Secondary housing prices up in Baku
BAKU, Azerbaijan, March 12
By Matanat Nasibova – Trend:
In February 2020, the cost of housing in Baku’s secondary market increased by 2.16 percent compared to January 2020, Director of the Azerbaijani MBA Group consulting company Nusrat Ibrahimov told Trend.
On an annualized basis, this indicator increased by 2.16 percent, Ibrahimov said.
“In February 2020, the price of apartments on the secondary housing market amounted to 1,700 manat ($1,000) per square meter, and a year ago this figure was 1,645 manat ($967),” the director noted. “On an annualized basis, the average price of apartments increased by 0.55 percent. There were a total of 1,790 offers in the secondary housing market in February 2020, while there were 1,900 offers in February 2019.”
According to estimates, the volume of proposals increased year-on-year by 2.9 percent, Ibrahimov added.
“At the same time, the average cost of housing in the secondary market amounted to 1,300 manat ($764) per square meter,” said the director. “The cost of one square meter of a one-room apartment was 970 manat ($570), a five-room apartment - 1,100 manat ($647). In the reporting month of last year, the cost of one square meter of a one-room apartment was 915 manat ($538), and a multi-room apartment – 1,110 manat ($652).”
Among the expensive apartments on the secondary market, an annual increase in price of 1.2 percent was observed, Ibrahimov noted.
“At the same time, the average price of housing in the primary market amounted to 1,301 manat ($765) per square meter in February 2020, and 1,297 manat ($762) in 2019,” said the director. “On an annualized basis, this indicator increased by 0.26 percent. There were a total of 907 offers in the primary housing market in February 2020, while there were 702 offers in February 2019.”
In the primary market, the average cost of one square meter of housing in a one-room apartment in February 2020 was 705 manat ($414), and in the reporting month of last year this indicator was 525 manat ($308) per square meter of housing, Ibrahimov added.
“On an annualized basis, an increase of 1.13 percent is observed,” the director noted. “As for offers on the secondary real estate market, this year the major part of housing (38 percent) accounted for three-room apartments, followed by two-room (31 percent) and one-room (14 percent) apartments.”
Multi-room apartments (four rooms and more) accounted for 15.3 percent of the proposals, Ibrahimov said.
“The biggest number of apartments offered for sale in Baku in the secondary segment accounted for Yasamal district - 27 percent, Khatai district - 16 percent, Nasimi district - 12 percent, Narimanov and Binagadi districts - 16 percent each,” the director noted. “The remaining districts of Baku account for about three percent of all offers in the secondary housing market.”