Prices in Baku real estate market fall in June
Baku, Azerbaijan, July 12
By Anvar Mammadov – Trend
Prices in the real estate market in Baku decreased by 1.57 percent in June 2018 compared to May, director general of the MBA Group consulting company, real estate expert Nusret Ibrahimov told Trend July 12.
He said that last month, the decline in prices affected virtually all segments of the market, with the exception of the market of individual and cottage houses.
“Thus, prices in the primary housing market for the month decreased by 1.67 percent, prices in the secondary market decreased by 0.21 percent, in the land market - by 2.35 percent, in the commercial facilities market - by 0.52 percent,” Ibrahimov said. “Rental housing prices decreased by 1.24 percent and rental of commercial facilities decreased in price by 1.77 percent. This is while the prices for individual and cottage houses increased by 2.7 percent in June.”
The expert said that the decline in prices in June is a common occurrence for the market.
“This is due to the summer season, when activity usually decreases significantly, which leads to a slight reduction in prices,” Ibrahimov said. “The seasonal factor also explains the growth in prices in the market of individual and cottage houses, the demand for which is growing with the arrival of summer.”
The expert noted that compared to the figure at the end of June last year, prices in the real estate market grew by 2.66 percent. He said that the growth is mainly connected with a rise in prices in the cottage houses market.
“Thus, in comparison with the indicator at the end of June last year, prices in the primary housing market grew by 6.16 percent, in the secondary housing market - by 0.82 percent, in the land market - by 3.32 percent, in the commercial facilities rental market - by 4.36 percent and in the market of individual and cottage houses - by 17.55 percent,” Ibrahimov said. “This is while in the commercial facilities market, the prices decreased by 15 percent, and in the rental housing market - by 9 percent.”
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