Baku, Azerbaijan, May 27
By Matanat Nasibova – Trend:
A slight increase of 1 to 2 percent will be observed in prices on the land market in Baku in May-June, real estate expert Nusrat Ibrahimov told Trend.
According to him, the rise in prices ranged from 4 to 6 percent during the same period of last year.
"This year, prices in this market segment are lower than during the previous 2 years. This has mainly to do with decreased activity in the construction sector. This year, there is a relative decrease in activity in the construction market, when compared to 2018 and 2017," Ibrahimov noted.
He also said that a lean towards price stability will continue in July-August.
"Closer to the fall, there will be a decline in prices on the land market at 1 to 2 percent. In my opinion, this period is more favorable for the acquisition of land plots," Ibrahimov said.
The expert also noted that the largest increase in prices for land in Baku was in 2014.
“Prices rose by 8 percent over the summer of 2014, and an increase in prices in this segment ranged from 4 to 6 percent over the next 3 years. At the same time, land plots in Baku rose by 5.8 percent last year,” Ibrahimov added.
Ibrahimov noted that the most expensive land in Baku is located in the city center, in Icheri Sheher, Khatai district and Ganjlik.