Secondary housing prices drop slightly in Baku
Baku, Azerbaijan, Aug. 15
By Matanat Nasibova – Trend:
A slight decrease was observed in prices on the secondary housing market in Baku last year, Director of MBA Group consulting company Nusrat Ibrahimov told Trend.
As such, the cost of housing in the secondary market of Baku in July 2019 decreased by 1.85 percent compared to June 2019.
At the same time, on an annualized basis, this indicator for July 2019 decreased by 0.1 percent, when compared to the reporting month of 2018.
The average price of apartments on the secondary market amounted to $957 per square meter in July 2019 and to $958 per square meter in the reporting month of the past year. Thus, on an annualized basis, this indicator amounted to 0.1 percent.
The total volume of offers in the secondary housing market amounted to 2,162 units in 2018 and to 2,791 units in 2019.
One square meter of one-room apartment in the secondary market cost over $900 in July 2019, while of a five-room apartment cost over $1,900.
A decrease of 1.8 percent year for the year was observed in the market of expensive apartments.
Meanwhile, the average price of apartments in the primary market in 2019 amounted to $764 per square meter and to $708 in 2018.
On a monthly basis, this indicator decreased by 1.87 percent in July 2019 (compared to June 2019) and increased by 7.9 percent over the year.
The total volume of proposals in July 2018 in the primary housing market amounted to 677 units, and reached 569 units for the reporting month of the current year.
In the primary market, the cost of one square meter of a one-room apartment in 2019 amounted to over $650, while the prices of apartments with a large number of rooms exceeded $1,200.
As for the structure offered on the secondary real estate market, most of the housing (35 percent) was made up of three-room apartments this year, followed by two-room (33 percent) and one-room (10 percent) apartments. Multi-room apartments (four rooms and above) accounted for 20 percent of the proposals.
The largest number of apartments for sale in the secondary housing market of Baku accounted for Yasamal District (25 percent), followed Khatai District (18 percent), Nasimi District (13.5 percent), and Narimanov and Binagadi districts (over 15.3 percent). The remaining areas of Baku account for up to 4 percent of all offers in the secondary housing market.