Baku's secondary housing prices show monthly decline

Business Materials 26 October 2020 18:02 (UTC +04:00)
Baku's secondary housing prices show monthly decline

BAKU, Azerbaijan, Oct.26

By Fidan Babayeva - Trend:

The price of housing in the secondary market of Baku in September 2020 has decreased compared to August this year, and rose by 1.81 percent compared to September 2019, Director of the Azerbaijani MBA Group consulting company, Nusrat Ibrahimov told Trend.

In the reporting month, the price of apartments in the secondary housing market amounted to 1,739 manat ($1,020) per square meter, said Ibrahimov.

At the same time, the average price of housing in the primary market grew by 3.38 percent over the month, up to 1,316 manat ($770).

On an annualized basis, the housing price in the primary market decreased by 1.28 percent, he also noted.

As the director earlier 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.

(1 USD = 1.7 manat on Oct.26)


Follow the author on Twitter: @Fidan_Babaeva