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Stability predicted in Azerbaijan’s real estate market

Business Materials 15 January 2019 20:41 (UTC +04:00)

Baku, Azerbaijan, Jan. 15

By Huseyn Valiyev - Trend:

Real estate prices in Azerbaijan will be stable this year, head of the real estate company AVALON REC Emil Jafarov told Trend Jan. 15.

He said that the resumption of construction projects in 2018 are the prerequisites for this.

“Completion of the construction of previously unfinished buildings and the demolition of the old housing stock will have an impact so that the prices won’t rise,” he noted. “In the price plan, most housing is sold at 150,000-200,000 manats. Small-sized apartments located in Masazir, Sulutepe and Khirdalan settlements are in great demand. The reason is that the owners of houses (old housing stock), which are being demolished, receive 80,000-90,000 manats. Not many of them can afford to buy apartments in the center of Baku, so they buy housing in places close to the center.”

In general, the real estate market showed sight growth in 2018, which is estimated at about five percent compared to a year earlier, he said.

“As for the forecasts for this year, I don’t think there will be recession,” Jafarov noted. “The reforms carried out by the state will have a positive impact on the real estate market.”

(1.7 manats = 1 USD on Jan. 15)

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