Prices for commercial facilities in Baku grow
BAKU, Azerbaijan, Sept. 21
By Fidan Babayeva - Trend:
Prices for commercial facilities in Baku rose by 4.42 percent in August 2020 compared to the same period of 2020, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.
In August 2020, the price of one square meter of the area of commercial objects in the reporting month amounted to 2,956 manats ($1,738), decreasing by 3.49 percent compared to July 2019, the director said.
“As for the value of land plots, there was a decrease in this market segment. In August this year, the average price of 100 square meters of land was 22,443 manats ($13,201). On a monthly basis, this figure declined by 1.79 percent, and increased by 7.79 percent compared to August 2019,” Ibrahimov added.
“The prices for summer cottages and private houses declined by 8.55 percent. Their average price dropped from 784 manats ($461.1) to 717 manats ($421.7), falling by 5.41 percent over the year," the expert noted.
In August, the average price of rental objects in Baku increased to 3,330 manats ($1,958.8), a growth of 7.52 percent compared to July 2020 and 11.45 percent compared to August 2019.
“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 AZN on Sept. 21)
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