31.53 percent in Baku’s real estate market in 2016.

Tags:
Latest

Latest