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Prices in Baku real estate market down

Business Materials 30 September 2018 09:46
In August, prices for secondary housing in Baku amounted to $943 per square meter, which is a 1.57 percent decrease compared to July.
Prices in Baku real estate market down

Baku, Azerbaijan, Sept. 30

By Anvar Mammadov - Trend:

In August, prices for secondary housing in Baku amounted to $943 per square meter, which is a 1.57 percent decrease compared to July, Director General of the MBA Group consulting company and a real estate expert Nusrat Ibrahimov told Trend

He said that since the beginning of the year, prices in the secondary housing market decreased by 3.87 percent, and increased by 2.17 percent when compared to prices to the end of August 2017.

"In general, the average area offer in the market was 131.74 square meters," Ibrahimov said. "Thus, the average cost of apartments offered in the market reached $124,230. The average room offer last month was 3.14 rooms. Rental price of the apartments averaged $526, with a monthly yield of 0.42 percent."

Touching on other main segments of the real estate market, the expert noted that prices in the land market showed growth, while prices in the commercial property market declined.

"Thus, in August, prices in the land market grew 0.24 percent compared to July, and a 7.41 percent growth was observed since the beginning of the year," Ibrahimov said. "This is while a 12.04 percent growth in prices in the land market was observed compared to the same period last year. In turn, in the commercial property market, prices decreased by 0.72 percent for the month, by 0.95 percent since the beginning of the year, and by 5.89 percent in comparison with August 2017."

The expert noted that in connection with the approach of autumn, the cost of suburban and country houses decreased slightly. The expert added that in August, the average price was $114,960, which is 0.49 percent less than last month, and since the beginning of the year prices have grown 28.92 percent.

"The average area of ​​the country houses offered in the market in August was 209 square meters," Ibrahimov said. "This indicator increased by 6.09 percent compared to the previous month and by 19.02 percent since the beginning of the year."

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