Secondary housing price decreases in Baku
Baku, Azerbaijan, March 7
By Heyraddin Nasirzade – Trend:
The prices of commercial facilities increased in Baku in February 2019, Nusrat Ibrahimov, director general of the MBA Group consulting company, real estate expert, told Trend on March 7.
“The rise in prices in February 2019 reached 1.11 percent, rising from 1,533 manats per square meter to 1,550 manats,” he said. “The price decreased by 2.53 percent in February 2019 compared to February 2018.”
“The reason for the fall in prices is that activity in the market in the first month of the year falls, but then gradually grows,” he added. “Small facilities, worth up to 500,000 manats, are sold much better and more often than big facilities.”
Regarding the primary housing, he stressed a decline in prices by 1.14 percent compared to the previous month. The average price for primary housing reached 1,304 manats per square meter. An increase of 7.72 percent is observed in February 2019 compared to February 2018.
The secondary housing price also decreased. In January 2019 the price of housing reached 1,683 manats per square meter, then in February 2019 the price dropped up to 1,654 manats. The price increased by 2.59 percent in February 2019 compared to February 2018.
Regarding the issue of land plots, the expert stressed a slight increase. The average price for a land plot increased from 21,600 manats to 21,607 manats. The price increased by 1.5 percent in February 2019 compared to February 2018.
Ibrahimov called such indicators characteristic for this period and predicts a growth of 6-8 percent in the coming months.
(1.7 AZN = 1 USD on March 7)