Baku, Azerbaijan, August 5
By Anvar Mammadov – Trend:
In May 2018, prices in the real estate market in Baku increased by 0.53 percent (compared to April), Nusret Ibrahimov, director general of the MBA Group consulting company, real estate expert, told Trend.
Despite this, according to the expert, prices in the main market segments have decreased.
"Thus, prices in the secondary housing market over the month decreased by 0.3 percent (from 1,635 manats to 1,630 manats per square meter), in the primary housing market - by 1.91 percent (from 1,244 manats to 1,221 manats per square meter), in the market of commercial facilities - by 0.58 percent (from 2,637 manats to 2,631 manats per square meter), in the rental market - by 6.58 percent (from 8.79 manats to 8.21 manats per square meter), and in the market of individual and summer cottages - by 1.45 percent (from 1,404 manats to 1,384 manats per square meter)," Ibrahimov said.
Ibrahimov said that the prices increased only on the land market (an increase of 1.98 percent) and the rental market for commercial facilities (an increase of 1.68 percent).
The expert noted that compared to the indicator of early 2018, the real estate prices fell by 3.02 percent.
According to him, the decline is mainly linked with the reduction in prices on the rental market.
"Thus, compared to the indicator in early 2018, prices in the secondary housing market decreased by 2.24 percent, in the primary housing market - by 1.64 percent, and in the rental market - by 3.78 percent. At the same time, growth was observed in the land market (5.81 percent), in the market of commercial facilities ( 0.55 percent), in the rental market for commercial facilities (3.29 percent) and in the market of individual and summer cottages (2. 25 percent)," Ibrahimov said.
The market demonstrates a trend towards stabilization and a six-percent growth is expected on the market by the end of the year, the expert concluded.
(1.7 manats = 1 USD on June 11)
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