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Prices for secondary housing in Baku slightly down

Business Materials 1 July 2020 20:44
Prices for secondary housing in Baku slightly down

BAKU, Azerbaijan, July 1

By Matanat Nasibova – Trend:

The price of housing in the secondary market of Baku slightly decreased by 0.06 percent in May 2020, and on an annualized basis – by 4.81 percent, Director General of Azerbaijan’s MBA Group consulting company, Nusrat Ibrahimov told Trend.

In May 2020, the price of apartments in the secondary housing market amounted to 1,743 manat ($1,025) per square meter.

On an annualized basis, the average price of apartments in the secondary market increased by 2.76 percent.

The total volume of offers in the secondary housing market increased by 0.89 percent over the reporting month, while on an annualized basis, this figure increased by 11.6 percent.

At the same time, the average price of housing in the secondary market amounted to 1,702 manat ($1,001) per square meter.

The price for one square meter of a one-room apartment was 970 manat ($570), a five-room apartment – 1,900 manat ($1,117).

Among expensive apartments on the secondary market, an annual increase of 1.1 percent was observed.

In the reporting month, the average price of housing in the primary market increased by 7.22 percent, and year-on-year decreased by 9.11 percent.

The total volume of offers in the primary housing market decreased by 15.56 percent over the month, and on an annualized basis increased by 16.26 percent.

During the reporting month, the price for one square meter of housing in the primary market amounted to 2,727 manat ($1,604) in May 2020.

As for offers on the secondary real estate market, the majority of housing (47 percent) accounted for three-room apartments, followed by two-room (31 percent) and one-room (23 percent) apartments.

Multi-room apartments (four rooms and more) accounted for over 20 percent of the proposals.

The biggest number of apartments offered in Baku for sale in the secondary segment were in Yasamal district - 31 percent, 14 percent - in Khatai district, 11 percent – in Nasimi district, Narimanov and Binagadi districts - 22 percent each.

The remaining districts of Baku accounted for less than 1.3 percent of all offers in the secondary housing market.

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