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Prices on secondary housing in Baku slightly rise

Business Materials 17 July 2020 18:06
Prices on secondary housing in Baku slightly rise

BAKU, Azerbaijan, July 17

By Matanat Nasibova – Trend:

Cost of housing in the secondary market of Azerbaijan’s Baku city recorded a slight increase by 0.3 percent in June 2020 compared to May 2020, Director of MBA Group consulting company Nusret Ibrahimov told Trend.

Compared to June 2019, this figure increased by 2.1 percent in June 2020.

The cost of one square meter of the area of commercial objects in June 2020 was $1,790. The price of apartments in the secondary housing market amounted to 1,704 manat ($1,002) per square meter.

In June 2020, the average price of apartments on the secondary market rose by 1.7 percent, compared to June 2019.

The total volume of supply in the secondary housing market grew by 0.7 percent compared to previous month, and increased by 8.3 percent compared to June 2019.

The average cost of secondary housing amounted to 1,700 manat ($1,000) per square meter.

The cost of one square meter of one-room apartment was 1,180 manat ($694.1), while in five-room apartment the cost was 2,100 manat ($1,235).

Meanwhile, the value of the expensive apartments on the secondary market increased by 1.2 percent in June 2020, compared to June 2019.

The total volume of supply on the primary housing market fell by 13.4 percent in June 2020, compared to the previous month, and rose by 12 percent compared to June 2019.

The average cost of housing in the primary market of Azerbaijan in June 2020, amounted to 2,400 manat ($1,411) per square meter.

Most of the offers on secondary market of Azerbaijan was housing of three-room apartments (49 percent), then two-room apartments (28 percent) and one-room apartments (23 percent).

Multi-bedroom apartments (four rooms and above) accounted for over 14 percent of the offerings.

The largest number of apartments put up for sale in Baku on secondary market fell on Yasamal district (32 percent), Khatai and Nasimi districts (12 percent each), and Narimanov and Binagadi districts (19 percent each).

The remaining districts of Baku account for less than 1.1 percent of all offers on the secondary housing market.

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