Secondary housing prices fall in Baku

Business Materials 28 May 2019 15:12 (UTC +04:00)

Baku, Azerbaijan, May 28

By Matanat Nasibova - Trend:

In April this year, the average cost of housing in the secondary market of Baku rose by 2.9 percent compared to April last year, but decreased by 1.1 percent compared to March 2019, director of consulting company MBA Group, expert Nusrat Ibrahimov told Trend.

He said that in April 2018, the average price for apartments was $962 per square meter, and in the reporting period of this year reached $990 per square meter.

“Prices for economy class apartments in the secondary market in April 2018 amounted to $777 per square meter, and in April of this year they fell slightly, reaching $754 per square meter,” he said.

At the same time, prices for comfort and business class housing slightly increased (0.46 percent).

The total volume of offers in the secondary housing market in 2018 was 2,742 units, and in 2019 -1,847 units, a decrease by 49 percent.

In the primary housing market, the total volume of offers in April 2018 amounted to 640 units, while for the reporting period of the this year it reached 787 units. At the same time, the growth of this indicator in a comparative ratio was about 8 percent.

As for the structure of apartments offered on the secondary real estate market, this year most of them (36.8 percent) were three-bedroom apartments, followed by two-bedroom (31 percent) and one-bedroom (13 percent) apartments.

The share of multi-room apartments (four rooms and above) accounted for 8.11 percent of the proposals.

The greatest number of apartments offered for sale on the secondary housing market of Baku - 28 percent - were located in the Nasimi district, 23 percent of the secondary housing were located in the Yasamal district, and over 10 percent in the Khatai and Sabail districts.

Each of the other districts of Baku accounts for about 5-6 percent of all offers on the secondary housing market.