Secondary housing prices up in Baku

Baku, Azerbaijan, Sept. 23

By Matanat Nasibova - Trend:

In August 2019, the price of housing in the secondary market of Baku increased by 2.3 percent compared to July this year, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend Sept. 23.

On an annualized basis, this indicator for August 2019 increased by 5.6 percent compared to the reporting month of 2018.

In August 2019, the average price of apartments in the secondary market amounted to $956 per square meter, and in the same month last year, this figure was $943.

At the same time, in August 2018, the average price of apartments in the secondary market decreased by 1.57 percent compared to July of the same year and by 0.73 percent year on year.

There were 1,721 offers in the secondary housing market in August 2019, while there were 2,162 offers in August 2018.

In the secondary market in August this year, the cost of one square meter of a one-room apartment was over $960, a five-room apartment - over $2,000.

Among expensive apartments in the secondary market, an increase in their value by 1.3 percent year on year was observed.

At the same time, the average price of apartments in the primary market in 2019 amounted to $764 per square meter, and in 2018 this figure was $762.

On an annualized basis, this indicator increased by 0.02 percent.

The total number of offers in August 2018 in the primary housing market reached 713, and for the reporting month of this year there were 506 offers.

In the primary market, the cost of one square meter of a one-room apartment in 2019 amounted to $764, last year this indicator amounted to $762 per square meter of housing.

As for the supply in the secondary real estate market, this year the most part of housing (36 percent) accounted for three-room apartments, followed by two-room (32.1 percent) and one-room (11 percent) apartments.

Multi-room apartments (four rooms and above) accounted for 21 percent of the proposals.

The biggest number of apartments offered for sale in Baku in the secondary market accounted for Yasamal district - 28 percent, Khatai district – 15 percent, Nasimi district - 12 percent, Narimanov and Binagadi districts - 15.3 percent each.

The remaining districts of Baku account for about 4 percent of all offers in the secondary housing market.

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