Prices for land plots in Baku surge

Business Materials 19 November 2020 09:57 (UTC +04:00)
Prices for land plots in Baku surge

BAKU, Azerbaijan, Nov. 19

By Fidan Babayeva - Trend:

Prices for land in Baku increased by 7.83 percent in October 2020 compared to the same month of 2019, Director of the MBA Group consulting company Nusrat Ibrahimov told Trend.

According to Ibrahimov, in the reporting month land prices in Azerbaijan’s capital dropped by 1.35 percent compared to September 2020.

At the same time, prices for commercial real estate in Baku rose by 0.06 percent year on year, the company’s director said.

Ibrahimov also noted that the cost of one square meter of commercial premises in the reporting month increased by 5.37 percent on a monthly basis.

The prices for summer cottages and private houses rose by 2.51 percent on a monthly basis, while in annual terms - by 5.34 percent, he added.

In October this year, the average cost of rental objects in Baku decreased by 4.31 percent compared to September 2020 and by 6.04 percent compared to September 2019, the director said.

“A number of trade and service sectors suspended their activities due to the coronavirus pandemic, 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,” added the expert.