Baku, Azerbaijan, July 25
By Matanat Nasibova - Trend:
The cost of housing in the secondary market of Baku increased by 1.88 percent in June 2019, compared to June last year, director of the consulting company MBA Group Nusrat Ibrahimov told Trend.
In June 2019, the average price of apartments in the secondary market was $1,658 per square meter, and made up 1,608 manats per square meter during the reporting month of last year.
The total volume of offers on the secondary housing market amounted to 2,223 units in 2018, and to 1,789 units in 2019.
In the secondary market, the cost of a one-room apartment per square meter was $943, while that of a two-room apartment made up $943, a three-room apartment - $995, a four-room apartment - $1,127, and a five-room apartment - $1,915.
Prices for economy class apartments in the secondary market amounted to $2,551 per 1 square meter in June 2019, and to $2,674 per 1 square meter last year. At the same time, there was a decrease in prices in the market of expensive apartments by 4.5 percent.
In the secondary market, the average cost of apartments in 2019 reached $1,159 per square meter, and in 2018 this figure stood at $1,118 per square meter. At the same time, the rise in prices in this segment amounted to 3.67 percent.
Since the beginning of 2019, housing prices in the secondary market amounted to $766 per 1 square meter, and to $755 per 1 square meter in 2018. The increase in prices was at 1.46 percent.
In June 2019, there was a noticeable increase in housing up to 10.6 percent, compared to the same month last year.
As such, the average price for apartments in the primary market in 2019 amounted to 1,321 manats per 1 square meter, and to 1,200 manats per 1 square meter in 2018.
The total volume of proposals in June 2018 in the primary housing market amounted to 676 units, and reached 802 units throughout the reporting month of the current year.
In the primary market, the cost of 1 square meter of a one-room apartment was $696, while that of a two-room apartment was $706, of a three-room apartment - $820, a four-room apartment - $832, and a five-room apartment - $1,260.
As for the structure offered in the secondary real estate market, this year most of the apartments (40 percent) consisted of three-bedroom apartments, followed by two-bedroom (36.2 percent) and one-bedroom (12 percent) apartments.
The share of multi-room apartments (four rooms and above) accounted for about 20 percent of the proposals.
The largest number of apartments for sale in the secondary housing market of Baku accounted for Yasamal District - 24 percent, followed by Khatai District at 17.1 percent, Nasimi District at 14.6 percent, and Narimanov and Binagadi districts at over 16.9 percent both.
The other districts of Baku account for up to 5 percent of all offers on the re-housing market.