BAKU, Azerbaijan, Aug.22
By Nargiz Ismayilova – Trend:
The price of housing on the secondary market of Baku decreased by 2.2 percent in July 2020, amounting to 1,670 manat ($982.3) per square meter, Director General of Azerbaijan’s MBA Group consulting company Nusrat Ibrahimov told Trend.
According to Ibrahimov, in the reporting month, prices for expensive apartments on the secondary market remained stable. Among average-price apartments, an increase was recorded by 1.1 percent, while procie for cheap apartments’ decline by 2.18 percent.
Meanwhile, the average price of housing on the primary market slid by 2.7 percent, from 1,370 manat ($805.8) to 1,333 manat ($784.1).
During July, prices for expensive apartments on the primary market dipped by 0.95 percent. Among average-price apartments a decline was recorded by 4.45 percent, among cheap apartments’ - by 8.2 percent.
Due to the COVID-19 pandemic, a number of trade and service sectors suspended their activities, due to which the rented premises were returned, leading to increased supply on the rental market and declined prices. This price change in the market is seasonal, the expert noted.
(1 USD = 1.7 manat on Aug.22)
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