Property prices in Baku rise
BAKU, Azerbaijan, Sept. 21
By Fidan Babayeva - Trend:
Prices on the property market in Baku slightly dropped by 0.27 percent in August 2020 compared to July 2020, and rose by 4.13 percent compared to August 2019, Director of the Azerbaijani MBA Group consulting company, Nusrat Ibrahimov told Trend.
The price of housing in the secondary market of Baku in August 2020 slightly increased by 0.3 percent compared to July 2020, the director noted.
In the reporting month, the price of apartments in the secondary housing market amounted to 1,675 manats ($985.3) per square meter, said Ibrahimov.
At the same time, the average price of housing in the primary market declined by 4.5 percent over the month, from 1,333 manats ($784.1) to 1,273 manats ($784.8).
On an annualized basis, the housing price in the primary market decreased by 4.21 percent, he said
“Due to the coronavirus pandemic, a number of trade and service sectors suspended their activities, and therefore the leased premises were returned, which led to an increase in offers on the rental market and a decrease in prices. Such price changes in the market are seasonal,” Ibrahimov added.
(1 USD = 1.7 manat on Sept. 21)
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